Oldestyle
Diamond Member
Seriously? That was your example of an economist using Trickle Down Economics to explain something? Did you even read the article? IT WAS A REPORTER THAT USED THE TERM...NOT BEN BERNAKE!!!No it was not! Trickle Down Economics isn't used as an explanation of ANYTHING by real economists! They know that it doesn't exist...as does every person who's ever run a business!Trickle Down economics doesn't exist, Dragonlady! It's a term invented by the left to explain something they've never understood...Economics!Who is Thomas Sowell? Glad you asked.
Sowell worked a civil service job in Washington, DC, and attended night classes at Howard University, a historically black college. His high scores on the College Board exams and recommendations by two professors helped him gain admission to Harvard University, where he graduated magna cum laude in 1958 with a Bachelor of Arts degree in economics.He earned a Master's degree from Columbia University the following year.
Sowell received a Doctor of Philosophy degree in economics from the University of Chicago in 1968. His dissertation was titled "Say's Law and the General Glut Controversy".Sowell had initially chosen Columbia University to study under George Stigler, who would later receive the Nobel Prize in Economics. When he learned that Stigler had moved to the University of Chicago, he followed him there.
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I doubt liberals could read that or care. He grew up from 10 to his teens in Harlem....
Here are his quotes:
Much of the social history of the Western world, over the past three decades, has been a history of replacing what worked with what sounded good.
The welfare state is not really about the welfare of the masses. It is about the egos of the elites.
It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.
One of the consequences of such notions as ‘entitlements’ is that people who have contributed nothing to society feel that society owes them something, apparently just for being nice enough to grace us with their presence.
I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money.
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Now let's watch the left call him Uncle Tom like the racist pieces of shit they all are.
Now I know why Sewell is so wrong on every level. He was educated by the Chicago School of Economics. Radical right wing economics coming out the Chicago School of Economics basically destroyed the economies of several South American nations throughout the 70's and 80's, and the continent is still recovering from "free market" reforms forced on them by the Washington based IMF and World Bank which saw worker wages stagnate, prices rise, the rich got much richer, the poor starved, and middle class struggled. Sound familiar?
The Chicago School of Economics has been a hotbed for radical right wing free market theories. Milton Friedmnan came out of the same school and won the Nobel Prize in economics in 1976 for his free market theories. By the year 2000, his ideas had been utterly discredited and dismisses, except by American Republicans.
No wonder you fools quote Sewell all of the time. The entire Chicago School of Economics has been discredited and the revolutionary idea that the free market should be the only arbiter of wages and prices has shown to lead to extreme poverty and a permanent underclass of extreme poverty. Ronald Reagan, even with his early stage Alzheimer's, admitted that "trickle down" didn't work and tried hard to correct his earlier mistakes at the end of his Administration, but Republicans have continued to cut and spend, and crash the economy ever since.
Seems economists don't understand it either then as that was the explanation for the Q.E. programs.
Ben Bernanke: Fed Is Looking For 'Sustained Improvement' Of Economy