How Did the Economists Get It So Wrong?
In Just a Thought, September 22nd, 2009
How did the economists get it so wrong? Paul Krugman, a liberal economist recently asked this question in a NYT editorial.
Surprisingly, he criticized both his side and the opposing side of the debate for not seeing this current crisis coming.
What he misses…what brought us down…the variable that neither economists nor politicians can deal with is an age old concept…sin.
From Enron and AIG to Madoff…from risky derivatives to Freddie and Fannie…throughout the system, the corrupting influence of sin is at the root of our current crisis.
Greed is both the fuel of Capitalism and its Achilles heel. We’ve become a culture where a man’s handshake is not binding and it takes dueling teams of lawyers to determine contractual obligations.
Unless America once again embraces personal honor and accountability and returns to God who has so blessed this land, none of the bailouts and government regulations will restore a bright future for our kids.
