From Pine View Farm

The Galt and the Lamers 0

In the Bangor Daily News, Bloomberg’s Noah Smith exposes Rand Pauls ignorance of accounting. He cites three points on which Paul gets stuff exactly backwards. Follow the link for his explanation of each point.

Paul’s first error was in his understanding of leverage.

(snip)

His second error was his definition of bankruptcy.

(snip)

The senator’s third error came from his calculation of the size of the Fed’s liabilities.

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