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Old 02-16-2011, 09:04 PM
 
10,485 posts, read 22,598,158 times
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There is nothing in here I did not already know, but perhaps the sheeple on here can learn something from it:

Guest Post: How To Fake An Economic Recovery | zero hedge
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Old 02-16-2011, 10:30 PM
 
8,268 posts, read 10,399,772 times
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Quote:
Originally Posted by las vegas drunk View Post
but perhaps the sheeple on here can learn something from it
Sheeple? That always cracks me up, the arrogance of those who claim they "research" assuming they know more than everyone else because they spend more time watching Alex Jones videos on youtube and reading doom blogs. For some reason they get stuck on certain words like sheeple, main stream media, etc.

Here is you in Feb 2009 telling all the sheeple whats up, oh wise las vegas drunk:

Quote:
Originally Posted by las vegas drunk View Post
It is almost comical how nieve the American public is. Very soon the whole banking industry is going to collapse and everyone's savings are going to be history just like it did in the 1920's. There is no turn around in the future, period. For one thing, inflation is going to rise so bad this year that the dollar will become worthless.
Quote:
Originally Posted by las vegas drunk View Post
This is going to cause major inflation soon. Not only that, the federal government, including the FDIC, with go broke. When the banking system soon falters afterwords, you will see chaos like you have never seen.
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Old 02-16-2011, 11:12 PM
 
10,485 posts, read 22,598,158 times
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Quote:
Originally Posted by slackjaw View Post
Sheeple? That always cracks me up, the arrogance of those who claim they "research" assuming they know more than everyone else because they spend more time watching Alex Jones videos on youtube and reading doom blogs. For some reason they get stuck on certain words like sheeple, main stream media, etc.

Here is you in Feb 2009 telling all the sheeple whats up, oh wise las vegas drunk:
I still think all those quotes you pulled up will happen in time. As long as the fed keeps propping up the economy we will be ok. After that the chaos will begin.
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Old 02-17-2011, 12:19 AM
 
Location: Ohio
18,115 posts, read 13,298,762 times
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Quote:
Originally Posted by las vegas drunk View Post
I still think all those quotes you pulled up will happen in time. As long as the fed keeps propping up the economy we will be ok. After that the chaos will begin.
It's the economy, not a text message. It takes longer than 3 seconds for things to happen.

It'll be a decade or more before you really see the effects of Obama-spending and what the central bank is doing.
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Old 02-17-2011, 06:55 AM
 
8,268 posts, read 10,399,772 times
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Quote:
Originally Posted by las vegas drunk View Post
I still think all those quotes you pulled up will happen in time. As long as the fed keeps propping up the economy we will be ok. After that the chaos will begin.
Ah, so you are the wise prognosticator who is willing to make the bold prediction that there will be chaos "in time." Fine I'll go out on a limb and guarantee the Arizona Cardinals will win the SuperBowl.... in time. Wasn't that easy?

Even last year I remember you strutting around telling the sheeple how much worse things would be in a year. Mark my words, you'd say. Next year you'll see, you'll all see.
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Old 02-17-2011, 11:25 AM
 
8,343 posts, read 8,622,463 times
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Quote:
There is nothing in here I did not already know, but perhaps the sheeple on here can learn something from it:

[url=http://www.zerohedge.com/article/guest-post-how-fake-economic-recovery]Guest Post: How To Fake An Economic Recovery

What no one wants to accept is that the economic collapse that occurred in 2008 would have been as bad as the Great Depression without TARP and without Obama's Stimulus. During the Great Depression unemployment wasn't 9% nationally, it was between 20% and 25%. Worse, during much of this time there was no program like unemployment insurance to make sure those out of work didn't starve.

Anyway, due to massive deficit spending, we averted a major crisis. Now, all I hear virtually daily is bellyaching and whining from groups who don't understand why the economy can't be back to where it was in 2007 virtually overnight.

The most pathetic of these groups actually spouts crap like "if government would balance the budget economic growth would return". Wrong. If government tried to balance the budget right now, we'd see a massive contraction in credit, the money supply, and there would be a second even greater wave of this recession.

Anyway, you lost me with some of your past statements and actions as well. You supported Sharron Angle for the Senate in your state. She was an honest-to-Pete nightmare. I'm glad the sensible people in Nevada prevailed.

This is a bad recession and getting out of is going to be a slow, laborious process. I haven't a clue whether Obama will be re-elected in 2012, but whether he is or not, I do hope people will accept that the policies put in place were necessary--at least on some level--and that we don't reverse course.
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Old 02-17-2011, 11:58 AM
 
10,485 posts, read 22,598,158 times
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Originally Posted by markg91359 View Post
What no one wants to accept is that the economic collapse that occurred in 2008 would have been as bad as the Great Depression without TARP and without Obama's Stimulus.
The keynesian economic policies that were applied in 2008 only delayed the inevitable.

Here is the depression in 1920 which they did NOT apply keynesian b.s:

The Depression You’ve Never Heard Of: 1920-1921 | The Freeman | Ideas On Liberty

See the difference?
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Old 02-17-2011, 01:02 PM
 
8,343 posts, read 8,622,463 times
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Quote:
The keynesian economic policies that were applied in 2008 only delayed the inevitable.

Here is the depression in 1920 which they did NOT apply keynesian b.s:

The Depression You’ve Never Heard Of: 1920-1921 | The Freeman | Ideas On Liberty

See the difference?
Its hard to know where to begin with you. What you are quoting is a minority view of economics that is not shared by either mainstream liberal or conservative economists. Its not a position that is taken seriously by reputable economists.

The rapid recovery the USA made from the recession of 1920-21 was probably due to some very unusual factors. The twenties happened to be a time of great innovation which included radio, electronic appliances, mass production of the automobile, and the beginning of air transportation. This alone was probably enough to propel the economy upwards against countervailing forces.

Another factor many choose to leave out is that the "twenties" saw a huge expansion of retail credit. Its doubtful there would have been a market for most of what was produced without this credit. Wages were low in the twenties and the "middle class" in America was still forming.

I actually studied economics and earned a degree in the field from a major university. Part of what I studied included American economic history. I have no objection to you giving your opinion. However, it appears to be based on what I will call some "revisionist" articles. If you are right than 99 out of 100 economists are wrong.
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Old 02-18-2011, 03:38 AM
 
Location: Colorado Springs, CO
2,221 posts, read 4,658,179 times
Reputation: 1682
Quote:
Originally Posted by markg91359 View Post
Its hard to know where to begin with you. What you are quoting is a minority view of economics that is not shared by either mainstream liberal or conservative economists. Its not a position that is taken seriously by reputable economists.

The rapid recovery the USA made from the recession of 1920-21 was probably due to some very unusual factors. The twenties happened to be a time of great innovation which included radio, electronic appliances, mass production of the automobile, and the beginning of air transportation. This alone was probably enough to propel the economy upwards against countervailing forces.

Another factor many choose to leave out is that the "twenties" saw a huge expansion of retail credit. Its doubtful there would have been a market for most of what was produced without this credit. Wages were low in the twenties and the "middle class" in America was still forming.

I actually studied economics and earned a degree in the field from a major university. Part of what I studied included American economic history. I have no objection to you giving your opinion. However, it appears to be based on what I will call some "revisionist" articles. If you are right than 99 out of 100 economists are wrong.
The Austrian School is far from the ignored minority view you pretend it to be. If you really have an econ degree you'd know that.

Not that being a so-called "mainstream" economist is anything to be proud of. Being considered "other than reputable" by that bunch is something of a badge of honor. And for quite a few years now, I'd say that 99 out of 100 economists being wrong is a pretty close quantification of the profession's level of...errrrr..."success."

Also, the expansion of credit in the 1920s led to a massive mid-20s land bubble which is the first of several serial bubbles that culminated in the 1929 crash and subsequent depression. I wouldn't put that credit expansion in the "plus" column...but maybe that's a "mainstream" economist thing.

And regarding your post from yesterday heralding TARP and Porkulus as having saved us from a Depression, when exactly would you have the government eliminate the deficit and begin the many years of budget surpluses that will be necessary to pay off the unbelievable mountain of debt we've acquired?? The Obummer crowd has been out there declaring victory using the NBER's call of an end to the "recession" in 2009, but yet I keep hearing boneheads like Krugman bellyaching that we still can't cut our profligate spending because we're in a recession. NBER says the recession's long over...right? Regardless, the debt pushers keep insisting on giving the addicts their credit fix with freshly minted money. That path is suicide.

We need to get to some real budget control and deficit cutting before we force a bond market dislocation and ensuing sovereign debt servicing crisis that could well make the 1930s look like happy days. Given their recent performance, all we can count on from the mainstream economists in such a crisis is a non-definitive attempt at an explanation of what they think might have happened to us, and that months after such an explanation might actually be useful.
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Old 02-18-2011, 12:00 PM
 
Location: Conejo Valley, CA
12,476 posts, read 17,004,659 times
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Quote:
Originally Posted by Bob from down south View Post
The Austrian School is far from the ignored minority view you pretend it to be. If you really have an econ degree you'd know that.
This is funny, the Austrian schools is hardly mentioned in economic textbooks, yet you believe having an econ degree would lead one to believe that its not an ignored minority.

The reason the Austrians are ignored isn't so much about the ideas, but rather their failure to justify their ideas. Austrian economics is more like a religion or political ideology and that is why its so often ignored in economics. Furthermore their theories have become unfalsifiable, if you show them evidence that their ideas are inaccurate they just dismiss the methods used. Some of the people associated with the school are read on some level, but if you surveyed recent grads they would know little about even the the most famous figures (e.g., Hayek, Mise, etc).
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