Former chairman and CEO of American Express Harvey Golub has this piece in today's WSJ. In it, Golub expresses concern about DC lawmakers continuing to exhibit what Hayek described as the "Fatal Conceit."
"Members of Congress, regardless of party affiliation or yesterday's results, will continue to meddle in matters beyond their knowledge. In doing so they will exacerbate our current economic downturn and delay the recovery of our financial markets."
The arrogance of politicians who believe they can "run" the economy or "plan" a nation's way to prosperity has produced devastating results across the globe for the last century.
Golub's skepticism is well-founded, and he lays out some signs indicating that Congress simply has no clue what they are doing.
Time will tell, but if the next administration and Congress enact policies aligned with their stated redistributionist ideology, economic recovery will be stifled and we could be in for a prolonged recession.