Patrick's Reviews > It's Not as Bad as You Think: Why Capitalism Trumps Fear and the Economy Will Thrive

It's Not as Bad as You Think by Brian S. Wesbury
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Nov 28, 2011

bookshelves: did-not-finish, audiobook

Quite simply, life is too short to waste it listening to an idiot babbling on about what boils down to Tinkerbell Economics ("If you just believe in her, she'll come back to life!"). To say nothing of the fact that he incorrectly attributes a quote of Milton Friedman to Richard Nixon and couldn't bring himself to mention by name Warren Buffett regarding another quote. FTR, the first was the "We're all Keynesians now" quote, the second "When the tide goes out, you see who's swimming naked."

I think what truly left me agog is his claim that the problems of 2008 were caused primarily by...the media writing mean 'n nasty things. As if from 2002 to 2006 (perhaps even 2007) the media had done anything but laud every element of the bubble from mortgage originators like CountrySlime to Alan Greenspan to all the Investment Banks that went kaboom? And quote whoever the pet economist du jour of the National Association of Realtors not only uncritically, but glowingly?

And please note that I am not taking a swing at his "supply-side" ideology here, simply because he either never described how it is supposed to work, or I shut this insane gibberish off before he got there. Rather, I could simply only take so much BS. Sorry.

And although not precisely supply-side, there IS a superb free-market critique of the housing bubble already out there I offer as an alternative: Thomas Sowell's The Housing Boom and Bust. Even where and when I disagreed with Sowell's analysis, at least he sticks to the facts, writes without bombastic hyperbole, and leaves Tinkerbell in the fairy tale aisle. Check that one out, and do yourself a huge favor and pass this one by.
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message 1: by Tom Tabasco (new)

Tom Tabasco Interesting. He's got a TED Talk out where (2014?) he attributes the root causes of the 2008 crisis to the Fed and the government, because of excessive interest rates decrease. He also says that mark to market accounting was what allowed the crisis to snowball like it did.

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