John Stossel's Take
Commentary from Co-Anchor of ABC News' "20/20"

John Stossel is ABC News' Co-Anchor of "20/20" and New York Times best-selling author of Give Me A Break & Myths, Lies and Downright Stupidity. His "Give Me a Break" commentaries take a skeptical look at a wide array of issues, such as education, the economy, parenting, and more.

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Arrogance

06/19/2009 4:37 PM

As I read about the President’s new econ regulatory plans, I marvel at the arrogance.  I doubt whether any president, with all his advisers and cabinet officials, is capable of overseeing something as complex as the financial system of a great economy.

 

As F.A. Hayek said in accepting the 1974 Nobel Prize in economics, “[W]ith essentially complex phenomena, the aspects of the events to be accounted for about which we can get quantitative data are necessarily limited and may not include the important ones.” So, Hayek said, when regulators set out to manage or redesign parts of an economy, they display not wisdom, but a “pretence of knowledge”.

June 19, 2009 in Economics | Permalink | Share | User Comments (40)

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John, you're a credit to your profession, and practically the only journalist I trust any more. Keep up the good work.

Posted by: Rob H. | Jun 19, 2009 5:00:35 PM

So are you actually in favor of an unregulated economy, in spite of the past eight years, or more, showing just how well THAT works? What's more arrogant; trying to reign in the mess, or pretending that all's well with the old "let the economy run itself" lying crap? Waste your own money with the CEOs and market pundits who came up with Reaganomics. I’m, sure they’ll be delighted to get it. But put some controls on the morons who manage my money at least. Hell yes I want a regulated economy, and if the bankers won’t do it then the government must.

Posted by: Darrell | Jun 19, 2009 5:09:28 PM

So are you actually in favor of an unregulated economy, in spite of the past eight years, or more, showing just how well THAT works? What's more arrogant; trying to reign in the mess, or pretending that all's well with the old "let the economy run itself" crap?

Posted by: Darrell | Jun 19, 2009 5:10:47 PM

So are you actually in favor of an unregulated economy, in spite of the past eight years, or more, showing just how well THAT works? What's more arrogant; trying to reign in the mess, or pretending that all's well with the old "let the economy run itself" crap?

Posted by: Darrell | Jun 19, 2009 5:11:07 PM

Dear Darrel,

You have been deceived. I recommend that you read the "Uncle Eric" series by Richard Mayberry, starting with "Whatever happened to Penny Candy". Followed up by, "Economics in One Lesson". If you can read both those books and still think the way that you do, then there would be nothing that could be done about your cognative dissonance.

Posted by: Creighton | Jun 19, 2009 5:16:28 PM

Darrell, what deregulation? And if regulations are so good for the economy, why are European banks, which are some of the most regulated in the world, doing just as bad as we are?

Posted by: Kevin | Jun 19, 2009 5:18:29 PM

The problem Darrell, besides your inability to hit the submit button just once, is that the we did not have an unregulated "free" market during the Bush years. It was regulation that favored companies you dislike and some abused it. Just as now there is favoritism being thrown left and right by this administration.

Posted by: James | Jun 19, 2009 5:18:42 PM

Darrell, it has been shown on more than one occasion that markets are more predictable without government intervention. The only good thing a government can do is help soften the peaks and valleys (ie: purchasing excess grain from farmers who may have had an unprecedented growing season) You point at the last 8 years and say "see" but you don't realize that this steamroller actually got its push long ago when we started forcing free markets to do things unnatural (most recently giving home loans to people with work history that wouldn't support payback) So get a few books on economics, audit some classes at a university, and then make an informed comment. (By the way, this is a moderated comment form, so it takes a few minutes for your comments to post... duh)

Posted by: Loren | Jun 19, 2009 5:19:30 PM

What everyone is hiding in secrecy is the source of their found power in the last 12 years and more and that is the power of the new knowledge I have shared that must be shared with everyone not just some who arrogantly claim it and without crediting the source of their power they become exactly as you said: arrogant! Altough I believe that election of President Obama will ultimately be a positive change in our history putting an end to a dark mark of American history, I believe there is a much deeper slavery and bondage going on by bullying & discriminating of a few who have monopolized my pioneering knoweldge and do not share it with others creating supremacy I wanted to put an end to!

Posted by: RoseParvin | Jun 19, 2009 5:23:33 PM

What everyone is hiding in secrecy is the source of their found power in the last 12 years and more and that is the power of the new knowledge I have shared that must be shared with everyone not just some who arrogantly claim it and without crediting the source of their power they become exactly as you said: arrogant! Altough I believe that election of President Obama will ultimately be a positive change in our history putting an end to a dark mark of American history, I believe there is a much deeper slavery and bondage going on by bullying & discriminating of a few who have monopolized my pioneering knoweldge and do not share it with others creating supremacy I wanted to put an end to!

Posted by: RoseParvin | Jun 19, 2009 5:24:15 PM

What everyone is hiding in secrecy is the source of their found power in the last 12 years and more and that is the power of the new knowledge I have shared that must be shared with everyone not just some who arrogantly claim it and without crediting the source of their power they become exactly as you said: arrogant! Altough I believe that election of President Obama will ultimately be a positive change in our history putting an end to a dark mark of American history, I believe there is a much deeper slavery and bondage going on by bullying & discriminating of a few who have monopolized my pioneering knoweldge and do not share it with others creating supremacy I wanted to put an end to!

Posted by: RoseParvin | Jun 19, 2009 5:24:37 PM

What everyone is hiding in secrecy is the source of their found power in the last 12 years and more and that is the power of the new knowledge I have shared that must be shared with everyone not just some who arrogantly claim it and without crediting the source of their power they become exactly as you said: arrogant! Altough I believe that election of President Obama will ultimately be a positive change in our history putting an end to a dark mark of American history, I believe there is a much deeper slavery and bondage going on by bullying & discriminating of a few who have monopolized my pioneering knoweldge and do not share it with others creating supremacy I wanted to put an end to!

Posted by: RoseParvin | Jun 19, 2009 5:24:53 PM

John for Chairman O to even dream of thinking this way is statist in the least and demented at the worst.

Proverbs 16:18 says it best:

"Pride goes before a fall and a haughty spirit before destruction."

Posted by: dano | Jun 19, 2009 5:26:32 PM

What everyone is hiding in secrecy is the source of their found power in the last 12 years and more and that is the power of the new knowledge I have shared that must be shared with everyone not just some who arrogantly claim it and without crediting the source of their power they become exactly as you said: arrogant! Altough I believe that election of President Obama will ultimately be a positive change in our history putting an end to a dark mark of American history, I believe there is a much deeper slavery and bondage going on by bullying & discriminating of a few who have monopolized my pioneering knoweldge and do not share it with others creating supremacy I wanted to put an end to!

Posted by: RoseParvin | Jun 19, 2009 5:27:04 PM

I want some of whatever Rose is smokin.

Posted by: Loren | Jun 19, 2009 5:27:13 PM

John for Chairman O to even dream of thinking this way is statist in the least and demented at the worst.

Proverbs 16:18 says it best:

"Pride goes before a fall and a haughty spirit before destruction

Posted by: dano | Jun 19, 2009 5:28:29 PM

What everyone is hiding in secrecy is the source of their found power in the last 12 years and more and that is the power of the new knowledge I have shared that must be shared with everyone not just some who arrogantly claim it and without crediting the source of their power they become exactly as you said: arrogant! Altough I believe that President Obama will ultimately be a positive change putting an end to a dark mark of American history! But I believe there is a much deeper slavery & bondage going on by bullying & discriminating of a few who have monopolized my pioneering knoweldge & do not share it with others creating supremacy I wanted to put an end to!Private sector of independent thinkers falling apart is one of those dimensions that must have my knowledge to succeed in a multidimensional world!

Posted by: RoseParvin | Jun 19, 2009 5:29:33 PM

I marvel at the arrogance.

Who's; Yours?

Posted by: Thinking | Jun 19, 2009 5:29:35 PM

Creighton,
I will have to get those books just to have on hand for people like Darrell, sadly, there are a lot of people like Darrell. :(

Posted by: Loren | Jun 19, 2009 5:32:05 PM

Well stated. Some regulation can be very damaging. CFR, Sarbanes-Oxley, Fannie, Freddie, etc. Maybe regulating the Fed may be a good regulation.

Posted by: Huh | Jun 19, 2009 5:54:55 PM

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