Andrew Leonard has a short piece over at Salon titled, Chicago School: Bloodied But Unbowed. It's an interesting little piece full of links to previous articles and statements. It also includes this zinger:
.... some of the Chicago economists don't sound a whole lot different from your typical South Carolina Republican. Here's Sam Peltzman, the Ralph and Dorothy Keller distinguished service professor emeritus of economics (italics mine):
"This experience is going to seal the tomb on socialism for all time," he says. "If this can't bring it back, it's hard to think about what could." A burst of Keynesianism should surprise no one, he argues. Of course we hope the government can step in and save the economy. In a crisis people "become infantilized and go back to what's comforting to you as a child."
The Keynesian burst, Peltzman insists, will wane. "It's clear already it's not working," he says. "There are two possible reactions to that: 'Well, it's not big enough,' from the left. The other, from people like me, is it'll make it still worse if you go down that road."
To refute Peltzman's claim, Leonard offers a link to THE ECONOMIC IMPACT OF THE
AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009, FIRST QUARTERLY REPORT, SEPTEMBER 10, 2009. This is the official administration report which makes for much more interesting reading. It's 48 pages of PDF and I have only had a cursory look through it. Needless to say, it paints a self-congratulatory and very "greeny" picture.
Have at it everyone!