Even Smart Folks Miss It

Ben Stein, whom I respect, totally misses the way economics works in his latest article on Yahoo! finance. He wants us to "reflate" the system. REFLATE? Are you kidding? The distortions need to be ironed out - not exacerbated! Classical economics are so far from his thinking... it's appalling.

Anyhow, here's his article: http://finance.yahoo.com/expert/article/yourlife/122582;_ylt=AmGX38gjXz.JxRejBiOZfvW7YWsA

And my response in the comments section:

Ben, I have the greatest respect for you as a person. However, I must heartily disagree with your conclusion. The sooner the market is allowed to correct itself, the quicker this recession/depression will end. Quick, violent pain is much better than the dragging wreck we'll create by furthering the bubble economy. Read Murray Rothbard's "America's Great Depression" for the reasons. Governmental intervention is politically popular, but causes continued distortions and greater destruction over the long run. The bad choices need to be punished, and the sins of the fathers must fall upon their own heads - not on the heads of their children through an endless, highly taxed socialist economy. Let the market work!