{"id":435706,"date":"2010-03-16T11:54:46","date_gmt":"2010-03-16T15:54:46","guid":{"rendered":"http:\/\/blogs.wsj.com\/economics\/2010\/03\/16\/secondary-sources-hayek-bank-criminality-deficits\/"},"modified":"2010-03-16T11:54:46","modified_gmt":"2010-03-16T15:54:46","slug":"secondary-sources-hayek-bank-criminality-deficits","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/435706","title":{"rendered":"Secondary Sources: Hayek, Bank Criminality, Deficits"},"content":{"rendered":"<p><em>A roundup of economic news from around the Web.<\/em><\/p>\n<ul>\n<li><a href=\"http:\/\/freakonomics.blogs.nytimes.com\/2010\/03\/15\/hayek-propped-up-by-government-intervention\/\"><strong>Hayek:<\/strong><\/a> On Freakonomics, <strong>Justin Wolfers<\/strong> has some fun with government intervention being used to force the teaching of free marketeer <strong>Friedrich von Hayek<\/strong>. &#8220;Hayek just doesn\u0092t belong with Smith, Marx, Keynes, or Friedman.  In fact, it seems that despite having enjoyed a much longer period to accumulate citations, he is still much less widely cited than Larry Summers.  Sure, Hayek was an insightful economist.  But insisting that high schools teach Hayek is a clear statement of ideology, not of economic science. The message from the Texas Board of Education seems to be: If you can\u0092t win in the marketplace of ideas, turn to government institutions to prop you up.  I don\u0092t think Hayek would approve.&#8221; <strong>William Easterly<\/strong> comes to Hayek&#8217;s defense on <a href=\"http:\/\/aidwatchers.com\/2010\/03\/defending-my-homeboy-hayek-from-freakonomics\/\">his blog<\/a>. &#8220;Although Wolfers doesn\u0092t do this, many readers of his blog will fall for that classic trick, the Reverse Ideological Rejection: because ideologues like Hayek, therefore I should (ideologically) reject Hayek. This is in the same class as \u0093Hitler liked Wagner\u0092s Ring, therefore I should hate Wagner\u0092s Ring.\u0094 It\u0092s sad that Hayek has been the victim of so many violations of the intellectual freedom for which he was one of the most eloquent and courageous spokesmen ever.&#8221;<\/li>\n<li><a href=\"http:\/\/baselinescenario.com\/2010\/03\/16\/enron-and-merrill-greece-and-goldman\/\"><strong>Bank and Criminality:<\/strong><\/a> <strong>Simon Johnson<\/strong> of the Baseline Scenario looks at potential criminal actions during the global debt-fueled boom. &#8220;In any case, it is time to close the loophole that effectively allows deception regarding securities sold into the United States.  Rule 144A should be abolished \u0097 US residents (individuals and institutions) should only be allowed to buy securities that are properly registered with the SEC. If other countries are willing to have their people buy fraudulent securities, that is their problem.  This is no longer acceptable in the United States.&#8221;<\/li>\n<li><a href=\"http:\/\/economistmom.com\/2010\/03\/in-virginia-we-only-get-what-were-willing-to-pay-for\/\"><strong>Deficits:<\/strong><\/a> Writing for her Economist Mom blog, <strong>Diane Lim Rogers<\/strong> looks at Virginia&#8217;s deficit cutting measures and compares it to the federal situation. &#8220;The Virginia example may provide a little window into what the federal government would look like if Congressman Paul Ryan, newly named to the fiscal commission and the author of a plan to balance the budget entirely on the spending side, got his way.  What Virginia will be cutting looks like a lot more than just \u0093waste, fraud, and abuse.\u0094  But I guess I\u0092m supposed to be happy about my taxes staying low, and people like me who (at the moment) have good jobs and income and health aren\u0092t supposed to think that \u0093there but for the grace of God go I\u0094 when we see our fellow citizens losing their safety net just as they\u0092re falling.&#8221;<\/li>\n<\/ul>\n<p><strong>Compiled by <a href=\"mailto:philip.izzo@wsj.com\">Phil Izzo<\/a><\/strong><\/p>\n<p><a href=\"http:\/\/feedads.g.doubleclick.net\/~at\/GFGedk_cwceaH6SPduG6lUEEjEE\/0\/da\"><img decoding=\"async\" src=\"http:\/\/feedads.g.doubleclick.net\/~at\/GFGedk_cwceaH6SPduG6lUEEjEE\/0\/di\" border=\"0\" ismap=\"true\"><\/img><\/a><br \/>\n<a href=\"http:\/\/feedads.g.doubleclick.net\/~at\/GFGedk_cwceaH6SPduG6lUEEjEE\/1\/da\"><img decoding=\"async\" src=\"http:\/\/feedads.g.doubleclick.net\/~at\/GFGedk_cwceaH6SPduG6lUEEjEE\/1\/di\" border=\"0\" ismap=\"true\"><\/img><\/a><\/p>\n<div class=\"feedflare\">\n<a href=\"http:\/\/feeds.feedburner.com\/~ff\/wsj\/economics\/feed?a=iHQMFFZK4NY:z5EFSF5K4BE:yIl2AUoC8zA\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/wsj\/economics\/feed?d=yIl2AUoC8zA\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/wsj\/economics\/feed?a=iHQMFFZK4NY:z5EFSF5K4BE:F7zBnMyn0Lo\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/wsj\/economics\/feed?i=iHQMFFZK4NY:z5EFSF5K4BE:F7zBnMyn0Lo\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/wsj\/economics\/feed?a=iHQMFFZK4NY:z5EFSF5K4BE:V_sGLiPBpWU\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/wsj\/economics\/feed?i=iHQMFFZK4NY:z5EFSF5K4BE:V_sGLiPBpWU\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/wsj\/economics\/feed?a=iHQMFFZK4NY:z5EFSF5K4BE:qj6IDK7rITs\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/wsj\/economics\/feed?d=qj6IDK7rITs\" border=\"0\"><\/img><\/a>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/wsj\/economics\/feed\/~4\/iHQMFFZK4NY\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A roundup of economic news from around the Web. Hayek: On Freakonomics, Justin Wolfers has some fun with government intervention being used to force the teaching of free marketeer Friedrich von Hayek. &#8220;Hayek just doesn\u0092t belong with Smith, Marx, Keynes, or Friedman. In fact, it seems that despite having enjoyed a much longer period to [&hellip;]<\/p>\n","protected":false},"author":850,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-435706","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/435706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/850"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=435706"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/435706\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=435706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=435706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=435706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}