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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
 Posted - 11/03/2008 : 18:00:59
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CNBC, I'm not surprised... Amerika's future generation soon to be running the show...
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Edited by - Bluegill on 11/03/2008 18:02:02 |
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 11/03/2008 : 18:14:34
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I could only read as far as:
Economists almost universally agree that deficit spending is the right thing to do in a recession,
What an A-#ole. Yeah, just like all climatologists agree on global warming...Yeah, right....
The media in this country is PITIFUL! And dangerous to the survival of the nation.
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"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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Edited by - Delawhere Jack on 11/03/2008 18:15:03 |
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Nickelless
Administrator
USA
5580 Posts |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 11/04/2008 : 08:46:15
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The author graduated in 2007 and he is the nephew of Jim Cramer and he got his job through nepotism. So, he probably has a long successful career ahead of him in the entertainment business where reality doesn't really matter.
From his perspective ,as long as the markets keep churning, budget deficits are meaningless. Must be good to be him...
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Edited by - horgad on 11/04/2008 08:51:35 |
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JerrySpringer
Penny Hoarding Member
669 Posts |
Posted - 11/04/2008 : 09:17:09
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| Learned men teach us things. |
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 11/04/2008 : 12:04:51
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At first I thought if it was sarcasm too. But after learning about his relationship with Cramer and CNBC, that thought quickly faded...
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 11/04/2008 : 12:08:01
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quote:
Originally posted by horgad
The author graduated in 2007 and he is the nephew of Jim Cramer and he got his job through nepotism. So, he probably has a long successful career ahead of him in the entertainment business where reality doesn't really matter.
From his perspective ,as long as the markets keep churning, budget deficits are meaningless. Must be good to be him...
"...finance business where reality doesn't really matter." 
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Kurr
1000+ Penny Miser Member
2906 Posts |
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swusc
Penny Hoarding Member
USA
553 Posts |
Posted - 11/06/2008 : 14:37:05
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The question is... does the US government really borrow money?
You could look at U.S. Treasuries as future dated printing of money with the interest as some form of inflation protection (which is also going to be printed at some point).
I agree the borrower is a slave to the lender... I just wonder if the U.S. government has really borrowed anything?
-SWUSC |
`Everybody is ignorant. Only on different subjects.' Will Rogers
"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the "hidden" confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard." Alan Greenspan, 1966. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 11/06/2008 : 18:01:36
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Now you know why it is called CNBullsh....
"Economists almost universally agree that deficit spending is the right thing to do in a recession"
Were these the same economists the NAR have on their payroll who said housing had entered a new paradigm and would go up in value forever?
"The question is... does the US government really borrow money?"
If bond buyers stop buying Treasuries we will get our answer.
From what I understand about Treasuries and dollars (I could be mistaken) the Fed sells Treasury bonds/notes/bills and uses the proceeds to print dollars. The dollars stay in circulation until they get too worn to be used or are destroyed by citizens,(buried in backyard & eaten by worms, moldy from water dmamge, etc.) The dollars remain in circulation, they are not pulled once the bonds/notes/bills are cashed in, so the bills are backed by the government's word they are good for face value.
We basically have a dollar that is backed by the word of the government that the dollar has value, make of that what you will.
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No insult toward forum member Economist is intended, but some economists get what they deserve....
Isn't it strange? The same people who laugh at gypsy fortune tellers take economists seriously. - Cincinnati Enquirer
An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today. - Laurence J. Peter
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Edited by - pencilvanian on 11/06/2008 19:29:41 |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 11/07/2008 : 07:38:00
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"Economists almost universally agree that deficit spending is the right thing to do in a recession"
I found out something new yesterday...
I have known for a long time that the dominant economic teachings in the US are based off of the works of John Maynard Keynes. Keynes economics teaches that deficit spending during a recession will soften the blow and that the big mistake of the great depression was doing enough deficit spending, quickly enough.
The minority opposition position comes from Ludwig von Mises and others and is referred to as Austrian Economics. Austrian economics teaches a hands off approach to recessions. Leave them alone and the down cycle will quickly clear out the less viable companies and leave the strong, well managed companies to gain market share and grow with the next up cycle (kind of like the theory of evolution and survival of the fittest). Any type of government intervention is said to prolong the recession or put it off and make it worse when it finally arrives.
I have always thought the majority Keynesian view was crackers, but I found out yesterday that there is a flip side to the preaching for deficit spending during recessions. The Keynesian view also suggests that the deficit spending needed to be paid back during the good times!
That tidbit gave me some increased respect for Keynes and made me realize that the problem lays not entirely with Keynesian philosophy, but rather with the fact people have misinterpreted Keynes to being saying spend as much as you want....deficits don't matter.
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Edited by - horgad on 11/07/2008 07:43:39 |
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Kurr
1000+ Penny Miser Member
2906 Posts |
Posted - 11/07/2008 : 08:23:08
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| I agree more with the Austrian economic theories I have heard. They seem more natural and fall within occams razor. Now keynesian may get to the right place theoretically, it seems more to go all the way around their fist to get to their thumb. We all know theres many a slip tween cup and lip, so I prefer simpler theories that seem to comply with the natural laws of nature. |
The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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Budget Deficits? I Say Bring ' Em On For My Genera
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