Cross-posted from Real Economics.
James Crotty is one of the few dozen economists in the United States worth listening to. Among his writings, he has explained the problem of financiers' "portfolio view" of industrial companies.
This is the silliest set of arguments that have ever been created by serious intellectuals. If I told you the list of assumptions required to prove that markets are efficient, you would think I was kidding you.
Watch or read the entire 11 minute interview, here: What Does Wall St Want Out of Austerity and What Benefits Does it Gain From a Small Government?