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It is likely a gross abuse of Schumpeter to imply that he would advocate turning up the dial on 'creative destruction' during a banking crisis. His view would more likely be that necessary steps should be taken and that the resolution of bad banks should take place when the situation had stabilized. He was one of the major influences Perry Mehrling cited for his own development and Perry would certainly never take such a view. The problem comes when sociopathic neo-liberals seize on his work to justify more looting.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Oct 31st, 2014 at 03:34:46 PM EST
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