Many Economists are Idiots

"I write to you from a disgraced profession. Economic theory, as widely taught since the 1980s, failed miserably to understand the forces behind the financial crisis. Concepts including rational expectations, market discipline, and the efficient markets hypothesis led economists to argue that speculation would stabilize prices, that sellers would act to protect their reputations, that caveat emptor could be relied on, and that widespread fraud therefore could not occur.  Not all economists believed this, but most did."

James K. Galbraith

Are you kidding me???