Don't call it a comeback
I been here for years
Rockin my peers and puttin suckas in fear
Stacy McCain calls out Newsweek's Isia Jasiewicz for the worst description of Hayek's The Road to Serfdom evah!
The Road to Serfdom is a treatise on libertarianism, well-known only in academic circles or among political theory wonks stalwart enough to wade through the 60-page introduction and chapters on “Planning and the Rule of Law” and “The Prospects of International Order.”
Obviously, Newsweek fired all their editors, as Stacy says about the influential book (a best seller in 1944-45 when first released):
Ha. Ha. Haha. BWAAAAA-HAHAHAHAHAHA!
Next assignment for Isia Jasiewicz? “The Bible, a theological treatise well-known only in religious circles or among clergy stalwart enough to wade through several pages of ’begats’ and the books of Numbers and Deuteronomy.”
Make sure to go read the whole post: Newsweek Intern Attempts to Describe Hayek’s Road to Serfdom: Massive FAIL!
Read through the great comments too.
I thought I'd re-post Hayek's rap "Fear the Boom and Bust," but as I was reading the post, the lyrics "don't call it a comeback" kept running through my head. So instead, enjoy some LL Cool J this a.m. 
Hayek vs. Bernanke
In response to the meltdown of financial institutions, unprecedented power has been unleashed by the federal government. Between actions by the Federal Reserve, the TARP, guarantees made by the FDIC and other direct bailouts the total comes to nearly $8 trillion. That’s over 30 times the inflation-adjusted cost of the S & L bailout, according to Bianco Research.
But the mainstream financial press is urging the Fed to do much, much more. "Look, this is no time for the Fed to act like a bashful virgin," ex-Fed operative Vincent Reinhart told Barron’s. Reinhart used to be the director of monetary affairs under Greenspan and now toils for the American Enterprise Institute. Ironically, Mr. Reinhart says that because we are now in a "dangerous period," the central bank "needs to be aggressively buying all sorts of paper, including toxic assets like collateralized debt obligations, non-agency mortgage-backeds and non-investment-grade corporate bonds in order to bring liquidity to the markets and raise security prices." That would be the paper much of which was created during the monetary expansion ramped up by Reinhart and his former boss.
Fed chair Ben Bernanke is doing all he can to disabuse any and all that he is a bashful virgin. "Although conventional interest rate policy is constrained by the fact that nominal interest rates cannot fall below zero, the second arrow in the Federal Reserve’s quiver – the provision of liquidity – remains effective," he told the Greater Austin (Texas) Chamber of Commerce. Bernanke told the Chamber audience that the Fed could buy long-term Treasuries and other agency securities on the open market to raise prices and lower yields. Indeed, Bernanke’s employer purchased $5 billion worth of debt from Fannie, Freddie and the Federal Home Loan Banks just a few days after he spoke.
Of course all of this monetary pumping hasn’t put anyone to work.
But as F.A. Hayek explained in his 1974 Nobel Prize acceptance speech, entitled The Pretense of Knowledge, monetary and fiscal policies are the product of what he called the "scientistic" attitude which is in fact unscientific in that it "involves a mechanical and uncritical application of habits of thought to fields different from those in which they have been formed."
Yeah, like Obama hiring lawyers to clean up an oil spill.
If 60 pages is too ardous a task to "wade through," perhaps this kid should reconsider going to law school.
This strikes me as being the same old government solution; more government!