I would warn the World about agendas, which bring on many of the conditions which this excellent blog Post highlights. There is a fairytale place called the land of professional reputations, where positions are a Gravestone on which One writes his Name: once sculpted in stone, such position must be defended to the Death. Admission of Error is a fate worse than Death, the academic attribution of Hell. One must fall upon his Sword before a Public acceptance of being wrong. There is no Escape from the remedial evil, no matter how many times you might think that a previous argument was a load of Crap. I can only advise that One becomes a Pimp in a Midwest small town as where I live, and pretend that you only relate what Others have told you. It doesn’t work, but it is a lot of fun after a while!
Ben Bernanke tries a different style, and does a creditable Job of it. His real accomplishment was to appear relaxed under the bombardment of the Witch Hunt. He established the principle that it is stylish to be Wrong, something which Paul Krugman still must learn. Paul outlines that the Fed would still be buying bankrupt entities by nationalization of the banks; a factor which is true, but Paul loses Points by becoming excited by the argument over it. He would do much better to liken the process to buying a truly overused Car, defining the Banks are real Lemons. I have always advocated immediate Writing Down of losses for all Public Utility institutions, where they must announce said losses immediately upon being found; the context of Corporate privacy being surrendered to the necessity of Public Knowledge to save individual Investment decisions. One has to remember to defer to the above assessment repeatedly as to being full of Crap, just to keep your feet on the ground.
David White endangers himself by making the absolutely true allegory that the common people cannot understand the complex concepts of Economics. It is completely valid, but he forgets that he is demeaning the intellectual capacity of Those who cut the Economist’s Paychecks in the first place: Never call your Employers stupid, even if this is a Truism as well. Non-Economists often can have a definitive Point as well! Governor Jindal was not totally reactionary in his decision to refuse parts of the Stimulus plan which would further commit his State to financial expenditures. There is always the danger that One can step into a Firing lane when One acts as an advocate advancing any policy; so step lightly while maintaining a line of Retreat. lgl