Sometimes these jokers openly admit what is readily obvious to even the casual observer: the basis for their professed knowledge is remarkably shallow. In this particular circumstance, one might even say callow.
Jeffrey Gundlach warns we may be repeating the mistakes that led to the Great Depression. The bond investor was asked for his view on the rising trade tensions between the U.S. and China.
“It’s not a positive. I mean it is really interesting when I was in elementary school and high school we talked about the Great Depression … [What] my teachers told me was that the Great Depression was caused by the Federal Reserve raising interest rates prematurely in a not so strong economy and also the Smoot-Hawley Tariff Act,” he said Wednesday on CNBC’s “Halftime Report.”
Well, if the opinions of public school elementary teachers from four decades ago aren’t a sound basis for modern economic policy, I don’t know what could be. Sure, my elementary school teacher didn’t know the difference between a triceratops and an allosaur, but I’m confident her knowledge of economic history was considerably more sound.