Economics Lesson Quote of the Day

"Recently Senator Rand Paul, potential presidential candidate and self-proclaimed expert on monetary issues, sat down for an interview with Bloomberg Businessweek. It didn’t go too well. For example, Mr. Paul talked about America running 'a trillion-dollar deficit every year'; actually, the deficit is projected to be only $642 billion in 2013, and it’s falling fast.  But the most interesting moment may have been when Mr. Paul was asked whom he would choose, ideally, to head the Federal Reserve and he suggested Milton Friedman — 'he’s not an Austrian, but he would be better than what we have.' The interviewer then gently informed him that Friedman — who would have been 101 years old if he were still alive — is, in fact, dead." --  Nobel Prize economist Paul Krugman in this morning's New York Times.  "Ayn" Rand Paul shows himself to be a moron when it comes to his area of supposed expertise.  Krugman completely dismantles what passes for economic theory in today's Stupid Party echo chamber.  It's a hodge-podge of harebrained ideas from Ayn Rand's novels, "voodoo economics" from the days of St. Ronnie of Hollywood, and stuff that's just made up out of whole cloth because it conforms with their world view.  We have to keep these people as far away from power as possible.