Monday, September 29, 2008

Just the facts, ma'am....

Economics isn't really an exacting science. It has been said that if you ask 5 economists the same question, you'll get 8 different answers. Eric Schansberg, a friend of mine who is a Professor of Economics at Indiana University in New Albany, (and the Libertarian candidate for Indiana's 9th Congressional District) told me earlier this summer that economists had predicted 7 of the last 3 recessions.

So while we might tend to respect their opinions, we also need to remember that they are just that. Opinions.

There are a lot of opinions being expressed about the causes of and cure for the latest Wall Street meltdown. Probably more opinions than facts. It's a fact that there has been some government control over the market. Some people are of the opinion that if the government had more control we wouldn't be in this mess. On the other side, people like myself are of the opinion that if the government hadn't meddled in the first place, we wouldn't be in this mess either.

Regardless of what the politicians decide to do, the government's course of action will be based on opinions.

As a matter of fact, that's what all government decisions are based on.

In my opinion, anyway.

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