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Title: End Game
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Published: Jun 15, 2011
Author: Peter Schiff
Post Date: 2011-06-15 12:35:36 by Capitalist Eric
Keywords: None
Views: 3420
Comments: 7
Economic data over the past weeks, punctuated by last week's dismal employment reports, confirm the diminishing impact of the stimulus efforts orchestrated by the Obama Administration and the Federal Reserve. In what must be a huge disappointment to Keynesian enthusiasts, the record doses of both monetary and fiscal narcotics did not produce the desired results. In fact, the size and scope of the "recovery" of the past two years was weaker than would have been expected in a typical business cycle recovery without any stimulus whatsoever. Indeed our current recovery is the weakest on record, despite the biggest jolt of government stimulus ever administered. But despite the gathering gloom Austan Goolsbee, the Chairman of the President's Council of Economic Advisors, argued over the weekend that the economy is on the right track and that the recent salvo of horrific economic reports were not significant. The poor numbers, he said, resulted from external factors like the Japanese earthquake and the downgrade of European sovereign debt. I don't know if he really expects anyone to buy his story, but admitting you have a problem is the first step toward recovery. In a sign that Mr. Goolsbee may have been getting increasingly uncomfortable with his job of economic propagandist, he abruptly resigned this week. He will be returning to academia where I'm sure he is hoping to avoid blame for the coming economic train wreck. Although I have made these comparisons before, the parallel between drug addiction and the reliance on economic stimulus is just too strong to ignore. And as with drug addition, an economy builds up a tolerance. Each time the government successively stimulates with printed money or deficit spending, ever larger doses are needed to achieve the same result. Lest we forget, coming into the Crash of 2008, the economy had been on the receiving end of years of over stimulus. President Bush and Alan Greenspan never fully weaned the economy of their shock treatments that followed the dot.com crash and the shock of September 11th. This time around, the stimulus-fueled recovery is so mild that the economy is already relapsing into recession before the Fed has even begun to tighten. This puts Bernanke in a very difficult position. He either follows through on his loudly trumpeted plans to end quantitative easing this summer, or abandon those plans in favor of more stimulus. Both choices are unappealing.
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#1. To: Capitalist Eric, A K A Stone (#0)
Link?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" What do you care? You're a disruptor, with NOTHING to add to any discussion. So kindly STFU.
List of those unable to think: Bumper sticker on DwarF's car: Why don't you TRY to make me, Erica? Cuntfart... [sorry lucy and MG]
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Jeez, what are you, 13? You're a punk bitch disruptor, NOTHING more. Fuck off, Erica. I can't wait for that day that you keep claiming is coming...your last few puzzled blinks will be captured on my iPhone and posted on youtube. Gerbil...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Yes, they did. They brought us Ben Bernanke and the housing bubble! We are saved!
I completely agree with this. Prior to joining the Obama administration, Goolsbee was one of the better economists on the left, arguing that the government needed to promote pro- business policies -- kind of like Alice Rivlin, Clinton's budget director. He wasn't good, but he was better than most. The Obama administration is being run by the lunatic left. Goolsbee was not a player. I suspect that Goolsbee left before he lost all credibility.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#2. To: war (#1)
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
#3. To: Capitalist Eric (#2)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#4. To: war (#3)
#5. To: Capitalist Eric (#4)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#6. To: Capitalist Eric (#0)
President Bush and Alan Greenspan never fully weaned the economy of their shock treatments that followed the dot.com crash and the shock of September 11th.
#7. To: Capitalist Eric (#0)
In a sign that Mr. Goolsbee may have been getting increasingly uncomfortable with his job of economic propagandist, he abruptly resigned this week. He will be returning to academia
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
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