In a Nutshell

A real professional and trained economist makes a substantive point about the concrete economic situation and Matt Yglesias, with his B.A. in philosophy and long history of being ill informed, "proves" that the actual economist is wrong. How?, you ask.  Thusly, he responds:

Imagine a recession that begins at a time when nominal interest rates are 9 percent.

That's right he creates an imaginary crisis that, if properly misunderstood and badly analyzed, proves that a professional no nothing is right.  To which I would respond, imagine a world in which knowing something was a prerequisite for making claims of knowledge.  In such a world, we would be be free of Douthat, Brooks, Freidman and his related units, almost all of the WaPo editorial page, and, perhaps most importantly, Palin.


edited for clarity.