Every once in a while, I peek over the parapet of my smart, sentient, reasoning friends to see what the rest of the world is talking about. Usually, I get hit in the eyes and ears with bewildering, invincible stupidity.
In the words of Murray Rothbard: “It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”
1) “The Boom Bust period of 1797 to 1933.” It’s very important to understand that booms and busts are caused by artificial increases in the monetary supply (Austrian Business Cycle Theory). She doesn’t seem to have a grasp on this. http://mises.org/daily/672 Business cycles are not caused by a lack of regulation.
2) Why 1797 to 1933? These are very strange years to demarcate. 1914 is a much more obvious boundary because it symbolizes the creation of the Federal Reserve. Of course, using this as a boundary would implicate the government’s role in the crashes of 1921 and 1929. She is cherry picking by choosing 1933. http://www.amazon.com/Americas-Great-Depression-Murray-Rothbard/dp/146793481X
3) Pre-1914 booms and busts. If you don’t criminalize fractional reserve banking, then bank-runs should be regarded as a GOOD thing. Bad banks went bankrupt. Good ones remained. Customers were careful. Responsible people succeeded. Irresponsible people found other work. The 1914 creation of the Federal Reserve was a government take-over of the money-printing process.
4) If you want to get rid of booms and busts, you must firstly understand understand ABCT, and secondly you must get rid of fractional reserve banking which is inherently fraudulent. We don’t even need more laws to accomplish this. They just need to stop putting people in jail who trade in silver or gold (http://www.nytimes.com/2012/10/25/us/liberty-dollar-creator-awaits-his-fate-behind-bars.html) and the market will, all by itself, move from fractional reserve money to sound money.
4) FDIC insurance. Banks used to advertise their liquidity to customers because it matters. Now that everyone is insured by the US taxpayers, it no longer makes any difference where you bank. Since the government has put all the RISK on the taxpayers, let’s not be surprised that the bankers act more recklessly.
5) “We had to bail them out” WHY?????? Why isn’t letting irresponsible banks go bankrupt ever on the table? I had an internet business that didn’t do so well. Why didn’t I get bailed out?
6) The S&L crisis was caused by deregulation. No it wasn’t. It was caused by government removing risk from the banks and them (very predictably) acting irresponsibly. Instead of letting them go bankrupt, the taxpayer was forced to bail them out further promoting risky behaviour.
7) The crisis with the hedge fund Longterm Capital Management was caused by deregulation. No it wasn’t. It was caused by government removing resk from the banks and them (very predictably) acting irresponsibly. Instead of letting them go bankrupt, the taxpayer for forced to bail them out further promoting risky behaviour.
8) There is even more centralization in the banking industry since 2008-2013. If you stop fucking bailing out the Big 4, then smaller, more responsible banks would have taken over their assets long ago.
9) Regulation works. No it doesn’t. The Bernie Madoff Ponzi scheme was handed to the SEC on a silver platter by a PRIVATE investor looking out for his investment. They SEC ignored it while the Ponzi scheme grew from 4 billion to 50 billion. Bernie Madoff bragged about his close relationship with the SEC. The only regulation that works is letting irresponsible people go bankrupt.
It’s not the Koch Brothers, it’s the unions.
(I make this exact point in my forthcoming book.)
This seems to be an increasing trend in the US.
Christians (Catholics in this case) have every reason to stand up for themselves. Imagine what the reproductions would be if Obama went to Saudi Arabia and criticized madrasas, or if he went to Israel and said, “you Jews shouldn’t have synagogue schools.”
DOUBLESPEAK is the standard, the new normal. Few people are surprised by it. Nevertheless, I thought this was funny and timely:
The libertarian domination of CPAC follows years of growing support at the annual conference starting from the final years of the George W. Bush administration, forming a schism in the Republican Party the GOP has yet to repair. And after the defeat of Mitt Romney, who won the nomination on the support of establishment conservatives, the insurgent and fiercely independent groups have claimed this CPAC as their time to shine. (Read more)
The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.
President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession. (Read more)
Backstabbing the best politician ever for Mitt somebody(?)
Israeli occupation, aid, war guarantee
Iran sanctions, “military option” “on table”
Accountability for torture
Domestic Drone strikes if FBI does it (Really.)
And he excluded non-citizen “US-persons” from his two good things: NDAA amendment and filibuster demand
But other than that he’s just great and every libertarian should support his coming run in the 2016 primaries.
This picture reminds me of how easily people like David Frum divorce themselves from their feverish advocacy of policies after all the death and destruction has been wrought.
Sen. Elizabeth Warren, Massachusetts Democrat, suggested raising the minimum wage to $22 per hour is only logical if you look at the numbers.
“If we started in 1960, and we said [that] as productivity goes up … then the minimum wage was going to go up the same … if that were the case, the minimum wage today would be about $22 an hour,” the senator said, at a recent Education, Labor and Pensions Committee hearing on “Keeping up with a Changing Economy: Indexing the Minimum Wage.” (Read more)
This deserves a double face palm.