You guys thought I was nuts reading my analysis of the Bundy standoff? Well now I’m publicly accusing Steve Landsburg of a basic math mistake. But I have a lot of life insurance, remember. An excerpt of the part where we’re still chums:
Reading guys like Paul Krugman rail against the socially useless financial sector, Landsburg raised an excellent question: Haven’t Keynesians like Krugman for years been lecturing us on the desirability of even pointless investment spending when the economy is stuck in a “liquidity trap”? And yet, I don’t remember Krugman or any other Keynesian thanking their lucky stars that traders had built a $300 million fiber optic cable between Chicago and New York just when–according to their own analysis–there were large multipliers on investment spending. The project actually started in March 2009 and “soon had 125 construction crews working at once.” The timing couldn’t have been more perfect. Talk about stimulus!