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Warning: this black swan won't be pretty, will shock, soon
His bottom line: "The day of national reckoning has arrived. We will not have a conventional business recovery now, but rather a long hangover of debt liquidation and downsizing ... it's a pity that the modern Republican party offers the American people an irrelevant platform of recycled Keynesianism when the old approach -- balanced budgets, sound money and financial discipline -- is needed more than ever."
Wrong: There are far bigger things to "pity."
First, that most Americans, 300 million, are helpless, will do nothing, sit in the bleachers passively watching this deadly partisan game like it's just another TV reality show.
Second, that, unfortunately, politicians are so deep-in-the-pockets of the Wall Street conspiracy that controls Washington they are helpless and blind.
And third, there's a depressing sense that Stockman will be dismissed as a traitor, his message lost in the 24/7 news cycle ... until the final apocalyptic event, an unpredictable black swan triggers another, bigger global meltdown, followed by a long Great Depression II and a historic class war.
So be prepared, it will hit soon, when you least expect.
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Somehow I just knew before reading.
Even though I’m no fan of Stockman, there’s a lot of truth here.
I would however change one sentence.
“...politicians are so deep-in-the-pockets of the Wall Street conspiracy that controls Washington they are helpless and blind.”
I don’t think most politicians - Dem’s and Rep’s alike - are all that helpless.
So I’d replace “helpless and blind” with “shortsighted and greedy.”
In before Art Laffer refutes this idiot.... =.=
Stockman:
“If there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing.”
So, Stockman, where were you when they were proposing Stimulus 1, Stimulus II, QE1, QE II, etc.??
Spending is okay but tax cuts are evil when you are the guy that proposed tax cuts in the first place? Sounds like you are trying to curry favor with the press and people in D.C.
PAHLEEEEZE...Stockman was a traitor in the 80’s an nothing has changed. I find his trying to crawl out from under his rock quite amusing.
Maybe the GOP took his advice AFTER REAGAN left office. ASK GHW Bush about that.
Dave Stockman was an idiot when he worked in the Reagan administration, and he’s an idiot now. Tell me you knew.
Government is necessary for the same exact reason that socialism/communism are stupid concepts and always fail - people are self-interested and it is not possible to legislate altruism.
Government's proper role is to ensure that society remains a meritocracy, and to protect each individual’s right to prosper on the basis of their own efforts and creativity. That's why we have patents, for example.
As an economist, it is self-serving for Stockman to propose that the economy is more complicated than market forces make it.
Note to all:
This hit-job by Stockman was written in August of 2010. His effort to sabotage the November election didn’t work, did it. :)
If you consistently spend more than you bring in, you will crash and burn. Stealing other people's and/or other countries' resources through taxation and/or conquest only postpones and makes worse the inevitable.
Bush 41 and Bush 43 should have known better, but considering where they went to school, how could they? Ivy League is like poison ivy for the intellect. All for ego with no wisdom or common sense.
What a Joke!
David Stockman disagreed with Ronald Reagan’s Trickledown Economy theory and publicly ridiculed it. Then he resigned and ridiculed it more. But it was only for a short time, until the economic numbers on Reagan’s policies came in. Surprise, in 1983 - 1984 the economy rebounded disproving Stockman’s criticism and validating Reagan’s economic policies.
David Stockman was not a Reagan insider. He was a prima donna who resigned in policy defeat and disgrace. He was wrong then and is wrong once again. Blaming the GOP for the 2006 - 2010 Democratic Congress’s economic policies is deceitful.
David Stockman is a LOSER and a liar.
Its David Stockman. Reagan took him to the woodshed
State-run media sure loves RINOs like McCain and Stockman, don’t they?
I suspect you're right about how Stockman will be treated (as witness the posts on this thread). And it's true that part of his motivation for writing this stuff is to garner another 15 minutes of fame. And it's also true that the GOP is as guilty as anyone of letting things go to the point they've now reached. But not solely guilty.
Of course, the problem is, as you've stated, that the American public have surrendered their political authority to those whose ambitions have led them to so-called "public service." As the old saying goes, eternal vigilance is the price of liberty, and Americans -- including people like you and me -- took our eye off the ball a long time ago.
The only danger to the American economy, comes from the terrible truth that we’ve taken everything which actually makes money for America - factories, technology, production - and sent them to other countries.
Until we reverse that, we are in fact, truly doomed.
So. Let’s reverse that.
There is a fairly simple solution to the economic woes in the US. Unleash the free market and let entrepreneurs, not the government, develop and husband our natural resources.
Only a Libtard believes that shit....anyone who pays attention knows who ran the economy into the ground and why...
Soro’s made BILLIONS shorthing the US housing market while his paid lackeys brought about the fall in housing prices by overloading the market with worthless mortgages...
http://moneyrunner.blogspot.com/2009/03/soros-profiting-from-your-loss.html
Cloward - pivens...crash the sytem by over loading it to the point of systemic collapse...
In thier own words......Fanny and freddie are FINE!!!!
http://www.youtube.com/watch?v=_MGT_cSi7Rs
FOLLOW THE MONEY!
Do your homework before you post shit like this without a huge barf notice.
Some of us HAVE been paying attention and know what the truth is....and just whom...is zooming who....