The Fatal Conceit....The OTR... And "Self-Serving Crazy Talk"!

Ms. Lucy Ito, CEO NASCUS

ALRIGHT LUCY ITO!  SINCE NAFCU's DAN BERGER HAS "GROWN STRANGELY DISTANT" OF LATE...

AS CEO OF NASCUS WILL YOU SUPPORT A FAIR ALLOCATION OF THE NCUSIF COSTS AMONG ALL CREDIT UNIONS - REGARDLESS OF CHARTER? IF SO, HOW SO?


Frederick Hayek was  selected for the Nobel Economics Prize in 1974. Conservative, pragmatic, perhaps libertarian in his views on free markets and governments, Hayek was most noted for his book "The Road to Serfdom" which was published shortly after WWII.

Robust Economic Wizards !!!

The WSJ recently ran an op-ed piece by Donald  Boudreaux and Todd Zywicki which included several of Hayek's observations, including several from another work "Fatal Conceit", on the continued hubris of robusterians and other "central planners" [aka - "independent agencies"] - self-assured of their unique abilities to manage the economy and financial markets.  

True fools never have any doubts !

Foolish? 
Doubtless!

Three Hayek quotes presented in the Boudreaux/Zywicki op-ed should give us all pause as we await yet another ill-fated round of NCUA "irregularity", redacted OTR transparency, "Soviet era" capital/stress testing gobbledygook, and a seemingly endless mosaic of clumsy and clueless, fatal conceits from the "Hazards of Duke". 

Hayek said in accepting the Nobel Prize that he was concerned that elevating economics to a science would create a ....  ""pretense of knowledge" - the idea that anyone could know enough to engineer society successfully."  The first NCUA RBC rule was definitely pretentiousness at its worst - embarrassingly so!  Hayek said:  

"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."

Less free?

"What does Hayek recommend?  A little humility. "We shall not grow wiser until we learn that much of what we have done was very foolish."  It was the central lesson of "The Road to Serfdom" that hubris makes us not only poorer but also less free."

Will be interesting to see if credit unions - if you - and NASCUS are willing to fight for honesty and fairness in the OTR discussion, against 
"a pretense of knowledge" which leads by example...

... with "SELF-SERVING CRAZY TALK"!

CREDIT UNIONS DESERVE BETTER,

WILL NASCUS LEAD?

[... or are you still fearful of losing those little computers?]