Ok, so he’s really writing a book on “strategies for economic growth”. What’s he going to say? Balance the budget by cutting spending?? Not exactly what he did. Blow out the defecit massively?? That won’t exactly follow the GOP party line.
24 Replies to “Ok, so he’s really writing a book on “strategies for economic growth”.”
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That is kind of funny…but then, no politician in the US has a clue about the topic…they all have great lofty goals, their party talking points, and ideologically based theories, yet our deficit keeps growing and growing…within a couple years, we’ll be in the same spot Greece is right now…but then, most of the world will be.
… except that the USA can print dollars, but Greece can’t print Euros – so the situations won’t be exactly the same. Apparently, the debt was well on its way to becoming zero at the end of the Clinton era.
When I first heard about his book, I thought the news report must have come from The Onion, but, no, apparently he really is writing the book.
So, is that good or bad? Sure, somebody can turn up the speed on the printing press, what good does that do? If it’s based on nothing it’s not worth any more, it just devalues what is out there…which is the cause of the downfall of ever fiat currency in history. If it’s not based on anything except the gooberment saying “this is worth one dollar”, it’s doomed eventually.
The Clinton Era was good, we had divided gooberment that could bend and sway to work together wisely, and things turned out well, though, some of what came out of it eventually led to the spot we are in now, a few very, very dumb things were dumb, but didn’t come to fruition until years later.
Today in the US, everyone is so angry and divided, they are all digging in their heals…and that never ends well…and the best part is, both extremes are digging their heals in over topics that gooberment really has no business being involved in in the first place.
Well, whether it’s good or bad, it’s different. If a country borrows in its own currency, it might choose to default on its debt, but it would rarely be forced to default. Greece, however, will be forced to default as soon as the ECB turns off the tap.
Fair point…however the owners of US debt might feel otherwise.
I think that given a choice right now between Greek debt and US debt, well, slip me a Macaroni and call me Yankee Doodle. However, that’s not a fair comparison right now 🙂
Right now, yep, I completely agree…and agree that it’s not a fair comparison right now.
if Bernanke threatened to keep inflation at 5-6% for a few years, the recession would be over in a year or two. All those companies and banks holding cash would suddenly feel it’s not such a good idea to hold it, and start to spend. All those people burdened by mortgages bigger than their housing prices would suddenly find their mortgages shrinking. All those foreign importers would suddenly find US exports getting cheaper and cheaper, boosting manufacturing. Even the deficit, while still the same number of US dollars, would be shrinking against the Euro, Yen Renimbi, etc. Yes, some creditors would be a bit unhappy, but a lot of debtors would be happier.
Well, here is where our ideologies differ…I personally don’t believe it’s gooberments job to stifle, or stimulate the economy…I believe it’s their job to spend what they need to when they need to, and nothing more…the housing market, in my opinion, is as much the fault of the consumer as the banking industry, as it was Carter and Clinton for “encouraging” banks to loan to people that they knew darn well couldn’t afford the loans…which brings me back to consumer responsibility…any reasonably intelligent individual knows that just because a bank says “your approved” does NOT mean you have to take the loan, or that you can afford it…lots of people bought homes they clearly couldn’t afford…that is on the consumer as much as anyone else.
Ok, leave aside the question “Should Bernanke do this or that”, do you also disagree with my statement “If Bernanke did this, then that”
“There are two types of people in the world. Those who understand compound interest, and those who pay it”
Conceptually, yes, I agree, but I still suggest it’s not their business to do it. Gooberment should be a minimal distraction in our lives, not an overlord.
I agree that the Government should be a minimal distraction in our lives, not an overlord. However, if I happened to find myself in a powerful position, able to affect millions of lives via the economy, I hope I would make those choices that make people most free from financial worries and unexpected economic disasters – so that concerns about jobs and money and financial security become a minimal distraction in their lives. 🙂 One does not see much of that nowdays.
ok, it’s too late at night for me to argue about economics…. good night 🙂 Or for you, have a great day!
Sleep well.
Thanks!
I think Bush takes the piss a lot more than he rightly should…
yes, it’s probably all Dick Cheney’s fault 😉
There is plenty of responsibility and blame to spread around from the complacent citizenry to the entitled, arrogant lawmakers, me thinks.
pundits nowadays complain that the GOP are all bald-faced liars about
budgets, economic matters, even their policies. Why do people put up with
that? Is there no more respect for truth?
What pundits complain about depends on where they are coming from…I listen to both sides quite a lot, and watch them complain about actions from the other side that they do themselves…it’s hilariously hypocritical…Rush Limbaugh just got lambasted for calling some activist a “slut” when lobbying for free birth control…the liberal flipped out…apparently forgetting about Ed Schultz and some of the things he’s said about conservatives…the right slams on the left for spending too much into deficit spending…seemingly forgetting about the billions we tossed in to the middle east while “spreading democracy”…it’s laughable.
sad….
there was a bit of a joke in the Aussie Parliament recently. The background – the opposition dug up a scandal involving a government MP. They kept going on about how his vote was “tainted” and the government shouldn’t accept his vote.
Anyway, a report came out recently, seeming to support the allegations, so this MP was sacked from the governing party. He’s still in Parliament though, but effectively as an independent. The opposition kept going on about how his vote was tainted.
So, the other day, there was a motion to stop the opposition speaking on certain matters – I don’t know the details. So this ex-government MP decides to vote against the government, and with the opposition. So the leader of the opposition tries to bolt for the door. He didn’t make it before the doors were locked, though, and he was forced to resume his seat and vote along with this “tainted” MP. His manager of opposition business could run faster, though, and escaped.
He later accuses this MP of pulling a “stunt”. As one commentator put it – “pot, kettle.”
Well, that is the way it works…it seems in those elite circles there is no left and right, just haves and have nots, and they keep the rhetoric of left and right going just to keep the citizenry divided, and therefore, controllable, with little chance of united uprising, while they continue to take turns fleecing us of wealth and rights slowly, as it appeals to one side or the other of the ignorant masses.