Wednesday, January 27, 2010

Facts versus Other Facts About the Chicago School's Influence

John Taylor, in a post entitled Opinions versus Facts About the Chicago School, tries to make the case that blaming Chicago School economics for the financial crisis just isn't fair, because Chicago PhDs haven't been in the president's Council of Economic Advisers. He even has a graph that proves it's a TRUE FACT. Maybe. Maybe.
However, the CEA isn't the only important player in the world of financial regulation. Take these guys, for example:

What are these guys doing? Read more about it in this WaPo story. Which school of thought do YOU think those guys wielding chainsaws and pruning shears menacingly over that defenseless pile of financial regulations are from? I lean towards Friedman more than Samuelson on that question.
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