They're Not Optimists

They're just misinformed.

Yet some economists still see a silver lining for Japan’s economy in the wake of the disaster, claiming reconstruction efforts will create jobs and stimulate growth.

They’re not optimists; they’re just misinformed.

Larry Summers managed to put his foot in his mouth last week when asked about the effect of the earthquake. The former top economic adviser to President Barack Obama, former Harvard University president, former Treasury secretary and now ordinary professor at Harvard’s Kennedy School of Government, told CNBC the earthquake and its aftermath “may lead to some temporary increments, ironically, to GDP as a process of rebuilding takes place. In the wake of the earlier Kobe earthquake, Japan actually gained some economic strength.”

General Theory of Nonsense

Comments

[Jane]

I am so impressed with the spirit of the Japanese people. They really are amazing.

[Tom Bowler]

Jane, I think TM is shooting for 1,000 comments on his Sunday Morning Meltdown post. He's almost there.