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#158586 - 08/11/10 09:26 PM Reagan Economic Advisor - GOP Destroyed Economy
Jeffery J. Haas Offline
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Registered: 08/03/04
Posts: 10523
Loc: Downey, California
David Stockman says, "the GOP destroyed the American economy."

Notice how little media attention this story received this last week. Apparently one of Grover Norquist's goons drowned it in the bathtub because Stockman is obviously a traitor, right?
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"Our options for change range from basically what we have plus a little more Hayek,
to what we have plus a little more Keynes. Why?"

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#158591 - 08/11/10 09:56 PM Re: Reagan Economic Advisor - GOP Destroyed Economy [Re: Jeffery J. Haas]
Irked Offline
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Registered: 12/14/05
Posts: 3320
Loc: Somewhere out in left field
No. He's just lost his mind. It happens.
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#158607 - 08/12/10 01:56 AM Re: Reagan Economic Advisor - GOP Destroyed Economy [Re: Jeffery J. Haas]
Ardy Offline
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Registered: 12/22/05
Posts: 11703
Loc: San Jose, Ca USA
I posted on this 10 days ago
link

Four Deformations of the Apocalypse

I am thinking no one needed to bury a story that apparently was of little interest


Edited by Ardy (08/12/10 01:57 AM)
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#158608 - 08/12/10 02:03 AM Re: Reagan Economic Advisor - GOP Destroyed Economy [Re: Ardy]
california rick Offline
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Carpal Tunnel

Registered: 05/09/05
Posts: 36240
Loc: Portland, Oregon
Originally Posted By: Ardy
I am thinking no one needed to bury a story that apparently was of little interest



We appreciate your 'heads up' Ardy smile
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#158609 - 08/12/10 02:06 AM Re: Reagan Economic Advisor - GOP Destroyed Economy [Re: Ardy]
NW Ponderer Online   content
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Registered: 09/09/11
Posts: 11935
I think the point here is that it hasn't been a story, but it should be. Although there are still points I disagree with Stockman on, he made a number of points here that are very worth discussion:
Quote:
Through the 1984 election, the old guard earnestly tried to control the deficit, rolling back about 40 percent of the original Reagan tax cuts. But when, in the following years, the Federal Reserve chairman, Paul Volcker, finally crushed inflation, enabling a solid economic rebound, the new tax-cutters not only claimed victory for their supply-side strategy but hooked Republicans for good on the delusion that the economy will outgrow the deficit if plied with enough tax cuts.

By fiscal year 2009, the tax-cutters had reduced federal revenues to 15 percent of gross domestic product, lower than they had been since the 1940s. Then, after rarely vetoing a budget bill and engaging in two unfinanced foreign military adventures, George W. Bush surrendered on domestic spending cuts, too — signing into law $420 billion in non-defense appropriations, a 65 percent gain from the $260 billion he had inherited eight years earlier.
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#158621 - 08/12/10 09:14 AM Re: Reagan Economic Advisor - GOP Destroyed Economy [Re: Ardy]
Greger Offline
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Registered: 11/24/06
Posts: 11848
Loc: Florida
Quote:
I am thinking no one needed to bury a story that apparently was of little interest


Reagan Economic Advisor - GOP Destroyed Economy


Ardy it's not so much that it was of no interest, it simply was no surprise. Those of us without the wool pulled in front of our eyes have known this for a very long time. Those viewing the world through Republican colored glasses wouldn't believe it if God Himself shouted it down from the Heavens.
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#158623 - 08/12/10 10:18 AM Re: Reagan Economic Advisor - GOP Destroyed Economy [Re: Greger]
2wins Offline
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Registered: 07/29/04
Posts: 7614
Loc: Barely above Sea Level
while i have been of the opinion for some time that this current hole we find ourselves in goes back to the beginning of the so-called trickle, at this point i wonder if it really matters to anyone. we're all sick and tired of partisans and therefore tend to roll our eyes at the latest finger pointing opportunity.
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#158624 - 08/12/10 10:25 AM Re: Reagan Economic Advisor - GOP Destroyed Economy [Re: california rick]
Ardy Offline
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Registered: 12/22/05
Posts: 11703
Loc: San Jose, Ca USA
Originally Posted By: california rick
Originally Posted By: Ardy
I am thinking no one needed to bury a story that apparently was of little interest



We appreciate your 'heads up' Ardy smile

Sorry if I came off more whiney than I intended.... others have better expressed the intent of my previous posting.

It is part of our human characteristic that we look for a narrative in which to fit the events we experience. The current narrative is that things are so bad because Obama is an incompetent frick up. Any discussion of the roots of the problem is mostly dismissed as excuses for Obama. And in that context, no one is much interested in what David Stockman has to say.... even though he has no obvious reason to be wanting to make excuses for Obama.

I am not just talking about this little forum.
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#158794 - 08/13/10 05:45 PM Re: Reagan Economic Advisor - GOP Destroyed Economy [Re: Ardy]
Jeffery J. Haas Offline
veteran

Registered: 08/03/04
Posts: 10523
Loc: Downey, California
Ardy, I am truly sorry that I missed your post.
I actually WAS surprised to find this story, and it confirmed my suspicions about the Nixon default of 1971.

In fact, 1971 might well be the period that I started to become somewhat politically aware, and as I looked back in the intervening years I began to notice the slow slide toward economic stagnation.

It was imperceptible at first, just something of a general malaise, but it became much more pronounced toward the end of the Carter era, but something told me that it wasn't all Carter's fault though he could have taken better corrective action.

But through it all I would keep staring at the old money, the silver coins and United States Notes, with their "pay to the bearer on demand" inscriptions, wondering what it all meant.

The Nixon repudiation of Bretton-Woods meant little to me at the time that it happened but now, in my advancing years, I see that we sold our birthright for a handful of lentils just like Esau of biblical times.

But Esau was an optimist.
_________________________
"Our options for change range from basically what we have plus a little more Hayek,
to what we have plus a little more Keynes. Why?"

---Benjamin Bratton

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#158892 - 08/14/10 07:09 PM Re: Reagan Economic Advisor - GOP Destroyed Economy [Re: Jeffery J. Haas]
issodhos Offline
Pooh-Bah

Registered: 09/29/05
Posts: 12581
Originally Posted By: Checkerboard Strangler


It was imperceptible at first, just something of a general malaise, but it became much more pronounced toward the end of the Carter era, but something told me that it wasn't all Carter's fault though he could have taken better corrective action.
I would say, little to none of it was President Carter's fault. He merely reaped the whirlwind of intensified inflation begun by the "guns and butter" policies of the Johnson administration and later the Nixon administration and Congresses. Nixon even went so far as to use wage and price controls. Indeed, the wave of inflation also included that which under Keynesian theory should have been impossible, rising unemployment (a.k.a. stagflation). It was the ultimate debunking of Keynes' silliness. Unfortunately for the world, (and we are reaping that sowing today) Keynes provided the state with a wonderous economic policy that transferred tremendous power into the hand of its government, to the great joy of those whose god is Big Gov. Therefore, even though his gibberish was shown to be just that, it was too valuable as a system of control over the increasingly intellectually weakened citizenry to allow it to be replaced with actual economics.
Yours,
Issodhos
P.s. Ever wonder why the establishment economists in government, the "papers of record", institutes of higher learning, and TV experts seem to almost never get a general forecast right, or predict a popping bubble, yet they continue to be listened to and quoted -- no matter how often they are wrong? It is one of the quirks of the ruling classes that they can be stupid at what they do but still protected by their brethren. Kinda funny in a sad way.:-)


Edited by issodhos (08/15/10 12:13 AM)
Edit Reason: added missing word
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