Mankiw's response to the findings that CEOs were looting their shareholders was to praise the rationality of the fraudulent CEOs (if you don't loot you aren't moral -- you're insane). One cannot compete with theoclassical economists' unintentional self-parody.


We know objectively that Mankiw, Bush, and Romney do not actually favor competition in financial regulation -- for none of them opposed the OCC and OTS' scorched earth campaign to preempt state efforts to regulate predatory lending and seek to reduce mortgage fraud.

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