Posted on 08/07/2011 7:39:54 PM PDT by sickoflibs
PLAYING CLIP OF RUSH LIMBAUGH, RADIO TALK SHOW HOST: John Maynard Keynes. If you want to know what Keynesian economics is, you`re living it, Barack Obama, massive government spending, massive debt, massive redistribution of wealth, the lie that government spending, deficit spending can propel economic growth.
They had no intention of saving capitalism. They wanted to destroy it and replace it with socialism or Marxism or fascism or whatever you want to call it.
(END VIDEO CLIP)
I think that is the heart of the Tea Party, Michael, this fear of government massive spending, hemorrhaging, hemorrhaging.
CROWLEY: Yes.
MATTHEWS: That stimulus program of about $800 billion to $900 billion dollars was a waste.
CROWLEY: Right.
MATTHEWS: It didn`t bring the economy back. And they have got a good argument with that, because when you have a 9-plus percent unemployment rate, how can you claim you turned the economy around? In simple Crayon- level thinking, it works, doesn`t it, the Tea Party argument?
CROWLEY: Sure. Yes. I mean, the experience of the stimulus was a big setback for Keynesian economic theory, because it`s hard to explain to people that it might have really prevented things from getting a lot of worse. And so the Rush Limbaughs of the world point to the unemployment now and say that the thing was a complete waste that didn`t work.
MSNBC HARDBALL for 8/4/11 Transcript(LexisNexis)
Not everyone learned the lesson. Couldn’t find a transcript for this same night Maddow show but I did find the clip on youtube.
At about 11:56 start at 11:00 or earlier to hear more of this theory and see if you can follow his math.
Guest Robert Frank Cornell University Economics professor :
”The markets are happy to loan us the money. As Ezra said they are eager to loan us more money at very low interest rates . The cost of debt compared to the cost of unemployment is incredibly low. A trillion dollar deficit costs us $25B per year to pay the interest on that. If we have an extra 10M people unemployed that’s $250M lost forever each year so it’s a 10 to 1 trade-off . We are focusing on deficit reduction when we should be focusing on job creation. Focusing on the deficit by cutting spending, that’s going to make the deficit bigger. What we are doing now is unimaginably stupid”
The Rachel Maddow Show (08-04-11) youtube clip (see 11:44)
I did another one like that at #37 where I think I pinged you, after someone actually agreed with my sarcasm.
The Keynesian economic theory was and is nothing more than disguised socialism and it has never worked, never. =.=
It was a huge ‘mob bust-out’ (Google that).
That dude is a complete basket case.
Not sure what you mean, the actual text is “ ..the experience of the stimulus was a big setback for Keynesian economic theory, ..” like the title but they are not admitting the stimulus was a economic failure as my post of the entire exchange shows, they are admitting that “..the experience of the stimulus was a big setback for SELLING the Keynesian economic theory, ..”
To me this is very important and why I posted it.
Keynes actually knew that it wouldn’t work if the money multiplier was less than 2. The multiplier has been below 1 since 2008 (and still falling) so it’s no wonder it didn’t work. Obama’s economics team either were ignorant or didn’t care to spoil the party laid on for Obama’s people.
Oh, don’t get me wrong, Bush did a whole lot of things that I disagreed with, but he was wrong, not evil. Bush meant the silly statement that he made regarding the TARP.
There is a difference between being wrong and being intentionally wrong. The results may be the same, but it puts the perpetrators in different categories.
Why are you so sarcastic and confrontational with everyone? It is really off putting, when you twist every comment to fit your own distasteful narrative and ridicule the other posters.
My guess is that you are a radical libertarian who looks down your nose at the average conservative. I could be wrong.
I agree. The White House knew the “Stimulus” wouldn't lift the economy because it wasn't focused anywhere. But they expected the cycle would trend up as usual within a year and they would take credit for it.
Had Obama channeled FDR's ghost he might have bought up $850 billion of repo housing in key markets and demolished it.
During the good times, how many of these alleged Keynesians were demanding that funds be saved for the next rainy day?
Exactly.
So as full of nonsense as much of Keynesianism is, the people today now promoting policy under that name are not Keynesians. They are pathological spending addicts. That's all it is. There is no grand plan or policy that girds their suggestions - there is nothing more to it than an irrepressible urge to take your money for themselves and their friends. That's ALL they know how to do, that's all they have ever done.
"They" are simple oligarchists, some under the banner of Communism, others under the banner of klepto-fascism, others cannot decide between them but prefer either to freedom and liberty.
DOWNGRADE OBAMA 2012.
What he actually said was: "...I’ve abandoned free-market principles to save the free-market system..."
One can argue about the actual meaning of THAT, but THAT is what we should be quoting, not that he said he was going to "Destroy the free market in order to save it".
One can make the cogent argument that abandoning those principles WILL destroy the free market, but that is a different approach.
:)
More like I dont drink Bush Koolaid anymore. The liberals sing the same 'motive' song as that to defend Obama. It's the same crap with a different label that I dont buy. I dont plan on searching POTUSes (THAT I NEVER MET) souls from a distance to figure out what I should think of them. I will judge them from their 'acts'.
I think it's more like self-serving careerism by clever people whose perk-rich jobs revolve around manipulating people, concepts, and semiotics.
Thanks, I think that is the most important point, I should have did a better job of pointing it out in the post.
The failure of the stimulus, or ‘our wrongly perceived view of it being a failure ’ in their view because things are not better, has made it an uphill climb for them to sell another huge stimulus again as Chris, Maddow and the others want Obama to sell now. Matthews proof that Obama is a success is 'the experts'.
Now just imagine if Democrats raised taxes in the ‘wealthy’ on 2009 when they had the supermajority, Democrats would have lost that argument for a decade.
“The cost of debt compared to the cost of unemployment is incredibly low. A trillion dollar deficit costs us $25B per year to pay the interest on that. If we have an extra 10M people unemployed that’s $250M lost forever each year so it’s a 10 to 1 trade-off .”
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Apparently I am “unimaginably stupid” because I cannot imagine what Madcow is trying to say here. I am sure that it must be amazingly brilliant if someone would just explain it to me.
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