While I generally think that William Kristol is a doofus (witness his support for the Iraq War), he weighs in this morning with some genuine simple wisdom. No one has a clue what to do about the financial crisis (hint: maybe do nothing is appropriate here as Austrian economists would argue). What is frightful is the nitwittery he points out as in some Obama economic advisor saying the following:
In any case, the Obama economic adviser Austan Goolsbee also weighed in Sunday on television and said: “I don’t know what the number is going to be, but it’s going to be a big number. It has to be. The point is to, kind of, get people back on track and startle the thing into submission.”
Wow, that’s rich. The solution is simply to “startle the thing into submission.” I wonder if he’s going to write an economics textbook about his theory.