Doctor Keynes has killed the patient. Again. When are they going to jerk that guy’s license? And who brought him back and gave him another chance?
Where do Keynesians go now that even public radio is talking about the failure of one of history’s costliest Keynesian stimulus efforts?
At City Journal, Guy Sorman notes how quickly the managed-market winds have shifted. When the credit unwind started, the papers, the TV and the newsweaklies declared capitalism dead in just a little less time than it took for Kent Brockman to declare his loyalty to the Space Ants. Less than two years later, you can’t buy good press for the stimulus; the economy is frozen solid in August; the nation is rediscovering — despite the herniated efforts of local, state and federal government — the virtues of thrift; and if you search for Keynes on the interwebs, all you turn up are headlines like “How Dr. Keynes killed the patient.”