Sunday, February 15, 2009
- Nobel Prize-winning U. of Chicago economist!
- Believed government regulations are bad, bad, bad!
- Believed the government should manage the economy using monetary policy -- by managing the money supply -- rather than by using Keynesian government-spending programs!
- Provided philosophical justification for rampant greed -- and for policies that led to the dot-com bubble, Enron and the related accounting scandals, investment bank conflict-of-interest scandals, the California electricity market crisis, the housing bubble, and the subprime-mortgage boom!
- Inspired Ronald Reagan, Margaret Thatcher, and Augusto Pinochet!
- Honored in 2002 for his "towering intellect" by George W. Bush -- certainly a qualified judge!
- Between 1980 and 2008, while Uncle Miltie's economic philosophy was in ascendance, the gap between rich and poor grew at an astounding rate!
- Influenced Icelandic leaders to get the government out of business and the financial markets, leading to the bankruptcy of that country in 2008!
- Died in 2006, and so never got the chance to see the global economic meltdown caused by the policies he espoused -- or the Keynesian policy response!
Posted by Joe Six-Pack at 12:49 PM