Many people, including some conservatives, have been very impressed with how brainy the president and his advisers are. But that is not quite as reassuring as it might seem.

Even if the government spends itself into bankruptcy and the economy still does not recover, Keynesians can always say that it would have worked if only the government had spent more.

Brainy folks were also present in Lyndon Johnson's administration, especially in the Pentagon, where Secretary of Defense Robert McNamara's brilliant 'whiz kids' tried to micro-manage the Vietnam war, with disastrous results.

Thomas Sowell Quotes