Thread by @delong

DeLongToday <delongtoday.com> earlier this morning. From the Q&A:

**Q: What did you think about the debate?** A: Back in the 1960s, SF State University President S.I. Hayakawa became a U.S. Senator—briefly—by making sure he controlled the microphone. Chris Wallace... 1/

A (cont): ... committed moderatorial malpractice by not having—and using—a microphone switch. May whoever follows him as a moderator be… less oblivious to the situation.

**Q: What do you think of the "Trump Economy"?** A: About the Trump economy, what is to say? Douglas... 2/

A (cont): ...Holtz-Eakin—who can always be counted to make a much-more-than-fair case for the Republican and paint only rosy-Republican scenario pictures—claims that Trump is a zero: that the good done by the tax cut has been balanced by the bad done by fighting and... 3/

A (cont): ...osing stupid trade wars. I think he’s wrong—about the good part of the tax cut, for his argument requires that savings at full employment be highly elastic with respect to the real interest rate, and I see no evidence for and a lot of evidence against that... 4/

A (cont.): ...claim. But he’s a zero. Everyone else even half reality-based sees Trump’s interventions in the economy as a big minus. Plus there is the disastrous plague control failure—and its economic fallout. 5/

**Q: What do you think about the stimulus debate in congress?** A: Other countries that suppress the virus have a a good chance of having a rapid consumer-led recovery. We do not: our consumer is scared of catching coronavirus, and so is saving a lot for a brighter... 6/

A (cont.): ..less COVID-ridden future. Since the consumer has sat down, either business investment or the government must stand up. Without a plan for getting business investment up, the government and fiscal stimulus is the only thing left. I confess I was genuinely... 7/

A (cont.): ... surprised that the CARES act was not rapidly renewed back last June. Seemed to me the Republicans had every incentive—political, and economic-substantive, to do so. It seems I underestimated the extent to which they really are Hayekians, Schumpeterians... 8/

A (cont.): ...Mellonians, Hooverians—believe that periods of high unemployment and massive small-business bankruptcy are salutary for the system. That was a view I thought went out with Mellon and Schumpeter in the 1930s. Yet it seems to be the default: whatever happens... 9/

A (cont.): ...“the market giveth, the market taketh away; blessed be the name of the market!”

MUCH MOAR (albeit with some mysterious audio static of unknown origin on the LARIS line) at delongtoday.com DeLongToday.

Tune in next week We 2020-10-07 10:00/7:00 EDT/PDT 10/

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