Is is REALLY such a suprise that the shit has hit the fan?
invite response
2011 Aug 10, 7:05am 3,398 views 8 comments
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No surprise here. And we pay these people to do this? A bunch of crack addicts wouldn't have put us in a worse position than our "wise" leaders.
HousingWatcher
2011 Aug 10, 12:06pm
"Meanwhile, when pressed Keynesians can not provide empirical evidence that their shit ever worked as advertised."
Does the New Deal count?
1934: 21.7
1936: 16.9
1938: 19.0
1940: 14.6
Does WWII count?
1942: 4.7%
1944: 1.2
MisdemeanorRebel
2011 Aug 10, 12:16pm
OMG!1!Eleventy111!1!! US Government Debt to GDP is 100%.
However, take a look at private debt to GDP :
terriDeaner
2011 Aug 10, 12:33pm
OMG!1!Eleventy111!1!!
As I'm a texting illiterate, I'm going to assume that this meant you had a stroke, and that one of us needs to call you an ambulance...
FortWayne
2011 Aug 11, 12:29am
Do you really expect us to get off the government spending addiction so easily? You are talking years of mismanagement, someone has to finally pay the piper.
We have lived in fake prosperity for years, really relying very much on being a global currency. But we can't do that forever, we ranked up debt that is unsustainable and has to be paid back before we can have a good time again.
tatupu70
2011 Aug 11, 12:43am
We have lived in fake prosperity for years, really relying very much on being a global currency. But we can't do that forever, we ranked up debt that is unsustainable and has to be paid back before we can have a good time again.
First off--it was consumer debt that fueled the problem, not government debt. But, in any event, the debt is not the problem--look at how low rates are now. Money is almost free.
You should be more worried about the balance of trade and wealth inequality. That's where the real troublesome problems are...
HousingWatcher
2011 Aug 11, 1:45am
"Oh yes, unemployment over 13% for a decade only proves its total failure"
But isn't it a success when you originally started with an unemployment rate of 21%?
Also, how can WWII not be Keynesian? WWII consisted of MASSIVE govt. spending, not tax cuts. I consider it to be New Deal 2.0.
Really. It was just a matter of time. Four years of extend and pretend, TBTF, and the uberwealthy raping the consumer class of the developed world. It had to end sometime... why not now?
Given how tenuous the 'repairs' were to the global economy after the credit crunch in 2008, and the stunning lack of foresight by the bozos in charge, it is no surprise to me that this is happening again. Oil spike, inflation surge, Q1 GDP downgrade to almost zero, and now a stock market crash... does anyone doubt that we're double dipping? It's as if the bozos have no understanding of robustness and unintended consequences.
Not that I expect they're learning anything at this stage either...