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-   -   Keynes was right, contractionary economics was wrong (http://www.orangemane.com/BB/showthread.php?t=110906)

TonyR 05-03-2013 12:41 PM

Keynes was right, contractionary economics was wrong
 
Quote:

...the advocates of using neo-Keynesian counter-cyclical policies to respond to the Great Recession have been proved right, and the contractionary economic policies pushed by Republicans and right-wing economic pundits in the US, along with an astonishing range of experts as well as politicians in Europe, have turned out to be disastrously wrong (as predicted).
Read the whole thing here: http://jeffweintraub.blogspot.com/20...was-right.html

Here's more...

Quote:

...the political conditions for more sensible and constructive policy responses to the ongoing Great Recession are not encouraging. In Europe (where a lot of countries are far from even incipient recovery), the framework for EU-wide economic policy-making is notoriously dysfunctional for a range of reasons. Here in the US, fundamentally, the Republicans are the problem. In particular, thanks largely to the benefits of gerrymandering, the House of Representatives is in the grip of know-nothing Tea Party Republicans whose determination to sabotage any possibility of economic recovery seems limitless and impervious to evidence or argument ... and the Senate Republicans have proved themselves capable of historically unprecedented and ever-escalating levels of indiscriminate and almost monolithic obstructionism.

mhgaffney 05-03-2013 04:26 PM

I agree Tony. Keynes was smarter than his present day critics.

JFK shrewdly used Keynsian economics to grow the US economy in the early 1960s. His investments (NASA, highways etc) produced the highest US standard of living, before or since.

It's been downhill since Nov 22, 1963.

Unfortunately, Keynes' advice was ignored by the Americans at Breton Woods after WW II.

MHG

mhgaffney 05-03-2013 04:32 PM

1 Attachment(s)
Here's a guy who understands Keynes -- a brilliant insightful analysis with a plan to recover our economy.

MHG

Occupy World Street: A Global Roadmap for Radical Economic and Political Reform [Paperback]

by Ross Jackson (Author)

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About the Author

Ross Jackson has a PhD in operations research (the theory and practice of problem solving). He was born in Canada in 1938 and educated in Canada and the USA. Jackson has lived in Denmark since 1964 and been a Danish citizen since 1972. For many years, he was a very successful businessman and independent management consultant in the field of

Arkie 05-03-2013 04:45 PM

We've continued to increase spending despite cycles. There's nothing counter-cyclical about our policies.

W*GS 05-03-2013 06:12 PM

Quote:

Originally Posted by mhgaffney (Post 3842791)
It's been downhill since Nov 22, 1963.

Ah. So 11/22/1963 was the apex of America?

For whom? All Americans? By what measure?

Rohirrim 05-04-2013 12:58 PM

The sad thing is that this guy is right, but there is nothing we can do about it. If there is one thing the recent debacle over gun background checks proved, it really doesn't matter what the correct course is for this country to take. The Right can, and will, block it. Polls show that 2/3rds of Americans wanted the background checks. Doesn't matter. Democracy is dead. The minority can stop anything at any time. And they have gerrymandered their districts to the point that they cannot be thrown out. Stalemate.

cutthemdown 05-04-2013 11:37 PM

You kidding govt loves him! They have spending like crazy this whole time. Republicans and Democrats both. You think Obama not "investing" hell what do you call all the money he has blown on green energy. Hopefully I am wrong and that sector eventually produces massive energy and jobs but i am highly skeptical.

Even Bush spent massive amounts he was more a liberal when it came to spending and if you hung with conservatives during that time they lambasted that. True they mostly would deflect and blame Congress but whatever Bush spent a ton. Clinton spent a ton. Reagan, Carter, they all spent as much as they could get away with.

Liberals and Conservatives don't even fight about how much to spend anymore. They fight about where to spend the money not how much we spend. Repubs get all thrifty once its liberal programs being funded and liberals just spend no matter who is president.

The only thing liberals change when in office is where the money goes and that wars now ok as long as they aren't started by Bush. Repubs only recently have gotten all thrifty because they feel its one issue they can beat liberals at and maintain some power during Obamas tenure.

cutthemdown 05-04-2013 11:42 PM

I am all for a big push to go to Mars though. I don't know if it would spur the economy or lead to new industries but you never know. Maybe the next big thing has to be in space because our own planet being bled dry.

I do know the liberal theory of lets all grow our own food, ride a bike, get green won't do it. It may clean up our country some and improve but the world out of control with growth. China so huge we can't fathom living in a country with a billion people. They are 3 times our size and one day will demand all the Earths resources and there will be a war. Anyone who thinks this road is sustainable by just trying to waste money on electric cars is kidding themselves.

I convinced myself! We should head as far into space as we can. We need to harvest asteroids and put a base on mars. The hundreds of millions Obama wasted on solar companies and electric car companies would have been better spend by NASA trying to go to Mars or do something huge. Like people living on the moon, or sending men to an asteroid to see if some really contain large amounts of recoverable elements and minerals.

America should commit to being the first to Mars, the first to have a base on the Moon, all of that.

cutthemdown 05-04-2013 11:43 PM

Quote:

Originally Posted by Rohirrim (Post 3842973)
The sad thing is that this guy is right, but there is nothing we can do about it. If there is one thing the recent debacle over gun background checks proved, it really doesn't matter what the correct course is for this country to take. The Right can, and will, block it. Polls show that 2/3rds of Americans wanted the background checks. Doesn't matter. Democracy is dead. The minority can stop anything at any time. And they have gerrymandered their districts to the point that they cannot be thrown out. Stalemate.

Thats the way Dems did it when Repubs had a majority.

TonyR 05-08-2013 02:06 PM

Quote:

The core insight of Keynesian economics is that there are very special economic circumstances in which the general rules of economics donít apply and are, in fact, counterproductive.

This happens when interest rates and inflation are so low that there is no essential difference between money and bonds; money, after all, is simply a bond that pays no interest. When this happens, monetary policy becomes impotent; an increase in the money supply has no stimulative effect because it does not lead to additional spending by consumers or businesses.
http://economix.blogs.nytimes.com/20...ggest-mistake/

Rohirrim 05-08-2013 03:39 PM

Quote:

Originally Posted by cutthemdown (Post 3843137)
Thats the way Dems did it when Repubs had a majority.

http://www.motherjones.com/files/ima...ters_party.jpg

The big changes came in the early 70s, the late 80s, and then in the late aughts after Republicans lost the Senate in the 2006 elections. When you add up all the red segments, they represent virtually the entire increase in the use of the filibuster over the past half century.
http://www.motherjones.com/kevin-dru...and-filibuster

Notice the large dips in the blue prior to 2006?

cutthemdown 05-08-2013 05:44 PM

Graphs tell only a small part of a picture. The dems push a more radical agendas so they get more filibusters. Repubs tried like crazy to save us from Obamacare but it didn't work.

Rohirrim 05-08-2013 07:36 PM

Quote:

Originally Posted by cutthemdown (Post 3844789)
Graphs tell only a small part of a picture. The dems push a more radical agendas so they get more filibusters. Repubs tried like crazy to save us from Obamacare but it didn't work.

Wow! It's not difficult to be wrong, but to be 180 degrees wrong takes some doing.

ghwk 05-08-2013 07:43 PM

Quote:

Originally Posted by cutthemdown (Post 3844789)
Graphs tell only a small part of a picture. The dems push a more radical agendas so they get more filibusters. Repubs tried like crazy to save us from Obamacare but it didn't work.

LOL Cut. Yes only liberals push more radical agendas therefor Repubs have to filibuster more. Really I'm not being sarcastic I did get a good laugh. Wish I had written it!

houghtam 05-08-2013 08:10 PM

Quote:

Originally Posted by ghwk (Post 3844861)
LOL Cut. Yes only liberals push more radical agendas therefor Repubs have to filibuster more. Really I'm not being sarcastic I did get a good laugh. Wish I had written it!

That is hilarious.

Ronald Reagan wouldn't be accepted by his own party nowadays, but the liberals...they're the radicals.

Hey cut...how radical is thinking that an armed citizen is going to help law enforcement in an active shooter situation where there are multiple terrorists with AR-15s?

:thanku:

cutthemdown 05-08-2013 09:44 PM

Quote:

Originally Posted by ghwk (Post 3844861)
LOL Cut. Yes only liberals push more radical agendas therefor Repubs have to filibuster more. Really I'm not being sarcastic I did get a good laugh. Wish I had written it!

Attacking the 2nd amendment, wealth redistribution, socialized medicine, helping islamic radicals into power, and appointing radically liberal judges has to be thwarted.

BroncsRule 05-09-2013 04:17 PM

Quote:

Originally Posted by cutthemdown (Post 3844922)
Attacking the 2nd amendment, wealth redistribution, socialized medicine, helping islamic radicals into power, and appointing radically liberal judges has to be thwarted.

You couldn't come up with even one single, concrete example to support any of those five broad assertions.

Not one.

But hey! Lock n' load skippy!

Inkana7 05-09-2013 04:22 PM

Quote:

Originally Posted by cutthemdown (Post 3844922)
Attacking the 2nd amendment, wealth redistribution, socialized medicine, helping islamic radicals into power, and appointing radically liberal judges has to be thwarted.

sucks that they let you vote when you actually believe these outright untruths.

houghtam 05-09-2013 04:24 PM

1 Attachment(s)
Quote:

Originally Posted by cutthemdown (Post 3844922)
Attacking the 2nd amendment, wealth redistribution, socialized medicine, helping islamic radicals into power, and appointing radically liberal judges has to be thwarted.

Don't you mean wealth re-redistribution?


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