[Tea Party -- One Lump or Two?] New comment on Say "Cheese" -- the Federal Reserve starts its own....

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Wo'O Ideafarm <http://www.blogger.com/profile/02827971472116948704> has left a new comment on your post "Say "Cheese" -- the Federal Reserve starts its own... <http://teapartiers.blogspot.com/2011/09/say-cheese-federal-reserve-starts-its.html>":

In 1976, I worked as a "Summer Professional" in the Division of Research and Statistics for the Board of Governors of the Federal Reserve System. My office was on the floor below the palacial offices of newly installed Chairman Paul Volker, who had just arrived. That summer told me all that I needed to know about the true nature of government.

I was at that time a Ph.D. student in economics at the University of Chicago. It was probably during the academic year following my summer internship on the Mall that I took a Money and Banking course from Frederick (Rick) Mishkin, who was then a professor at UC. One day, while covering the F.A.I.R. econometric model and after covering Friedman and Schwartz's book on the Great Depression, Prof. Mishkin asked us what good it was for us to study economics and to learn econometric modeling. I remember answering, "to prevent a recurrance of the Great Depression by discovering what caused it." He looked at me as though he thought I was crazy, and I will never forget his correction. He said that the reason to study econometric modelling is because it will enable us all to go out and make lots of money.

Prof. Mishkin was, many yeas later, appointed to the Board of Governors. When I read his Wikipedia article a few minute ago, I was hit by a fit of ROFL. Apparently, his views about why we become economists never changed.

NEVER NEVER NEVER TRUST GOVERNMENT



Posted by Wo'O Ideafarm to Tea Party -- One Lump or Two? <http://teapartiers.blogspot.com/> at October 2, 2011 10:51 AM

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