Well, whether the economic model that the Tea Party is based on is flawed or not is a matter for history to judge. It is certainly nothing new under the sun. The concept was popularized by the Austrian School of Economics ( a group of economists,not a physical structure.) I believe it is referred to as Milesian Theory, and it stands in opposition to Keynesian Theory, and those are the two principal economic schools of thought, at least in western applied economics.

Now, I'm not saying that the guy driving around in his Ford F 150 with an Obama Sucks bumper sticker is a Milesian, but Rand Paul certainly is, and the Tea Party is essentially a derivative of his thinking. The base concept of Milesian thought is that capitalist markets are self-correcting, and should be left alone with no government interference. The concept states that flawed companies, no matter how large, should be allowed to fail, and that the resultant economic suffering is necessary if the market is to regain its health. High unemployment is a necessary evil in Milesian thought.

Austrian economic theory was quite prevalent in the early years of the 20th century. What labeled it as a flawed economic model was the collapse into the Great Depression, and its aftermath. Essentially, it is argued, abuses and a lack of governmental regulation in the market led to economic collapse. Hoover was a believer in a Milesian approach to the crisis, and with enough prolonged suffering and enough unemployment, the market may have eventually followed the Austrian doctrine and self-corrected. Another possible alternative was insurrection, and many feared at the time that a communist or fascist movement could overthrow both the economic system and the government. What happened was the election of Franklin Roosevelt.

Roosevelt adopted a Keynesian approach immediately, with massive governmental involvement in manipulation of the banks, the currency, in programs to immediately alleviate unemployment through works programs, in colossal federally funded infrastructure programs, and in nearly unbridled deficit spending. The result was an almost immediate onset of recovery.

But, in all of those years since then, the discredited concepts of the Milesians are no longer associated with their actual impact in the real world, especially from an historical aspect in connection with the Great Depression. I believe there is a certain "serves 'em right" emotional component to Milesian thought that appeals to the less cerebral Tea Party minions, who are mainly pissed at the banks and anybody who wants to raise their taxes. But on the purest level, Tea Party economic thought is not really greedy nor should it be condemned on account of that. It should be condemned if you agree with me that it is rather heartless science based on a poor concept...that business does what's right because that is in it's best interest, and because it has never been shown to have been successfully applied to crisis. And in 2008 and 2009, we faced a tremendous crisis.