February 13, 2008
Stossel quotes me!

Exhibit A:
February 12, 2008
"...increased spending is a result of long-term growth, not its cause..."

Exhibit B:
February 13, 2008
"Yes, consumer spending is 70 percent of GDP, but consumption is the result -- not the cause -- of economic growth. You can't consume what hasn't been produced."

As I'm waiting for the swelling of my head to subside (by the way, it's hard to keep your tongue in your cheek when your head is swelling), I'll just say that Stossel's column is, as usual, much more instructive and entertaining than is mine. And, as usual, I didn't say anything original anyway. Since the title of Stossel's article is "Stimulating Nonsense," the fact that I just posted this shows that the article title was prophetic.

Posted by Tim Shaughnessy at 06:50 PM in Funny Stuff

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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