Monday, August 10, 2009


Lawrence Summers, now a senior official in the Obama administration, began a paper on financial markets thus: “THERE ARE IDIOTS. Look around.”
-- Paul Krugman, reviewing Justin Fox, The Myth of the Rational Market.

... Krugman does some looking around himself, apropos of Obama's health-care proposals, and finds two choice examples:

If you like the Post Office and the Department of Motor Vehicles and you think they’re run well, just wait till you see Medicare, Medicaid, and health care done by the government.
People such as scientist Stephen Hawking wouldn't have a chance in the U.K., where the National Health Service would say the life of this brilliant man, because of his physical handicaps, is essentially worthless.
Which of those quotations is more idiotic? I think it would take a scientific study to answer that question.

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