Word: fact
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...1990s and 2000s, in fact, this myth of the rational market was embraced with a fervor that even Irving Fisher never mustered. Financial markets knew best, the thinking went. They spread risk. They gathered and dispersed information. They regulated global economic affairs with a swiftness and decisiveness that governments couldn't match. And then, as debt markets began to freeze up in 2007, suddenly markets didn't do any of these things. "The whole intellectual edifice collapsed in the summer of last year," former Fed chairman Alan Greenspan said at a congressional hearing in October...
...hard-earned savings of regular Americans. But memories of the 1930s eventually faded, and in the 1950s, the idea that markets knew best began its comeback. This was part ideological reaction to the antimarket conventions of the day, part scientific progress. It was the combination of the two, in fact, that made the idea so powerful...
...conservative readers need not apply--if, as Charles Pierce implies, conservative reader isn't a contradiction in terms. The terrain is well trod: from intelligent design to the dubious link between Saddam Hussein and 9/11, Pierce argues, prevailing political wisdom in the U.S. has been based not on fact but on who could shout loudest. The book elevates itself with original reporting, some witty asides (a Mitch Albom best seller is slammed as "what Dante would have written had he grown up next door to the Cleavers") and judicious use of examples from American history. With a law professor...
...Netanyahu, backing down won't be easy. If he concedes too much, his right-leaning government could fall. But that's not Obama's problem. In fact, the White House would probably be thrilled if Netanyahu were forced to trade his right-wing partners for a coalition with Tzipi Livni's centrist Kadima Party, which is serious about a peace process with the Palestinians. It would be even happier if Livni replaced Netanyahu altogether...
...original story stated that Rep. Hoekstra had not posted on Twitter since his June 17 tweet about Iran. In fact, as of posting time, he had posted one additional time...