Sunday, June 7, 2009

Bailing out a generation

I was reading a popsci article about Dean Kamen who till now I knew as the inventor of the two-wheeled Segway human-transportation device, the much hyped transporter. It was codenamed Ginger and the founder of 3Com, the high-tech wireless company, said, quote, "It'll be bigger than the Internet." Well! it wasn't, but Kamen is still one of the most prolific inventors around and this is what he had to say about the bailouts back in January:

"You can bail out the banks by printing money, but you can't bail out a generation of dumb people by printing diplomas. Although I personally think printing more money is about as dumb as printing diplomas."

He has even been quoted by the greatest living advocate of printing money, the Keynesian economist Thomas Freidman in NYT.