There's No Pain-Free Cure for Recession

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bamacre

Lifer
Jul 1, 2004
21,030
2
61
Originally posted by: LegendKiller
Originally posted by: bamacre
Originally posted by: miketheidiot
Originally posted by: LegendKiller
Originally posted by: eskimospy
It's hard to take this guy seriously. He's been predicting imminent doom and gloom for pretty much his entire professional career. Sure he was right about this, but sooner or later he was bound to be right. It's like betting on a single number on a roulette wheel forever and then saying "see? I told you so" when it finally hits.

Schiff is like Dave. Stick a prediction out there and eventually it'll happen.

i was going to say the dave is the p&n equivalent of peter shciff.

And you both look like your username in doing so.

Big difference between a making a prediction without any rationale (Dave) and Peter Schiff.

Watch all 8 parts (the Q&A at the end is great)

But its not like he was the only one who saw this coming.

Wow, he was so revolutionary in his statements.

No one said he was. You missed the entire, and rather obvious, point. Which was basically that he wasn't throwing around random predictions without any rationale.

I was making them 3 years before that.

And you must have not read my last sentence above, either. And again, my point wasn't about timing.

Being an Austrian economist and being able to see reality are not linked.

No one said otherwise. You're just babbling.
 

Craig234

Lifer
May 1, 2006
38,548
348
126
Originally posted by: CME25
But really, isn't all of the recent government intervention the opposite idea of capitalism and free market?

There are many 'useful myths' which, by being popular among the voters who supprt is desired, provide license when that's useful, and are ignored when it's not.

Really, pretty much all you need are a complete set for all the cycles, and you can use them to justify any policy you like, the equivalent of having 'look before you leap' and 'he who hesitates is lost' both available so that whatever you want to do, you can say there's an 'old saying' why it's a good idea.

Sometimes, there's money to be made in bad ways, and people who want to make it. They can't very well just say the truth straight out, in a democracy, and even in a completely dictatorship it's not a good idea to, because a more complacent population is cheaper to govern than an outraged one.

Now, it's possible for the government to regulate excessively and'/or badly, and the public commonly has a bad reaction to that notion. So it's a useful myth.

All you need to do next is to take the bad way to make money you want to to, and launch a broad campaign having no mention of the specifics you want, about 'that damn government regulation', and quietly have the provisions you want relaxes included in some feel-good de-regulation bill, with lots of talk about the 'unharnasses power of the market' creating wealth for everyone, appealing to the greed of every idiot who can't be bothered to learn the actual result has been that for the last 25 years, it has been the unprecedented case that instead of the normal condition where the economy's growth flows to all groups somewhat proportionally, for the first time all the growth - which has been sizable - has gone to the very top (zero after inflation to the bottom 80%, a few percent to the 80%-95%, on up to several hundred pecent to the top 0.01%+).

How incredibly effective is that? It's the equivalent of a robber, wearing a black mask and black and white striped clothing, knocking on the door, announcing that he's the police doing a legitimate action, and then walking around the house in front of the residents collecitng their belongings while they watch and thank him, and when someone in the family says "he's a ROBBER!!", the rest of the family telling them to shut the hell up and stop hating the police. It's just remarkabe to watch the power of the propaganda.

I'm not sure if the robber could then take his pleasures with the woman of the house while the man approved, but judging by the recent history, it seems likely.

This forum is filled with people who are the unwitting servents of the propaganda, the interests of the powerful, parroting the ideology.

They aren't horses led to water who refuse to drink - I throw them in the ocean sometimes, and watch them float their way back to sand, not even wet.

I've posted the statistic above about the growth going to the top dozens of times, and seen it have ANY effect on a SINGLE person who was not aware of the issue exactly zero times.

The stastistic SCREAMS OUT what's going on, but so many are oblvious - they just keep paroting nonsense about 'the right to get rich' and 'class war!!11!' and sure that they're somehow defending the policies that will allow them to become vastly wealthy too, if they just defend whtever the wealthy people want, not aware that that's precisely what's going to prevent their acquiring a lot.
 

BoberFett

Lifer
Oct 9, 1999
37,563
9
81
Originally posted by: Craig234
How incredibly effective is that? It's the equivalent of a robber, wearing a black mask and black and white striped clothing, knocking on the door, announcing that he's the police doing a legitimate action, and then walking around the house in front of the residents collecitng their belongings while they watch and thank him, and when someone in the family says "he's a ROBBER!!", the rest of the family telling them to shut the hell up and stop hating the police. It's just remarkabe to watch the power of the propaganda.

You obviously see that as the actions of Republicans, but I see it equally as the actions of your beloved Democrats.

And you slurp up their propaganda with glee.
 

kyle xy

Member
Jan 1, 2009
39
0
0
I am so frustrated about people blaming the rich for this mess. According to 2005 Treasury estimates (sorry that is as recent as I have) the top 5% of income earners pay 54% of income taxes yet they earn 31% of total income in America. Without these rich your beloved government wouldn't be able to function...check that...I suppose they would just ramp up the printing presses to "magically" create money.

We have an economic crisis because some wealthy people thought they could get more wealthy off of some stupid home buyers but let's assign some accountability. Why did these people not read over their mortgage terms to find out that their sweet deal would turn ultra sour after 3 years when their adjustable rate mortgage caused their payment to jump several hundred dollars. Oh and did I mention that the very people who got themselves into this mess which caused the government to jump in to help them refinance with yet another sweetheart deal are now RE-DEFAULTING on their loans

Yes a lot of greedy rich had a hand in this problem...but a lot of dumb not so rich people are equally culpable

The thought should never be how do we take from the rich but rather how do we compete with the rich.

To pull from Craig's sig a bit...Robin Hood didn't steal from rich civilians did he? He stole from the government you twit...a corrupt government that in its own way overtaxed the poor...get your facts straight.