Posted on 08/31/2011 10:12:33 PM PDT by Publius804
Former presidential candidate and Forbes magazine editor Steve Forbes tells Newsmax that President Obama’s planned economic reforms are “the definition of insanity” — repeating failed policies in the hopes that somehow they will become successful.
In a wide-ranging exclusive interview, Forbes also declares that Federal Reserve Chairman Ben Bernanke should have resigned a long time ago, says Obama will be a one-term president, and looks for significant and positive reforms in Washington after the 2012 elections.
He also predicts the United States will make an “astonishing” move and return to a gold standard in the next five years, and says he’s “very impressed” with Gov. Rick Perry and is leaning toward supporting him for the GOP presidential nomination.
Forbes is also CEO and president of Forbes Inc. He ran unsuccessfully for the Republic presidential nomination in 1996 and again in 2000.
He told Newsmax his view of the Federal Reserve in San Francisco’s recent predication of a bear market through 2020 and depressed equity values until 2030.
“It’s what you would call rear-view mirror investing — taking the recent past and extrapolating it into the future,” Forbes says.
“The ancestors of the San Francisco Fed probably did the same thing in 1980 when you could have painted an equally bleak picture of the U.S. economy.
“The U.S. economic reforms are starting to be made. Because we have a divided government in Washington you can’t make as much progress as we’d like. But I think after the 2012 elections there’ll be significant reforms, just as we saw in the early 1980s.
(Excerpt) Read more at newsmax.com ...
I really like and respect Steve Forbes and hope he’ll be our next Fed Chairman or Secretary Treasurer.
A little late advise Forbes.
“I really like and respect Steve Forbes and hope he’ll be our next Fed Chairman or Secretary Treasurer.”
Oh yes! I was hoping he’d run for president.
” Because we have a divided government in Washington “
I like your intellect Steve, but you are wrong on this one!
It is not the divided government, or the high summer temperatures!
It is the STUPIDITY !
That's what I used to think but now I believe it's the greed and corruption. I'd also add the arrogance of power. Read the book Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon. It'll infuriate you.
Whettheeeer Perry or Palin gets in and even with 60 in te Senate it will take 5 years to get things turned aound at all.
Might read that, but not to become infuriated, to late for that.
I’m a fractal guy myself, always ready to admit it. If it true on a small scale it is also true on a larger scale.
Puts me at odds with Professor Enema Ben and his quantitative easing.
Yep. Einstein said it best, and Forbes really understands Einstein, at least as far as a dollar go today.
Professor You Lie has his posse: Secretary of Statements Hilly, Sheriff of Nottingham Timmy Gee, Crissie Doodle-Doo, Robo-Congressman Sub-Prime Barney and debtocrats from both parties.
FDR had a 20 % unemployment rate when WW Twice began. Keyensian Socialism didn’t work then and Professor Enema Ben proved that it doesn’t work now.
Yep, it is the stupidity.
Nice.
1) No more tax loopholes, with one exception: exempt from initial earned income (paychecks and pension payments) $13,000 per adult in a two-adult household, $20,000 for single head of household, and $9,000 per child in the household.
2) Everything above that exemption is subject to 17.5% flat rate tax.
3) Savings and investments are no longer counted towards earned income.
4) No more estate tax, alternate minimum tax, and marriage penalty.
The result would be cutting tax compliance costs of circa $300 BILLION per year by as much as 75%, and with no more tax on savings and investment, our banks would be overflowing with money and the stock market will be booming because it becomes tax-advantageous to save and invest here in the USA. And because of no more tax loopholes, the rich will actually have to pay their fair share for a change.
A case of affirmative action for the ugly!
A case of affirmative action for the ugly!
You're a real class act. /s
Do you have anything substantive to contribute?
I appreciate his comments on the Fed, on the weak dollar policy pursued under W and continued under Obama, his caution to people running to gold today, the Euro crisis, his support for a new gold standard and his assessment of the major candidates in now.
He got my vote in '96. I hope the next administration makes time to listen.
Right....he shoulda been taken seriously when he ran before. I don’t think we’d be in the mess we’re in today if he had been......(sigh). :(
It's a club & we're not in it, oh, sure , there's plenty of little giddy damp pants A$$clown groupies who think they're in the A$$clown club, but that's just cognitive dissonance.
He is not late. You are just learning what those of us who follow him have known for a long time.
Subscribe to Forbes, it will be a life changing event
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