I recently reviewed the book by Cassidy on How Markets Fail. I thought it was well written but clearly biased against capitalism and rant with misconceptions of reality. Apparently many of those who read the review agreed.
Today in the NY Times the author states:
"John Cassidy, a writer for The New Yorker, knows his Minsky and he knows financial markets too. The result is a lengthy book, “How Markets Fail: The Logic of Economic Calamities,” that brilliantly dissects much of what has passed for economic wisdom, and decries the lack of humility from those whose theories helped cause the disaster."
Well, not really so brilliant. Again see the review. Cassidy is in my opinion an anti capitalist and his book takes certain events and in my opinion twists them to his purpose. Reading some of the comments on my review will also be helpful here. The Times article ends with:
"Mr. Cassidy asks, “What do you suppose that refers to? Builders constructing homes for which there is no demand? Mortgage lenders foisting costly subprime loans on little old ladies of limited education?” Nothing so specific, says Mr. Cassidy. Textbook economics overlooks such inconvenient realities. “In the world of Utopian economics, the latest crisis of capitalism is always a blip.”"
Well, as I note it is not capitalism, but it is the clumsy heavy handedness of Washington. A current excellent example is in Zero Hedge today recounting a Barney Frank and Maxine Walters play on our money which goes to their benefit. Cassidy clearly has is axe to grind but I all too often wonder where reason and the truth are to be found.
Today in the NY Times the author states:
"John Cassidy, a writer for The New Yorker, knows his Minsky and he knows financial markets too. The result is a lengthy book, “How Markets Fail: The Logic of Economic Calamities,” that brilliantly dissects much of what has passed for economic wisdom, and decries the lack of humility from those whose theories helped cause the disaster."
Well, not really so brilliant. Again see the review. Cassidy is in my opinion an anti capitalist and his book takes certain events and in my opinion twists them to his purpose. Reading some of the comments on my review will also be helpful here. The Times article ends with:
"Mr. Cassidy asks, “What do you suppose that refers to? Builders constructing homes for which there is no demand? Mortgage lenders foisting costly subprime loans on little old ladies of limited education?” Nothing so specific, says Mr. Cassidy. Textbook economics overlooks such inconvenient realities. “In the world of Utopian economics, the latest crisis of capitalism is always a blip.”"
Well, as I note it is not capitalism, but it is the clumsy heavy handedness of Washington. A current excellent example is in Zero Hedge today recounting a Barney Frank and Maxine Walters play on our money which goes to their benefit. Cassidy clearly has is axe to grind but I all too often wonder where reason and the truth are to be found.
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