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Professor. what to you make of this, dave? they re just the latest to say this stuff about losing faith. some wall street traders and others have said about the havoc that s been created in the banking industry by the missteps on federal regulators. what do you make of it? i agree. it starts with the fed has to stop playing god. they re on their way to snatching defeat from the jaws of victory here. they have forgot ten one of the most important tenants in economics. it about human behavior. they think that they can fine tune the economy by tapping the joy stick like we re a video game and get somebody to decide not to buy a tractor. the fed nets to get off the stage and say we raised it to 5%. fine. now we re leaving you alone and we re going to let the economy settle down. powell thinks he can tinker with the economy like it s a video game. neil: you know, then i want ....
Quarter by quarter, $6 billion got fed into video game slots last year. that s double what americans spent to go to the movies. people flocked to them because the arcade game could afford expensive hardware at the time and the hardware had enough power to do things we had never seen before. there was essentially an arcade in every mall, on every street corner. the lunch money was not safe if there was arcade around. arcade games at the time were the first machine that we could really interact with. we could cause a world to do something, so we would grab a joy stick and move a character around or fire something at a spaceship and we never had an experience like that before. the popularity of these video games is nothing short of a social phenomenon. pacman is seemingly everywhere. retailers can t keep the home version stocked. one dealer describes the demand. phenomenal. telephones ringing every five ....
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