The one thing about most economic theories is that it assumes a lack of fraudulent intent, and that is a huge factor to assume away.
Thats for sure and thats what got me interested in getting to the bottom of the von Mises type denial syndrome. How do you have the oil speculation screwing, then the sub-prime mess, followed by the TARP crap and not realize that some stuff needs fixing.
Supposedly, it was economic scientific fact, and here’s the von Mises quote to cover it (I am free lancing here a bit), and that just didn’t make sense to me.
So I started researching the Austrian SE. I am working on my Ayn Rand and the Great Snipe Hunt Thread, but that will take a few more days.
parsy, who also notes that audited financial statements don’t look for fraud.