~ LAMOTEP-HFTI-AKOPFCET ~ Leading Active Members Of Today’s Economics Profession – Have Formed Themselves Into – A Kind Of Politburo For Correct Economic Thinking

~ AAGR-AOMGEFAGC-THPTOTWSOEIPI-ANJRBFD ~ As A General Rule – As One Might Generally Expect From A Gentleman’s Club – This Has Placed Them On The Wrong Side Of Every Important Policy Issue – And Not Just Recently But For Decades

~ TPDWNO-TDTPOETTH ~ They Predict Disaster Where None Occurs – They Deny The Possibility Of Events That Then Happen

~ TO-T-M-B-A-SR-WOPI ~ They Oppose – The – Most – Basic – Decent – And – Sensible Reforms – While Offering Placebos Instead

~ TAASWSU-LAR-AO ~ They Are Always Surprised When Something Untoward – Like A Recession – Actually Occurs

~ AWFTSTSPCBS-TDNRETI-TDNCTPOAFILOT-R-TSCTS ~ And When Finally They Sense That Some Position Cannot Be Sustained – They Do Not Re-Examine Their Ideas – They Do Not Consider The Possibility Of A Flaw In Logic Or Theory – Rather – They Simply Change The Subject

~ NOLF-ITC-FHBW-NOIDFPPALAM-ASLIAFTOII ~ No One Loses Face – In This Club – For Having Been Wrong – No One Is Dis-Invited From Presenting Papers At Later Annual Meetings – And Still Less Is Anyone From The Outside Invited In