Animal spirits....the current lamaise in the economy is caused by animal spirits.
Really?
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Animal spirits offer an explanation for why we get into recessions in the first place -- for why the economy fluctuates as it does. It also gives some hints regarding what we need to do now to get out of the current crisis.
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animal spirits....
If a guy brandishing a dead chicken were to say that our economic downturn was caused by animal spirits we'd think he's a kook voodoo priest, but if he's wearing a brooks brother suit and writing for the WSJ then he must be a prominent keynesian and an Ivy League professor....Rightfully embarrassed keynes defenders might be tempted to say that "animal spirits" is a metaphor, but it isn't a metaphor. "Animal spirits" means "animal spirits".
And what, according to the voodoo priest/keynesian economist, must be done to tame these animal spirits?
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So what must we do to revive our animal spirits and economic growth? We must be certain that programs to solve the current financial and economic crisis are large enough, and targeted broadly enough, to impact public confidence. Not only do we need a fiscal stimulus significantly greater than the proposal that is currently on the table, government action is also needed to take the place of the credit markets that seemingly worked so well when animal spirits were high.
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ah...bigger government! Much, much bigger government then even O'bama imagines!!! Surely that will get those pesky animal spirits back in line!