40 Economists Agree: The GOP Is In Fiscal La-La Land

[OohPooPahDoo]

I have a BA in Economics and a MBA, so my opinion is Democraps and these so-called economists are full of shit.

I'm not sure how a BA in economics makes you an expert in economics.

 

[Toro]

Let's look at the five points ThinkProgress claims. Most of the points aren't controversial in mainstream economics but ThinkProgress bends the truth about a few points, to say the least.

1. The stimulus brought down unemployment. That is standard economics. So its not surprising economists agreed. Also, remember that the stimulus was something like 40% tax cuts.

2. The second point in the article about taxes is disingenuous. The article says "economists overwhelmingly agreed that the federal budget deficit cannot and should not be closed without increased tax revenue." That's not what the the economists said. But ThinkProgress left one big thing out. What the economists said was "Long run fiscal sustainability in the U.S. will require cuts in currently promised Medicare and Medicaid benefits and/or tax increases that include higher taxes on households with incomes below $250,000." It doesn't say that economists overwhelmingly agree that taxes should be raised, as the ThinkProgress article misleadingly states. It says that to bring Medicare and Medicaid into balance, either taxes will have to be raised or spending cut. Duh! Hardly controversial.

3. Economists don't agree with the gold standard. No surprise there.

4. Most Republican economists don't believe that tax cuts pay for themselves, at least at current rates. So again, hardly controversial. Economists in the survey generally agreed with the following two statements - "A cut in federal income tax rates in the US right now would lead to higher GDP within five years than without the tax cut" and "A cut in federal income tax rates in the US right now would raise taxable income enough so that the annual total tax revenue would be higher within five years than without the tax cut." IOW, tax cuts will boost economic growth but won't raise enough revenue than there otherwise would have been without the tax cut. Again, about as controversial as warm milk.

5. Economists generally support a softer approach to drug problems. That's not really a problem for economics, but economists generally believe in the rationality of the individual, so its not a surprise they'd think that we should take a different approach to criminalizing drugs.

 

[OohPooPahDoo]

Explain how they are different as far as the deficit is concerned or STFU.

Who gives a fuck about "as far as the deficit is concerned." In one case, you get to spend your money. In the other, politicians spend it. Anyone who thinks that's not a difference or that the deficit is the only thing that matters is a bootlicking moron.

The People elected a Congress to decide how their tax dollars are spent.

Maybe you've not read the Constitution?

 

[Toddsterpatriot]

Really? Is that why g5000 agreed with me and totally picked your ignorance apart? Yeah, that's what I thought, Bitch.

If we had been able to tell big banks they couldn't rebundle GOVERNMENTAL debt in derivatives, this all would have been avoidable.

If he agrees with the above, he's slightly less stupid than you.

What government debt did they bundle into derivatives?

Well, you can't bundle debt into derivatives.

He's whining about Greek debt.
Somehow Greek debt caused the entire crisis we're in, according to Derp's tiny brain.

 

[Toddsterpatriot]

I have a BA in Economics and a MBA, so my opinion is Democraps and these so-called economists are full of shit.

I'm not sure how a BA in economics makes you an expert in economics.

When you're debating dropout Derp's , it does.

 

[whitehall]

When is the left going to agree to subpoena Barney Frank? Democrats held the majority in both houses of congress during the 2nd half of Bush's 2nd term. The House Banking Committee had oversight responsibility for Fannie Mae and democrat Barney Frank was chairperson of the committee. Fannie Mae went under just before the presidential election and the democrat chairperson said "Fannie was doing fine" when it was on the brink of collapse. Instead of whining about the unfairness of only having the majority in 2/3 of the federal government maybe democrats should want find out what the hell happened to Fannie Mae just before the election before they blame republicans.

 

[ConservaDerrps]

Pssst....you're the one who is over their head, you dumb fuck.

Really? Is that why g5000 agreed with me and totally picked your ignorance apart? Yeah, that's what I thought, Bitch.

If we had been able to tell big banks they couldn't rebundle GOVERNMENTAL debt in derivatives, this all would have been avoidable.

If he agrees with the above, he's slightly less stupid than you.

I agree. You don't know what the fuck you're talking about.

 

[Toddsterpatriot]

Really? Is that why g5000 agreed with me and totally picked your ignorance apart? Yeah, that's what I thought, Bitch.

If we had been able to tell big banks they couldn't rebundle GOVERNMENTAL debt in derivatives, this all would have been avoidable.

If he agrees with the above, he's slightly less stupid than you.

I agree. You don't know what the fuck you're talking about.

If we had been able to tell big banks they couldn't rebundle GOVERNMENTAL debt in derivatives, this all would have been avoidable.

Hilarious!

 

[ConservaDerrps]

If we had been able to tell big banks they couldn't rebundle GOVERNMENTAL debt in derivatives, this all would have been avoidable.

If he agrees with the above, he's slightly less stupid than you.

What government debt did they bundle into derivatives?

Well, you can't bundle debt into derivatives.

He's whining about Greek debt.
Somehow Greek debt caused the entire crisis we're in, according to Derp's tiny brain.

Government bonds aren't derivatives, they're bonds.

But a cross currency swap is a derivative. And that is one way a debt, which is all a bond issuance is, can be hidden.

Hey, DumpsterPatriot, read g5000's post very carefully.

 

[ConservaDerrps]

If we had been able to tell big banks they couldn't rebundle GOVERNMENTAL debt in derivatives, this all would have been avoidable.

If he agrees with the above, he's slightly less stupid than you.

I agree. You don't know what the fuck you're talking about.

If we had been able to tell big banks they couldn't rebundle GOVERNMENTAL debt in derivatives, this all would have been avoidable.

Hilarious!

I agree. It's hilarious that you got your ass HANDED TO YOU and you still can't see how completely wrong and ignorant you are.

Wait. Why am I still interacting with you? My dick was wiped clean of thee.

 

[freedombecki]

When is the left going to agree to subpoena Barney Frank? Democrats held the majority in both houses of congress during the 2nd half of Bush's 2nd term. The House Banking Committee had oversight responsibility for Fannie Mae and democrat Barney Frank was chairperson of the committee. Fannie Mae went under just before the presidential election and the democrat chairperson said "Fannie was doing fine" when it was on the brink of collapse. Instead of whining about the unfairness of only having the majority in 2/3 of the federal government maybe democrats should want find out what the hell happened to Fannie Mae just before the election before they blame republicans.

I thought he was too special for anyone to question him.

 

[Toddsterpatriot]

What government debt did they bundle into derivatives?

Well, you can't bundle debt into derivatives.

He's whining about Greek debt.
Somehow Greek debt caused the entire crisis we're in, according to Derp's tiny brain.

Government bonds aren't derivatives, they're bonds.

But a cross currency swap is a derivative. And that is one way a debt, which is all a bond issuance is, can be hidden.

Hey, DumpsterPatriot, read g5000's post very carefully.

And that is one way a debt, which is all a bond issuance is,

You mean a bond isn't a derivative?
Maybe a derivative is a bond?
You're funny!

 

[Toddsterpatriot]

I agree. You don't know what the fuck you're talking about.

If we had been able to tell big banks they couldn't rebundle GOVERNMENTAL debt in derivatives, this all would have been avoidable.

Hilarious!

I agree. It's hilarious that you got your ass HANDED TO YOU and you still can't see how completely wrong and ignorant you are.

Wait. Why am I still interacting with you? My dick was wiped clean of thee.

Stop wiping your dick in your mouth.

 

[Toddsterpatriot]

Currency swaps aren't debt.
Currency swaps don't have debt in them.
If you think they do, I'm afraid your IQ is even lower than I thought.

 

[freedombecki]

You mean we really can't pay off debt by cutting taxes?

Nope and you can't pay it off by continuing to spend more than you bring in or just raising taxes on the so called 1% either.

The Bush tax cuts for ordinary people shouldn't be extended indefinitely. Only until the economy recovers fully.

Please start a thread on that, won't you? We have a fine History board section at USMB.

 

[Toro]

No, the economy was okay until Glass Steagall was repealed (honesty alert: The death knell being placed under Clinton), and speculative lending and derivatives fucked everything up. The housing bubble burst was part of that, but not the cause. If we had been able to tell big banks they couldn't rebundle GOVERNMENTAL debt in derivatives, this all would have been avoidable.

You should like, educate yourself or something.

What government debt was being bundled? And into what? And why would this all have been avoided if we didn't "bundle" government debt?

 

[OohPooPahDoo]

Currency swaps aren't debt.
Currency swaps don't have debt in them.
If you think they do, I'm afraid your IQ is even lower than I thought.

They're derived from debt issues.

 

[Toddsterpatriot]

Currency swaps aren't debt.
Currency swaps don't have debt in them.
If you think they do, I'm afraid your IQ is even lower than I thought.

They're derived from debt issues.

Currency swaps are derived from debt issues?
Please explain further.

 

[Toro]

If anyone has an honest desire to learn how Wall Street can help a client hide debt and help companies avoid regulations and reporting rules with derivatives, start with this book: Traders, Guns & Money: Knowns and unknowns in the dazzling world of derivatives

It is well worth the time and effort.

One of the better books I've read.

 

[OohPooPahDoo]

Currency swaps aren't debt.
Currency swaps don't have debt in them.
If you think they do, I'm afraid your IQ is even lower than I thought.

They're derived from debt issues.

Currency swaps are derived from debt issues?
Please explain further.

? Seriously ?

You don't even know what a currency swap is and you're arguing with derps over them? LOL!

A currency swap is a foreign-exchange agreement between two parties to exchange aspects (namely the principal and/or interest payments) of a loan in one currency for equivalent aspects of an equal in net present value loan in another currency; see foreign exchange derivative. Currency swaps are motivated by comparative advantage.[1] A currency swap should be distinguished from a central bank liquidity swap.

Let me google that for you !