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Prophets and Losses

SdAufKla Wrote: Feb 05, 2013 11:13 AM
From Marx, through Wilson, and Keynes, to Paul Krugman and Robert Reich, the fundamental belief that centralized government control can be imposed on national and global economies has been debunked over and over. Yet the prog-libs still persist. Why, when the entire economic collapse of the Soviet Union and the entire COMECON clearly demonstrated the fallacy of the entire concept, do we still put our own GOSPLAN into effect? The Fed and political agendas pursued by Congress to pacify this or that special interest group are killing us. We're like a fat man on a Twinky diet. It's time to take the plunge off the Fiscal Cliff and let sequestration go into effect.
Now that the federal government is playing an ever larger role in the economy, a look at Washington's track record seems to be long overdue.

The recent release of the Federal Reserve Board's transcripts of its deliberations back in 2007 shows that their economic prophecies were way off. How much faith should we put in their prophecies today -- or the policies based on those prophecies?

Even after the housing market began its collapse in 2006, Federal Reserve Chairman Ben Bernanke said in 2007, "The impact on the broader economy and financial markets of the problems in the subprime market seems likely to...