Bill Maher on Teabaggers... Priceless

[rb336]

I just knew this would bring in the mindless "did not" crap from the right-wing minions and semi-literatti on here. hell, even conservative economists have admitted that we would be in much worse shape now than if Obama's stimulus plan hadn't been enacted [[while at the same time saying it would have been better to offer even more tax cuts to the wealthy, a practice that can not be shown to have ever created much in the way of jobs)

[oladub]

I just knew this would bring in the mindless "did not" crap from the right-wing minions and semi-literatti on here. hell, even conservative economists have admitted that we would be in much worse shape now than if Obama's stimulus plan hadn't been enacted [[while at the same time saying it would have been better to offer even more tax cuts to the wealthy, a practice that can not be shown to have ever created much in the way of jobs)

Most 'conservatives' also go along with Keynesian economists and vote for the same bankers' bailouts. The real argument is between the Keynesian and Austrian economists. The Austiran economists would never have allowed a Fed to create bubbles which burst and/or would have let the crooked Wall Street banks declare bankruptcy instead of rewarding them. Rolling Stone just published a good article about the Keynesian solutions that the Bush and Obama administrations have administered.
Goldman Sachs and other big banks aren't just pocketing the trillions we gave them to rescue the economy - they're re-creating the conditions for another crash

As for Obama's stimulus plan, it is a total disaster. It was supposed to deliver 3.5M new jobs and prevent unemployment from exceeding 8.5%. Instead, the administration is trying to put a happy face on 10% unemployment and an additional 3M lost jobs. It was good though for Korean car manufacturers, overspending municipal governments [["2M saved jobs"), and Chinese wind generation manufacturers.

[rb336]

The Austiran economists would never have allowed a Fed to create bubbles

the fed didn't create the bubble. bubbles, as anyone who has ever examined history will tell you, are created by desire of people to make a quick buck. hence, the "flipping" phenomenon which drove up real estate at an unprecedented pace. then you toss in all the derivitives the speculators created, and the bubble drove them up as well. the fed had nothing to do with it

[rb336]

As for Obama's stimulus plan, it is a total disaster. It was supposed to deliver 3.5M new jobs and prevent unemployment from exceeding 8.5%. Instead, the administration is trying to put a happy face on 10% unemployment and an additional 3M lost jobs. It was good though for Korean car manufacturers, overspending municipal governments [["2M saved jobs"), and Chinese wind generation manufacturers.

and most people without axes or ideologies to grind agree that had the stimulus plan NOT been implemented, we would be at least at 15-18 % [[possibly 20-22%) unemployment, and still rising. and what "chinese wind generation manufacturers" are you talking about?

[oladub]

Ah, gp and rb, things have been going so great in our economy, with its actual 17% unemployment, that you are asking for more of the same. More wars, more debt, more crazy government programs like Fannie and Freddie. Why if it wasn't for the privately owned and non-transparent Fed pouring money into the economy to sustain its owners' banks, how would the ultra-rich continue to gain advantage over us? Printing a lot of money distorts the economy so that misallocations are made [[bubbles) but it sure sells a lot of home to flippers. Let's continue to encourage illegal immigration while exporting ever more of our jobs so uppity US workers will never have the leverage to demand pay increases. NAFTA and GATT have done so much for US working people. I realize you didn't learn about supply and demand in Marxism class. A dollar worth of 1964 US coins is now worth $11.71 melted because they were made of 90% silver but you would rather have paper to allow the government to cover its uncontrolled spending with inflation. Gasoline consequently costs 1171% more today with your precious federal reserve notes than it does with 1964 silver certificates which should pleasure masochists. Congress would even have to ask taxpayers for tax increases to have new illegal wars and goofy new programs like cash for clunkers if it couldn't just print money like Uganda. Better?

Many tea party activists seem to understand these things. Mill Maher and his smug audience don't. Neither do you it seems.

The 10th Amendment is no a straw man argument gp. It is a part of the Constitution that has been ignored by both parties. Obviously you don't want to knock yourself out voting for candidates who will observe their oath of office but if you want to cut the debt it is an outstanding elixir.

"The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people. "

[ghettopalmetto]

Printing a lot of money distorts the economy so that misallocations are made [[bubbles) but it sure sells a lot of home to flippers.

Good for you--you're learning macroeconomics. That's what monetary policy is--the central bank regulates the flow of money through the economy. When the economy rebounds, they will WITHDRAW money from circulation so that inflation doesn't go through the roof. When the federal funds rate is as low as it can go, though, there's really only one other way to create liquidity in the economy, which is--you guessed it--printing money.

Let's continue to encourage illegal immigration while exporting ever more of our jobs so uppity US workers will never have the leverage to demand pay increases. NAFTA and GATT have done so much for US working people.

I don't know why you're so hung up on illegal immigration. I do not personally support illegal immigration, but I also do not support employers who refuse to pay so-called "living wages", and I do not support aggressive moves by state governments to infringe on workers' rights to organize.

The 10th Amendment is no a straw man argument gp. It is a part of the Constitution that has been ignored by both parties.

So, hire an attorney. Bring suit in federal court against the government.

[oladub]

When the economy rebounds, they will WITHDRAW money from circulation so that inflation doesn't go through the roof. When the federal funds rate is as low as it can go, though, there's really only one other way to create liquidity in the economy, which is--you guessed it--printing money.

Bingo, Let's be like Uganda and counterfeit money. One problem is that the Fed has a history, except under Volker, of keeping the rate too low for too long thus helping create bubbles. The most solvent state, by the way, is North Dakota which has its own state bank. The 10th Amendment makes room for that and it seems to work out better in ND than has the Fed has in the US. Why you would be cheer leading for an outfit owned by the likes of the Bank of America and Goldman Sachs I don't know. I just assume that the Fed serves its owners first and us as an afterthought.

I don't know why you're so hung up on illegal immigration. I do not personally support illegal immigration, but I also do not support employers who refuse to pay so-called "living wages", and I do not support aggressive moves by state governments to infringe on workers' rights to organize.

Besides illegality, the supply/demand situation it creates for working Americans is economically devastating. My solution is not so much fences and chasing around illegal aliens is as it is to severely punish their cheating employers. They could be a new source of government revenue while imprisoned. Were that done, the jobs that Americans won't do for illegal alien wages would mostly dry up, Americans blue collar wages would rise, unions would be empowered, and the government could cut back on unemployment and welfare costs. American workers would then recieve a larger slice of the national economic pie.

I am the one here looking out for American workers, preventing inflation, ending wars. You are on the other side, advocating for the elites and their status quo.

[Bobl]

Just watched the video of a bunch of tea partiers abusing an apparent Parkinson's sufferer. They disgust me.

[johnsmith]

A dollar worth of 1964 US coins is now worth $11.71 melted because they were made of 90% silver but you would rather have paper to allow the government to cover its uncontrolled spending with inflation. Gasoline consequently costs 1171% more today with your precious federal reserve notes than it does with 1964 silver certificates which should pleasure masochists.

True, a 1964 or previous year quarter is worth more than a gallon of gasoline. Imagine that, less than 25 cents a gallon using real money. But inflation and federal reserve funny money has multiplied the price by 10 in 45 years. So ghettopalmetto, how is it again that the federal reserve somehow reigns in that inflation? Their method works great huh? They've really got a great track record there.

[ghettopalmetto]

True, a 1964 or previous year quarter is worth more than a gallon of gasoline. Imagine that, less than 25 cents a gallon using real money. But inflation and federal reserve funny money has multiplied the price by 10 in 45 years. So ghettopalmetto, how is it again that the federal reserve somehow reigns in that inflation? Their method works great huh? They've really got a great track record there.

Modern monetary policy shoots for a target inflation rate, generally agreed-upon as 2%, to keep the economy stable.

If you really want to return to 1964 prices, we can find a way to lower your income to say, $6000 a year.