Obama saving the dinosaurs

Orange County Register ^ | 5 July 2009 | Kevin Hassett

[OldNavyVet]

"In his landmark 1942 book, 'Capitalism, Socialism, and Democracy,' economist Joseph Schumpeter emphasized the key role that creative destruction plays in generating long-run economic growth. It is the driving force of capitalism."

[OldNavyVet]

I first came upon the term “Creative destruction” in “The Age of Turbulence,” a 2007 book by Alan Greenspan. There. Greenspan attributes the "creative destruction" idea to Joseph Schumpeter while explaining the idea as follows: ”A market economy will incessantly revitalize itself from within by scrapping old and failing businesses and then reallocating resources to newer, more productive ones.”

And now, in the Oragne County Register, there is a wonderful addition to Strumpeter's idea. Kevin Hasset appears to have coined the term "creative destruction" to describe Obama's economic approach: " ...the obilteration of value and wealth without any resulting positive change.”

[decimon]

"Kevin Hasset appears to have coined the term "creative destruction" "destructive destruction"..."

[OldNavyVet]

Thank you ... I need to improve my editing efforts.

[okie01]

Kevin Hasset appears to have coined the term "[destructive] destruction" to describe Obama's economic approach: " ...the obilteration of value and wealth without any resulting positive change.”

The corellary would be if, say, Theodore Roosevelt had "bailed-out" the buggy-whip industry.

From the perspective of history, we know that would've been a terrible idea. From the perspective of history, we will learn that Obama's bailing out of the banks, GM, Chrysler and whoever will also prove to have been a terrible idea.

Paul Krugman notwithstanding...

[decimon]

"Thank you ... I need to improve creatively destroy my editing efforts." ;-)

[Erasmus]

And now, in the Oragne County Register, there is a wonderful addition to Strumpeter's idea.

Are you implying he's a pimp?

≤]B^)

[OldNavyVet]

I screwed up post 1 in choosing one important word and in mis-spelling several others, so I need to correct Post 1. Here is my corrected text.

I first came upon the term “creative destruction” in “The Age of Turbulence,” a 2007 book by Alan Greenspan. There. Greenspan attributes the "creative destruction" idea to Joseph Schumpeter while explaining that idea as follows: ”A market economy will incessantly revitalize itself from within by scrapping old and failing businesses and then reallocating resources to newer, more productive ones.”

And now, in the Orange County Register, there's a wonderful addition to Strumpeter's idea. Kevin Hasset appears to have coined the term "destructive destruction" to describe Obama's economic approach: " ... the obliteration of value and wealth without any resulting positive change.”