Wednesday, September 22, 2010

Short little spans of attention...

In all my years on the internets I've noticed one thing. Conservatives are incapable of admitting they're wrong. About anything. Ever. But the one thing that never fails to astound is their ability to ignore the failure of their economic gurus even if it means supporting economic disaster. Today Krugman lists some of the many wrong predictions:
Suppose you had spent the last five years actually believing what you read from the usual suspects — the WSJ opinion pages, National Review, right-wing economists, etc.. Here’s what would have happened:

In 2006 you would have believed that there was no housing bubble.

In 2007 you would have believed that the troubles of subprime couldn’t possibly spread to the financial system as a whole.

In 2008 you would have believed that we weren’t in a recession — and that the failure of Lehman was unlikely to have bad consequences for the real economy.

In 2009 you would have believed that high inflation was just around the corner.

At the beginning of 2010 you would have believed that sky-high interest rates were just around the corner.
I did a similar post at DetNews recently and my Burkean believers in the comment section attacked the source, ignored the facts and still insist it's the Keynesians who are always wrong. For this crowd, no amount of verifiable facts matter. If a liberal says it, it's partisan spin, no matter how true it is. There really is no way to crack that kind of cognitive dissonance.

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