If you want to look at stupid people, you find them all over the place. For example, we happen to be in the middle of a huge financial crisis. If you trace that back, a lot of it comes from a fanatic religious belief in whats called the “efficient market hypothesis”. Pure fanaticism dominated the economics profession, dominated the Federal Reserve. The one consequence was that when an $8 trillion housing bubble developed, totally unrelated to any fundamentals, completely off the 100-year history of housing prices, the profession and the Fed, the central bank, said its not necessary to pay attention, because there are efficient markets. I mean, is that very different from “God promised Noah”? -- Noam Chomsky
Posted on: Thu, 04 Dec 2014 09:27:17 +0000
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