Captain of our fairy band

Yves Smith: The focus initially is on the Economists….and the argument is that the Crisis is actually rooted in bad economic theory.

Translation: Milton Friedman was a shill. They have been feeding us bullshit since this started in the 70s. It became a massively bigger pile of bullshit in the Reagan years. We are now at the pinnacle of the Himalayas of bullshit. Domestically speaking, we’re at the summit of the Mount freakin’ McKinley of bullshit.

Yves Smith: Financial markets have no propensity to equilibrium. They fundamentally have a predisposition to boom-bust cycles.

Translation: Financial bullshit always hits the fan.

http: //outsidethe-cardboard-box.tumblr.com/post/439576967/yves-smith-for-dummies