Re: it's the water [was: apologia]

[Michael Perelman <michael@xxxxxxxxxxxxxxxxx>]

I have a couple of paragraphs about Cox in The Confiscation of American Prosperity:

    For example, consider the attitude of W. Michael Cox, chief economist for the
Federal Reserve Bank of Dallas, one of the most prominent cheerleaders for markets, who
always finds a way to describe markets in the best possible light.  When faced with the
quandary about essential workers, such as firemen, having to work two jobs to be able
to afford to live in New York, Dr. Cox pontificated:  "I think it's great ... It gives
you portfolio diversification in your income" (Scott 2006).
    Here Dr. Cox has outdone himself, justifying the unjustifiable, while implicitly
financializing the job market.  Just as investors should do well to diversify their
portfolios, workers would be well advised to hold more than one job.  Of course,
sophisticated investors divide their funds among many, even hundreds of different
stocks.  If only the poor, benighted workers would figure out how to extend the day
beyond 24 hours, they could do the same.  I wonder how Dr. Cox would feel however if
groggy firefighters who are supposed to save his house were already exhausted from
their other job.



--
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu
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