Where did anyone ever in a million years get the idea that Obama knew anything about economics???

After Obama became president, he insisted on having "school" every morning which added another hour to the usual one-hour daily briefing that presidents have always received...he wanted to learn about economics and financial stuff. Hmmm...I think I'll stick to my belief that Hayek was correct.

...Was Keynes correct that savings become idle money and depress economic activity? Or was the Hayek view, first articulated by Adam Smith in the "Wealth of Nations" in 1776, correct? (Smith: "What is annually saved is as regularly consumed as what is annually spent, and nearly in the same time too.")

Is all spending equally productive, or should government policies aim to simulate private investment? If the latter, then Mr. Obama is following in FDR's footsteps and impeding recovery. He does so by demonizing business and creating regime uncertainty through new regulations and costly programs. In this he follows neither Hayek nor Keynes, since creating a lack of confidence is considered destructive by both.

Finally, is creating new public debt in a weakened economy the path to recovery? Or is "economy" (austerity in today's debate) and thrift the path to prosperity now, as it has usually been considered before?

Keynes vs. Hayek: The Great Debate Continues