And you have to applaud the ‘magician’:
Am I (and others on my side of the issue) that much smarter than everyone else? No. The key to understanding this is that the anti-Keynesian position is, in essence, political. It’s driven by hostility to active government policy and, in many cases, hostility to any intellectual approach that might make room for government policy. Too many influential people just don’t want to believe that we’re facing the kind of economic crisis we are actually facing.
I know, the critics will respond that I’m the one who’s being political — but again, look at how the debate has run so far.
The point is not that I have an uncanny ability to be right; it’s that the other guys have an intense desire to be wrong. And they’ve achieved their goal.
Update: From one of the ‘magician´s assistants‘:
I’ve was making this argument long before the crisis hit, I was among the first to say that monetary policy would not be enough to solve our problems, aggressive fiscal policy would also be needed, and nothing that’s happened during the recession has changed my mind. I eventually tired of the debate and assumed everyone was tired of hearing me say we needed more fiscal stimulus — arguing with monetarists won’t change any minds anyway and policymakers weren’t about to do more fiscal stimulus – – so I moved on to other things (mostly talking about the need for job creation through more aggressive policy of any type)
Who logically concludes: