Obama Busts a cap in Keynesian Economics

[Big Fitz]

Quaker Herbert Hoover actually famously relied heavily on volunteer efforts in the response to the downturn. The American Friends Service Committee as asked to coordinate relief efforts in several states. 1931 Federal Spending duplicated 1930 federal spending.

Usually, subsequent that experience, state and local governments have been helpful in economic recovery. They have not been helpful in this one. There would typically be 800,000 of those jobs created by now. There have instead been 500,000 job losses.

State and local governments bleeding jobs | Reuters

There are more job losses yet to come, at the state and local level.

It is only starting to be noticed in the other reporting.

"Crow, James Crow: Shaken, Not Stirred!"
(Pharoah's army chase Hebs to Red Sea...which was actually restricted(?). . .Like Ivy League(?)!)

Stop. You keep vomiting these quotes without responding to anything. Hoover raised taxes, doubled spending, passed bailouts, and passed the largest tariff in US history, crippling business and the free market. FDR called him a socialist because of it.

yeah... it's sad when too many people could learn a lot from this one minute ad lib dronathon of bad teaching in a comedy film.

[ame=http://www.youtube.com/watch?v=dxPVyieptwA]YouTube - ‪Boring Economics Teacher‬‏[/ame]

Libs are going to love this. Their solution was tried by the GOP first and failed. They were then able to preserve the blame and power by perpetuating the crisis till the election of Eisenhower.

And from IMDB:

John Hughes told Ben Stein, who had a degree in Economics, to present an actual Economics lecture in his scenes. Hence nothing Ben Stein says (aside from the roll call) is scripted.

 

[8537]

I will give Obama credit for killing Keynesian economic theory. The absurd theory, the darling of Progressives everywhere, was that Gubbamint needs to deficit spend during economic downturn in order to "prime the pump" of the economy.

Nobody that's ever earned a paycheck in the private sector takes this theory seriously.

you should try to tell that to Mark Zandi. He's earned a few paychecks in the private sector, you might recall.

Mark "I Wrote the Obama Stimulus Package" Zandi? Is that the guy?

yes, Mark "I am Sen McCain's economic advisor" Zandi.

Also known as a lead economist for a small ratings firm you might know.

 

[8537]

Did you even read my sources? lol. Herbert hoover passed stimulus spending packages and expanded government.

That government spending as a percentage of GDP was almost doubled by the time Hoover left office is not an indication that Hoover expanded government spending.

I've not looked real hard, but I haven't seen anything on how new technologies (electricity) impacted economic growth. Clinton got a boost from the Internet and Peace Dividend and I think Harding, Coolidge, Hoover and FDR all road the coattail of electricity and air conditioning, some more successfully than others

Unless those coattails were wiping his ass, I don't think Hoover would consider his time in office a time of riding economic coattails.

Harding got a boost from a Peace dividend as well - namely, the dividends to rebuild Europe after peace was achieved.

 

[Brutus]

to deficit spend during economic downturn in order to "prime the pump" of the economy.

"prime the pump" is perhaps the key phrase in all of economics. When you prime a water pump you get it started with a little water and then it runs on its own.

But, when the liberal primes the economy with federal spending it merely creates a bubble not related to or attached to the broader economy and so is not able to pull the broader economy along.

Worse, the bubble bursts causing a depression in the bubble area leaving it worse off than before, plus, the taxation necessary to finance the bubble further recesses the broader economy that was taxed to finance the bubble.

Now we can understand the futility of Keynesian "prime the pump" economics and the futility of using Obama's stimulus bubble to fix the housing bubble.

Ideally we want minimal taxation and Keynesian interference so the free market will organize the economy in the most efficient way possible.

 

[CrusaderFrank]

you should try to tell that to Mark Zandi. He's earned a few paychecks in the private sector, you might recall.

Mark "I Wrote the Obama Stimulus Package" Zandi? Is that the guy?

yes, Mark "I am Sen McCain's economic advisor" Zandi.

Also known as a lead economist for a small ratings firm you might know.

Juan McCain? Am I supposed to be impressed? You know I'm not a McCain fan, right?

 

[CrusaderFrank]

That government spending as a percentage of GDP was almost doubled by the time Hoover left office is not an indication that Hoover expanded government spending.

I've not looked real hard, but I haven't seen anything on how new technologies (electricity) impacted economic growth. Clinton got a boost from the Internet and Peace Dividend and I think Harding, Coolidge, Hoover and FDR all road the coattail of electricity and air conditioning, some more successfully than others

Unless those coattails were wiping his ass, I don't think Hoover would consider his time in office a time of riding economic coattails.

Harding got a boost from a Peace dividend as well - namely, the dividends to rebuild Europe after peace was achieved.

I did say "some more successfully than others" right?

Harding's Peace Dividend was massive cuts in government spending, right?

 

[8537]

Mark "I Wrote the Obama Stimulus Package" Zandi? Is that the guy?

yes, Mark "I am Sen McCain's economic advisor" Zandi.

Also known as a lead economist for a small ratings firm you might know.

Juan McCain? Am I supposed to be impressed? You know I'm not a McCain fan, right?

Yes, I know you're not a fan of McCain. But surely you're familiar with that little firm that Zandi runs, right? I mean, he's not exactly a government lifer and ivory tower academic.