For example, Luigi Zingales:Well, There it is.With zero personal saving and a large budget deficit the Bush administration has run one of the most aggressive Keynesian policies in history. Not only has adherence to Keynes's principles not averted the current economic disaster, it has greatly contributed to causing it. The Keynesian desire to manage aggregate demand, ignoring the long-run costs, pushed Alan Greenspan and Ben Bernanke to keep interest rates extremely low in 2002, fuelling excessive consumption by the household sector and excessive risk-taking by the financial sector.As you all know by now, I have four problems with this:
The first problem, of course, is Zingales's characterization of Bush administration economic policy as "Keynesian." John Maynard Keynes would certainly not The essence of Keynesian policies is not running big budget deficits--Keynesians call for big budget surpluses in boom years. The essence of Keynesian policies is using monetary policy and the government deficit as balance wheels to try to keep the flow of total nominal spending stable. And, yes, it does surprise me that Luigi Zingales does not seem to know what Keynesianism is.
[ cf The Intellectual Bankruptcy of the Modern Chicago School, Part LXXIV ]
Liberals hate freedom, and can not accept that everyone has known that Herbert Hoover was a communist engaged in radical red propoganda and attacks on america that caused the Great Depression, which he did on the Orders of the CommIntern.
Just like Little Kommunist Doctrinaire Dude Dubya, whom we have all known was a part of the hard left.
Which is why he has always been stabbing the troops in the back!
Anyone who would have supported Dubya was Killing Innocent Christian White Babies!!! For Terrorists!
And Ikky Pooh!