Bob Murphy

Author Archive

Susan Lee Demolishes Greenspan

David Henderson (disapprovingly) links to Susan Lee’s Forbes piece where she deals a death blow to the “savings glut” theory of the housing boom. Assuming her data are correct, I think hers is the single best indictment of Greenspan I’ve read, including my own articles. My favorite part of the article is her chart of […]

Kid Glove New Deal Revisionism

The New York Times can’t believe it: a growing number of economists and historians actually think the New Deal was bad for the economy. (HT2MR) But even this type of “it’s about time!” piece is still annoying: In this interpretation Roosevelt is a well-meaning but misguided dupe who not only prolonged the Depression but also […]

The Force Is Strong in This One…

I refer to surprisingly young* Jonathan Krohn. Let’s hope the Jedi can keep him devoted to his principles. * I’m sure he gets sicked of being referred to as “13-year-old.”

"Tom Woods, Good Writer or Bad, I Ask You…Pat Buchanan!"

(Possibly obscure SNL reference…) Buchanan praises Tom Woods’ book Meltdown, and reminds us of the prior incarnation of the Fed: Of Nicholas Biddle’s Bank of the United States, the great Andrew Jackson was eloquent. “It has tried to kill me,” he said. “But I will kill it.” And he did. Should not this creature from […]

Colbert Destroys Glenn Beck

Wow, I don’t know if I can take Glenn Beck seriously after this dismantling. I listen to him on the radio, but I don’t have a TV so I had never seen the antics below. Oh man. I suppose Beck would say, “Hey, I really do believe in the cause, but on TV you have […]

Other Branches of Government Push Back on Bernanke

In a previous post I recommended viewing Fed behavior as if Bernanke is another political actor who is trying to expand the power of his agency. (Economists have no problem deploying such “public choice” analysis to conventional politicians, but for some reason they think the Fed chief is guided solely by economic efficiency.) The Senate […]

Jobless Claims "Unexpectedly" Jump

Whoa, I don’t get it? Just because the government nationalizes the banks and car companies, flushes a few trillion down the toilet, and promises to raise taxes and take over the energy and health care sectors… All of that’s somehow supposed to adversely affect the productivity of labor? Apparently. It’s just so strange, because if […]

Social Security Is Already Broke

Tim Swanson sends this alarming article. While (almost) nobody was looking, the Social Security “surplus” disappeared in February. You know, the event that wasn’t supposed to happen for another ten years or so? And also, don’t reassure yourself with the existence of the “trust fund” to keep the Social Security deficit from affecting the rest […]