Last Thursday I appeared on a panel on the Global Recession sponsored by the student economics society of Richard Stockton College located just outside Atlantic City and where I taught for a few years.
Here is a short video clip from NBC news on the panel.
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“[all four of the economist] are optimistic that the worst part of the recession is already coming to an end”.
Does Professor Salerno believe that “the worst part of the recession is already coming to an end”? Or did the newscaster put words in Dr. Salerno’s mouth?
Education and Ethics
Sunday, March 8, 2009
We Need Change Not Status Quo!
I was left with a big skepticism about what these ‘experts’ were saying in this linked news clip. If the video summary represented the impression of those in attendence then the cause of classical liberalism treaded water – at best.
By the description given by the slippery and smooth talking Philadelphia Federal Reserve Vice President it is clear to anyone with even moderate perception that economists are just protecting their turf, not willing to be seen as vehemently opposed to the lack of ethics in their profession.
That is one of the main weaknesses of the economics profession. Those who cannot fathom how it is possible to scientifically merge economics and ethics will have to be satisfied with treading water.
If the Federal Reserve guy thinks things will be getting better this year, that’s enough for me to expect the opposite. I can’t wait to see what they do when credit is still tight and inflation hits double digits.
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