For those keeping score at home, here are the dopes who signed the letter:
George A. Akerlof, Professor, Georgetown University
Sir Angus Deaton, Professor, Princeton University
Peter Diamond, Professor, Massachusetts Institute of Technology
Robert Engle, Professor Emeritus and Co-Director of the Volatility and Risk Institute, New York University
Oliver Hart, Professor, Harvard University
Daniel Kahneman, Professor, Princeton University
Eric S. Maskin, Professor, Harvard University
Daniel McFadden, Professor, University of California, Berkley
Paul Milgrom, Professor, Stanford University
Roger Myerson, Professor, University of Chicago
Edmund S. Phelps, Professor and Director of the Center on Capitalism and Society, Columbia University
Paul Romer, Professor, New York University
William Sharpe, Professor Emeritus, Stanford University
Robert Shiller, Professor, Yale University
Christopher Sims, Professor, Princeton University
Robert Solow, Professor Emeritus, Massachusetts Institute of Technology
Joseph Stiglitz, Professor, Columbia University
Yep, overeducated, mostly Ivy League, idiots.