ReedYoung's Journal: How The Federal Reserve Bought The Economics Profession

Plenty of articles have already disproved the Bush administration story about this recession, that "nobody could have seen it coming". Now, Huffington Post explains why the "top" economists never told the public they could see it coming and how those who did tell the truth, such as Joseph Stiglitz, were systematically marginalized in the United States by the most corrupted "academic discipline" outside of global warming denial.

The Huffington Post reviewed the mastheads of the American Journal of Economics, the Journal of Economic Perspectives, Journal of Economic Literature, the American Economic Journal: Applied Economics, American Economic Journal: Economic Policy, the Journal of Political Economy and the Journal of Monetary Economics. HuffPost interns Googled around looking for resumes and otherwise searched for Fed connections for the 190 people on those mastheads. Of the 84 that were affiliated with the Federal Reserve at one point in their careers, 21 were on the Fed payroll even as they served as gatekeepers at prominent journals. At the Journal of Monetary Economics, every single member of the editorial board is or has been affiliated with the Fed and 14 of the 26 board members are presently on the Fed payroll.

Indeed

[mcgrew]

I'm a layman and I could see it coming. The price of gasoline and oil more than quadrupled over Bush's term, and most of us don't have limitless resources. If economists couldn't see it coming, then economics is as much a sham as astrology.