Edward C. Prescott

I grew up in the once segregated South. I experienced forced integration during my formative school years. I lived the sacrifices, burdens, and tears. I also lived the moments of understanding, of acknowledgment, of fellowship and success. I saw my parents and grandparents coming home beaten down - and some of my friends beaten up.

Finding a 'sacrificial lamb' on whom to tag blame for complicated problems is an important instrument in the toolkit of politicians, because it deflects blame for the nation's economic woes away from their own regulatory lapses, economic mismanagement and coddling to labor unions.