heading towards acceptance

But look at the bright spot, we are finally exiting the denial stage and heading towards acceptance. That, my friends, is progress in its own right. When Washington realizes that the solutions lie in supply-side policies that will promote growth in the capital stock and hiring/work incentives — education, infrastructure, payroll taxes, a coherent energy strategy (nuclear!) — and begin to abandon failed policies such as this ongoing emphasis on Keynesian short-term spending quick fixes, the adoption of “too big to fail” strategies, initiatives aimed at bailing out delinquent homeowners, measures that actually try to prevent market forces from working, initiatives that pay people to stay off work for 99 weeks with no thought behind skills improvement and training in return, and attempts at influencing the equilibrium level of asset prices, such as real estate, then indeed, when we have finally broken free from these failed interventionist and distorting manoeuvres, then we will likely have much more reason to turn optimistic.

Breakfast_with_Dave_08-24-10

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