Comments on: Chuck DeVore Makes His Case

By: Newbigtech

Newbigtech — Tue, 19 Jan 2010 00:09:59 +0000

ANYONE that can take out BOXER has MY Support… She is crazier than a S%*! house rat.
He does have to get it together and speak english … to the real people.

By: ltoro1

ltoro1 — Mon, 18 Jan 2010 15:03:36 +0000

communists-basher, I would hardly consider the LIBOR a phony indicator. If you have or have ever had a mortgage, car loan, or credit card the LIBOR was probably used to calculate your interest rate. Also, while it is in my opinion a weakness in out tax system, the differences between statutory tax rates and effective tax rates are far from B.S. They are extremely important to individuals and businesses who have to determine the after tax cost of their daily decisions.

By: ltoro1

ltoro1 — Mon, 18 Jan 2010 14:49:05 +0000

Sinz I would argue that anything but a mixed economy only exists in a utopian fantasy, either libertarian or communist.

By: ltoro1

ltoro1 — Mon, 18 Jan 2010 14:40:21 +0000

communists-basher, I can’t speak for sinz or cody, but I would like for you to document any of your accusations against me. I am not nor have I ever been a Keynesian or an Obama supporter.

By: sinz54

sinz54 — Mon, 18 Jan 2010 14:25:12 +0000

communists-basher:

They also bash great Ayn Rand who intelligently predicted these Radicals ans what they will do.

Ayn Rand said that she was a radical (a "radical for capitalism," she called herself). The United States has always had a mixed economy. We've never been laissez-faire. And we will continue to have a mixed economy, come what may. So anyone who uses "Atlas Shrugged" as their bible on economics doesn't know what they're talking about, and they are out of the mainstream of American thinking.

By: communists-basher

communists-basher — Mon, 18 Jan 2010 10:00:24 +0000

There you go again … the Cody’s, the sinz’s and the ltoro’s …. all bashing free market system and claiming that TARP done some good. Purposely throwing some fake indicators (LIBOR, TED spread, A2/P2 spread, intra-bank lending) maintained by the same banks that were forced into easing by the Obama’s camp Radicals and now are forced by the same Radicals to un-ease. HAHAHAHA.

They don’t care that the real interest rates are actually negative (if account for inflation).

They also bash great Ayn Rand who intelligently predicted these Radicals ans what they will do.

They most likely (unlike Chuck DeVore) believe in Keynesian economics, disappearing of money, deflationary recession and that economy is improving, and most important, that this crisis was a systemic failure and that the free-market system must be regulated/stimulated otherwise it’ll continue to fail.

They also believe that gold is not an investment because it pays no dividends.

They believe that we were in the Recession though by definition we were Not. The recession can be declared after two consecutive quarters of negative GDP but we only had one with negative GDP!

They also believe that the indicators show some stabilizing of the economy while they only show temporary distortions caused by TARP.

They believe in all that sh***t because this is what they were taught by Left Radical Intellectual Elite professors who traded the true Economics for some sh***t long time ago.

They actually believe that we had Depression in the 1930’s while the average household had consumed more meat and more butter then in the 1920’s.

They believe in ANYTHING that they teach them about modern economics and in ANYTHING that Media tells them.

They call those who disagree Libertarians (means Idiots) and they say things like “Economists have learned a lot more about economics since she was alive” while Economics do not change!

They ignore or purposely deny any knowledge of past economic catastrophes in Germany, Japan, Zimbabwe or Russia.

As such, they are either trolls working for Obama, supporting Obama’s propaganda or misunderstanding the true economics.

Damaging enough, they also say b.s like “in the US, EFFECTIVE corporate tax rate (i.e., the tax rate once you include deductions) is one of the lowest in the world” … while effective corporate tax rates in the US are in the range of 26% – 36%, and in Ireland they are 11%-13%.

Go Chuck DeVore !!!!

By: ltoro1

ltoro1 — Sun, 17 Jan 2010 20:38:29 +0000

James, I think your comment regarding the statutory tax rate versus the effective tax rate is actually an argument in favor of tax reform. I would submit that the deductions, credits, etc. lead to misallocations of capital which make us less wealthy as a nation.

By: ltoro1

ltoro1 — Sun, 17 Jan 2010 20:35:55 +0000

Let’s also not forget that Rand was not an economist.

By: ltoro1

ltoro1 — Sun, 17 Jan 2010 20:35:16 +0000

Sinz the 40 trillion is what is known as the notional amount which is not the same as the amount someone would have to come up with in the event of a default. Although I have a degree in finance this is not my line of work so I will have to dig out my books to give you better information.

By: sinz54

sinz54 — Sun, 17 Jan 2010 18:04:07 +0000

Chuck DeVore is just wrong about TARP. He’s talking like the Cato Institute–a libertarian rather than a traditional Republican: Let’s leave the economy alone and it will fix itself.

He also ignored the fact that the firewall between the banking system and the financial (stock) system had long since disappeared. We had $40 trillion (that’s TRILLION) in outstanding Credit Default Swaps (CDS) alone, most of which were turning out to be worthless. That’s more than the GDP of the entire United States for three years.

Bush, to his credit, acted like a conservative–to conserve the institutions that keep the American economy going–rather than like a libertarian or a Randian. The GOP base has to stop talking like Ayn Rand. Economists have learned a lot more about economics since she was alive.