1937 - Republicans were crying about excessive debt levels and to balance the budget.

To sock puppet OP: we are not buying your screed of the glories of Keynesianism. Instead, we view it as an artificially created bubble which can still operate within its own economy, but which continually spreads the gap between wealthy and poor - as well as skews the economic bases between the US and other countries.

It has nearly single-handedly caused the motivation to outsource to other countries, and it has sickened and addicted our country to the notion of inflation over real production, and it is the camel's nose through which our Government has exploded in size.

No, we do not buy your schtick.

 

Sure you agree with what he says....you spout off basically the same garbage he has for years. Why do I call it garbage? Did you know that krugman was cheering greenspan on to drop rates and create a housing bubble back in 2002? Here let me show you:

The basic point is that the recession of 2001 wasn't a typical postwar slump, brought on when an inflation-fighting Fed raises interest rates and easily ended by a snapback in housing and consumer spending when the Fed brings rates back down again. This was a prewar-style recession, a morning after brought on by irrational exuberance. To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.

http://www.nytimes.com/2002/08/02/opinion/dubya-s-double-dip.html

The above is what your hero of economic philosophy was calling for after the dotcom bubble popped. Yep...lets create a housing bubble to replace the dotcom bubble!!! SHEAR GENIUS!!!!

So please....keep telling us how CRAZY and LOONY us austrians are while how smart your so called mainstream "economists" are. Go ahead. Your hero's have been wrong consistently while we have been right the entire time. We predicted this mess way ahead of time. We TOLD people like you exactly what was going to happen. Yet all you can do is either ignore, deflect or call names.

You are so stuck with the propaganda you have been taught in your econ 101 that you can't even see the evidence right in front of your face. My God man...wake up!!! I know you are not stupid. You are just close minded. 2+2=4 no matter what krugman and the other MSM "economic" geniuses claim.

 

I don't care what Paul Krugman says... you will never see me quote Paul Krugman or reference Paul Krugman. But carry on!

 

You guys can keep making up your own economic theories. I stick to the facts. Thanks for contributing absolutely nothing to this thread. I'm sure you and those idiots from 1937 would have a fun time together...

 

But according to your theory, ALL MONEY in the economy comes from the Government.

Don't you see it odds ALL MONEY ends up in the ultra-wealthy hands.

Do you want to address that or do you plan to dance around your own stupidity?

 

You continue to add more and more evidence to my contention that you're a troll.

Well, I find it hard to argue with my prediction! I was right! I thought the stimulus would give us a sluggish economy for years to come and I was correct. Lawrence Summers thought we would have unemployment under 6 percent by now and the economy would be roaring along like gangbusters. You and Krugman may have thought the Stimulus was too small, but as good Keynesians, you are forgetting to count all of the other Keynesian stimulus thrown into the economy over the past few years, such as TARP, the FED bailouts, and other financial and housing programs. That comes to about 11 trillion (not billion) dollars or so, and that's not counting the building block of Keynesianism, the budget deficit, which has totaled about 5 trillion dollars since the crisis started and is growing at a rate of about a trillion plus a year. So I don't believe any other entity in the history of the world has spend as much as the US has spent on the financial crisis. Yet here we are. If there was ever a perfect test run of Keynes, this was it.

A tad disappointing.

 

So you are saying the Fed was not trying to drive private sector money out of treasuries? Is that really what you are saying? And you call me a troll? LOL!! Sometimes trolls like you do provide the benefit of good comedy.

You were not right about anything. The stimulus was a small little bandaid on a major problem. I had the same prediction that you had but mine was actually logical and common sense. You can't even logically explain how the stimulus, TARP, and FED bailouts made us "worse off". You are just making things up. Must be a Republican!

 

And why do think government spending is good when ALL MONEY would end up in ultra-wealthy bank accounts anyway. Why would the government want to do that?

Isn't your moronomic band of theory, ALL MONEY in the economy comes from the Government?

Do you want to answer that? Or do you duck your own theory?

 

Without arguing who's right or wrong on the economy, I would be against drawing equivalency between $40 billion in 1937 dollars and $40 bil today. In 1937 a dollar had a far greater PURCHASING POWER, say 20 fold if someone earning 10 dollars/h for doing a given job today would earn 50 cents in 1937. Then you have to consider the size of the U.S. economy, which may have grown 5-fold since 1937, given some economic sectors such as the internet, computers, antibiotic pharmaceuticals or the intercontinental air travel did not even germinate 75 years ago. What I am getting at is in order to properly analyze debt, you have to consider it as a percentage of the GDP. If today the GDP is 15 trillion and so is the debt, then the debt is 100% of the GDP. In 1937 it may have been 40 billion X 20 X 5 = 4 trillion. 4 trillion/15 trillion = 27 %. That's still fairly significant. And one must remember what provided the economic stimulus that got the U.S. first out of the Depression and later out of debt. It was not FDR's government spending but the demand for war material and resources in WW2, the post-WW2 consumer spending-fuelled boom in America in the 50s, and the European economic recovery in the 60s with a high demand for U.S.-made. Today the U.S. consumer confidence index is record low, Europe is in shambles so you may look to Asia for markets, but the Asian products seem to outcompete American products not just in textiles and cheap manufacturing goods, but amost everything from electronics to pharmaceuticals.

 

I was just making a point that they said the same things in 1937 and nothing happened except prosperity.

 

You have yet to explain what makes you think government spending is GOOD when ALL MONEY would end up in ultra-wealthy bank accounts.

ALL MONEY in the economy comes from the government right? Why does the government keep giving money to the RICH?

Why do you dodge your OWN theory?

Should everyone on this forum assume you're a TROLL?

Wait!! It's already been proven.

 

Now THERE is an issue no Republican wants to address. And I don't believe they really care to know. They just want whatever debt there is to trickle down to the next lower class.

 

When it comes to fiscal policy, there is no difference between Bush & Obama, yet it's all about Republican fault heh?

YOUR GOD OBAMA COPIES exact the same TAX POLICY OF W. He did not only extend tax break for the rich ONCE, TWICE, THREE TIME but every year now.

To think YOUR GOD would have the balls to raise TAX on the RICH is beyond naive. But that liberal logic, so carry on junior.

 

Oh, he has the balls. He just doesn't have the votes. See what I mean, skippy?

 

Oh more blaming and finger pointing. Double Yawn.

Carry on junior.

 

He did have both houses at one time no? He managed to ram his HC changes down our throat, why not anything else?

Oh that's right, he's a puppet just like GW, just like the two clowns running for the GOP this year.

 

If the shoe fits, don't throw it out, eh?

 

I'm glad to see you admit not ONCE but TWICE today that YOUR GOD IS A BIG LIAR.

Gotta give your credit for that.

 

Like most things, Obie got about 1/8th of the things he asked for that would have helped the country. But I agree, there are a lot of clowns out there again.

 

Is he a BIG LIAR or a BIG FAT LIAR with bows on top?

C'mon, man, this ain't 4th grade around here.

 

Which is YOU.

And I will vote for my DOG on Nov. Bank on that.

 

There we go with the 4th grade nonsense again.

 

Oh sure.

Would you vote for that BIG FAT LIAR again? I bet you would.

Fool me once, shame on you. Fool me twice. Shame on me. Fool me over and over again, why on earth you liberals let him fools you repeatedly is beyond me.

Lmao!@!

 

You can bet your bippy that I am going to be voting for him again. Unless you give me all your lunch money.

 

And I've been doing just that. My tax $$$ contributes to your EBT card and other government welfare programs. I'm giving you liberals a helping hand every month.