Herd Instincts

Reader comment on: New Yorker on Ray Dalio

Submitted by Caroline (United States), Jul 18, 2011 14:18

I believe the more dangerous herd instincts are displayed by this journalist, John Cassidy, who has hopped on the mainstream media's narrative that the 2008 financial sector meltdown is proof that capitalism does not work.

John Cassidy is also the author of the book How Markets Fail: The Logic of Economic Calamities, which claimed to "debunk free market ideology" with an attack on Milton Friedman and the Chicago school's free market ideas. If "economic journalists," such as Cassidy, consider the Bush era to represent unruly, unfettered capitalism, then they should be rejoicing over the Obama administration's drive toward a centrally planned economy. Perhaps the journalistic herd is not ready to acknowledge that Keynesian policies are a prescription for failure.

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Other reader comments on this item

Title By Date
Bubbles [91 words]James Eric FullerJul 26, 2011 01:47
Herd Instincts [65 words]CarolineJul 19, 2011 19:34
Thoughtful debunking [77 words]John GillisJul 18, 2011 17:25
⇒ Herd Instincts [119 words]CarolineJul 18, 2011 14:18
New Yorker Has It Backwards [231 words]JJul 18, 2011 09:31
Hedge Funds don't have clean hands [206 words]Fast EddieJul 18, 2011 08:51

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