Taking Hayek Seriously

I agree with much of this.  Stockman rose to notoriety as a young Hayek-quoting Congressman in the 1970s.   Much of his diagnosis continues to track analysis offered by Hayek in the 1970s and 1980s.  The structural pathology, of course, has grown worse than Hayek could have imagined at the time.

Quote of the day:

““I . . . → Read More: David Stockman — read of the day

Arnold Kling:

We are in the middle of three crises. The first crisis, the failure of the securitization model in finance, is being papered over. Washington and Wall Street are trying to return to this failed model, which can only survive on the basis of subsidies provided by the Fed, Freddie Mac and Fannie Mae.

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