Keynes Hayek OWS

Discussion in 'Economy' started by midcan5, Nov 7, 2011.

  1. midcan5
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    midcan5 liberal / progressive

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    Food for thought.

    "Until we know what we can do, it would be foolish to hold forth on what we must do - and it would be more foolish still to trust the economic forecasting of the same group of failed policymakers [Bush Jr Economists] who got us into this mess in the first place." Rust Belt Philosophy

    'Wanted: Worldly Philosophers' By Roger E. Backhouse and Bradley W. Bateman

    "In the 20th century, the main challenge to Keynes’s vision came from economists like Friedrich Hayek and Milton Friedman, who envisioned an ideal economy involving isolated individuals bargaining with one another in free markets. Government, they contended, usually messes things up. Overtaking a Keynesianism that many found inadequate to the task of tackling the stagflation of the 1970s, this vision fueled neoliberal and free-market conservative agendas of governments around the world.

    That vision has in turn been undermined by the current crisis. It took extensive government action to prevent another Great Depression, while the enormous rewards received by bankers at the heart of the meltdown have led many to ask whether unfettered capitalism produced an equitable distribution of wealth. We clearly need a new, alternative vision of capitalism. But thanks to decades of academic training in the “dentistry” approach to economics, today’s Keynes or Friedman is nowhere to be found." http://www.nytimes.com/2011/11/06/opinion/sunday/worldly-philosophers-wanted.html?ref=todayspaper

    The republican catechism that has failed American is still taught and believed.

    "The heart of tax reform is to pursue one overarching goal, to obey one basic rule, and to follow one simple mantra. The overarching goal that makes the whole effort worthwhile is to achieve a stronger economy. The basic rule is that tax reform should be revenue neutral. The simple mantra is that the base must be expanded to become more economically neutral and that marginal tax rates must be lowered." JD Foster, Bush economic adviser quoted in Rust Belt Philosophy

    'I’m doing this for my father…'

    "My father has Crohn’s Disease and has been in and out of the hospital for as long as I can remember. His condition has cost him several jobs and being admitted to hospitals so many times without a job has left him in a tremendous amount of debt and is STILL somehow ineligible to receive Medicare with his condition. Every hospital visit is just a reminder to him that he’s sinking deeper and deeper in debt. Because of this, he moves to different states for job opportunities, only having them for a short period of time before the stress causes his condition to flare up, making him either be submitted to a hospital or unable to leave the house…which causes him to lose another job. No one should have to go through this." link below

    We Are the 99 Percent
     
  2. midcan5
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    midcan5 liberal / progressive

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    Further thought

    "I have a solution for the problem of bankers who take risks that threaten the general public: Eliminate bonuses...Consider that we trust military and homeland security personnel with our lives, yet we don't give them lavish bonuses. They get promotions and the honor of a job well done if they succeed, and the severe disincentive of shame if they fail. For bankers, it is the opposite: a bonus if they make short-term profits and a bailout if they go bust. The question of talent is a red herring: Having worked with both groups, I can tell you that military and security people are not only more careful about safety, but also have far greater technical skill, than bankers."

    http://www.nytimes.com/2011/11/08/opinion/end-bonuses-for-bankers.html?_r=3
     
  3. Brutus
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    Brutus Senior Member

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    that of course is perfectly stupid and perfectly shows the liberal IQ.

    Who can say with a straight face that the government actions
    (Fanny Freddie CRA Fed policy etc etc) did not cause the current crisis in the first place??


    THe idea that bankers got bailed out is idiotic and perfectly liberal. Most of them went bankrupt. The remaining ones are on the verge.
    It was the American people who got bailed out when the Feds saved the economy from the Depression they almost caused.

    This is all way over a liberals head. Just watch
     
  4. Brutus
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    Brutus Senior Member

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    again purely stupid and liberal. People get paid as little as possible but still what the market demands. If the socialist libturds made bonuses illegal the free market would merely demand higher salaries to almost perfectly compensate..
     
  5. Defiant1
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    Defiant1 Gold Member

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    It's amazing how the worthless lefties believe it's ok for some thug union official to negotiate compensation for a group of people but want to take that right from an individual.

    I bet if a union negotiated for bonuses it would be fine.
     

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