This page has been archived and commenting is disabled.
Guest Post: And This Year’s Nobel Prize In Doublethink Goes To…
- Afghanistan
- Apple
- Barack Obama
- Budget Deficit
- Christina Romer
- Council Of Economic Advisors
- Deficit Spending
- ETC
- Federal Reserve
- George Orwell
- Gross Domestic Product
- Guest Post
- Japan
- Krugman
- Monetization
- Nominal GDP
- Paul Krugman
- President Obama
- Purchasing Power
- Quantitative Easing
- Reality
- Unemployment
- William Dudley
Submitted by Simon Black of Sovereign Man
And this year’s Nobel Prize in Doublethink goes to…
General Tommy Franks, the rather straight-talking former commander of
the war in Afghanistan way back in 2001, once described US defense
policy wonk Doug Feith as “the dumbest fucking guy on the planet.”
Feith, a bumbling architect of the failed Bush Doctrine, now has an
intellectual match in Christina Romer, the former Chairwoman of Barack
Obama’s Council of Economic Advisors.
Romer appeared Thursday on the Daily Ticker,
leaving no doubt that she should be the undisputed frontrunner for the
Nobel Committee’s much anticipated Doublethink Prize. Warning, do not
watch this video while eating: food projectile WILL permanently damage
your computer.
Romer begins her remarks to the interviewer Aaron Task: “There are
tools that we can use, and I think it’s shameful that we’re not using
them.” Trillions of dollars of government spending, debt monetization,
and money creation isn’t enough. Romer wants us digging ditches with
teaspoons.
“If I have a complaint about policy, it’s that we’re not doing
enough.” Clearly, from the bank bailouts, to the systematic dismantling
of GM in favor of the union, to programs that incentivize home and auto
purchases, to stamping out all means of financial privacy, to trillion
dollar deficit spending, the government isn’t involved enough.
Romer goes on to say that the Federal Reserve’s plans to end the
second round of quantitative easing (QE2) in June “is a mistake. The
evidence is that it’s been very effective, and certainly QE1 was very
effective. I don’t understand why we’d be dialing back that tool because
I think it is certainly very helpful.”
$1.5 trillion dollars later and what do we have to show? 50,000 minimum wage workers flipping Big Macs. I’m lovin’ it.
Next, Romer explains that “[quantitative easing] tends to lower
long-term interest rates, it tends to lower the price of the dollar…
both of those things are good for ordinary families.”
So, completely screwing the people who have worked hard and are
trying to save their money with sub-par interest rates that don’t keep
up with inflation is good for America. Paying more for food, fuel,
healthcare, insurance, state and local taxes, airfare, rent, building
materials, household chemicals, etc. is good for America.
(Yes Mr. William Dudley, the iPad 2 is as cheap as its predecessor–
but bear in mind that the iTunes music store is slowly, surreptitiously
raising its prices from 99 cents to $1.29… so the Apple deflation
argument is lost on me.)
Romer continues. “[Low interest rates] mean that it’s easier for consumers to afford borrowing.”
Precisely, that’s what American households need– more debt. I can’t
seem to recall a single instance in US history when consumers taking on
increasing levels of debt posed any danger to the economy.
Romer continues. “A lower price of the dollar tends to make our goods more competitive in foreign markets.”
This is one of the biggest logical fallacies in politics– that a weak
currency is good for an economy because it promotes exports. Right,
because so much of the US economy is based on manufacturing. Nevermind
that a weak currency imports higher input costs in the form of higher
energy prices, raw materials, and component parts from overseas.
A bewildered Aaron Task, now looking around for Ashton Kutcher to
appear out of nowhere, asks “… but isn’t it true that long-term rates
have risen since the Fed announced QE2 in August… and also… a lot of
Americans probably feel that a weaker dollar is hurting them, not
helping them…?”
Despite having just claimed that quantitative easing was successful
in keeping long-term interest rates low, Romer now says that “it’s hard
to evaluate what QE has done to long-term interest rates… because there
are lots of announcement effects.”
Apparently fluctuations in long-term interest rates based on
announcements or expectations of quantitative easing in fact have
nothing to do with quantitative easing. They’re due to the weather.
“What I can tell you,” she says, “is the academic studies that have
looked at this absolutely say that QE does what we thought it was going
to do.”
The smoking gun! Academic studies validate QE, brought to you by the
same folks who said that applying modern portfolio theory to a mega-pool
of liar loans would result in superior risk-adjusted returns. The same
folks who measure risk in sigma, who completely missed the boat on the
crisis to begin with… all declare QE a success.
Romer continues. “Everyone agrees that a lower price of the dollar… certainly tends to raise GDP.”
Yes, everyone agrees. Absolutely everyone in that little ivory tower
where Christina Romer lives with her funny mirrors and Paul Krugman.
Breaking windows is also good for GDP, as are natural disasters, nuclear
meltdowns, and civil wars fought by 13-year old soldiers with AK-47s.
Hooray Japan! Hooray Africa!
The truth is that a weak currency debases the standard of living. But that doesn’t seem to matter to Romer:
“And… on the price of the dollar, we’re not talking about what’s happening to your purchasing power here…”
Right, because purchasing power is completely irrelevant. The US
government should continue conjuring money out of thin air, indebting
future generations, and recklessly spending on programs and initiatives
that simply don’t work because it’s good for nominal GDP, irrespective
of the damage it does to household living standards.
“Nothing says that you have to cut spending this year,” Romer
explains. “You can do a fiscal expansion this year but have it be part
of a package that ultimately gets the budget deficit down.” And
continues to kick the can down the road for other generations to deal
with.
Romer typifies the mindset of the people making decisions in
government, and the sort of advisors in President Obama’s circle. The US
government is going on three years of massive, unprecedented fiscal and
monetary expansion. Yet it hasn’t made a dent in unemployment, and
prices are rising.
At this point, even Doug Feith would look at the situation and say,
“maybe we should reconsider our strategy.” Romer, however, delivers her
lines with the demeanor of a concerned grandmother, and I can imagine
the north/south nods of many viewers who unquestionably absorb the
doublethink based solely on her delivery.
It reminds me of one of the best quotes from George Orwell’s 1984:
“In a way, the world-view of the Party imposed itself most
successfully on people incapable of understanding it. They could be made
to accept the most flagrant violations of reality, because they never
fully grasped the enormity of what was demanded of them, and were not
sufficiently interested in public events to notice what was happening.
By lack of understanding they remained sane. They simply swallowed
everything. . .”
Big Brother is watching you.
»
- 21136 reads
- Printer-friendly version
- Send to friend
- advertisements -
You Fat cunt whore shrek lookalike
Don't sugarcoat it man, let it all out.
First good laugh I have had all day...
Holly Shit. She is a professor of one of the top-rated Universities. So much for the US educational system.
Fuck. The USA is doomed. We became a nation of perverted imbeciles.
Let's hope all her students stay in CA - or go back to China - after graduation.
Lets hope her student can post from (Tiananmen Square)?
The USA is anything but doomed you RED piece of Shit!
Scholes and Merton were at LTCM.... Scholes takes it one more step into lunecy by not bounding his derivative pricing. The list of Noble prize lunatics include Leon Cooper for using neural networks to take the risk out of FICO scores which cost the country a trillion in S&L. Then the peace maker and Internet inventor. I would say in the economist pseudo science language on the one hand these keynesians are lunatics and in the other just jerk offs.. Oh yea I have a problem now that there is no inflation the down sized barf bag overflow stimulates more down sized paper towels clean ups..HOW CAN THE EMPLOYMENTS NUMBERS BE DEFENDED? There were 926,000 people taken out of the denominator by the participation rate..... Election rhetoric. by FED and manulipation by BLS....
reminded me of:
'the Bourbon line of French kings (who also ruled in Naples and Spain), of whom it was proverbially said,
"they learn nothing and forget nothing" '
Maybe we should always greet these people with an enthusiastic "Welcome to the unaccountable class!"
One mans shrek lookalike is another mans shiksa.
I believe in order to be credible here you mean't to say "another man's shikabob"
I'll barbeque Kabobs any day for you.
I concur with Ms Romer's analysis...only she does not go far enough...we need trillions more in stimulus...more QE's...more DEBT ...more printing presses ..arghhhhhhh....I deserve another NOBEL!!! I love you JOHN MAYNARD!!!!!
Maybe they can print $$ for us peasants so we can pay our property taxes! Win for us, win for the government.
No that is not a win for government. The plan is to fill in this gigantic hole with the peasants wealth. Current wealth and future wealth .
I have been begging my whole tenure on ZH for WB7 to do a visual parody of the American Sitcom "Threes' Company" (originally from England's banking system "man/kenseyian of the house") With Sheila Bair as Janet. And a Christina Romer as Chrissy snow. Of course, our intrepid Bernank is Jack Tripper, with TurboTax Timmy in the role of Don Knots.
why this is relevant for people so old to remember the series is that when Ms. Thigh master did not get her way in contract negotiations, they wrote her part just like romer's in this instance. Out of the house (former czar status) but still calling shots from a pay phone (academia).
EDIT: I have also found that google wants me to understand a series called "two and a half men." Thank you google.
I kept waiting for the host to turn to the camera, grinning, and then say "April Fool's!"
But it never happened . . .
garbage yes, doublespeak no.
Loose the hood and catch a Sythe!
I was expecting her to end the interview with "Th..th..th..that's all folks!"
Good one. Don't forget the music that goes with it.
Aunt B is the dumbest piece of shit in Washington D.C........outdone only by Barry the Africom.
Fuck Shrek man, that's Chris Farley, back from the dead... either that, or it's a really bad ugly man in drag.
It's a tarp!
I can't wait to put her in a van DOWN BY THE RIVER!!
FWIW I give you a plus 100! That offsets the junks!
Ignorance is strength
Debt is wealth
War is peace
Michelle Obama is elegant.
Michelle Obama has a black Bush.
lolololol
Oh no you din't!
/hood
hay hay hay...
The claims of fashion sense are equally flaberghasting.
Bunching up loose pants below the knee?
God I hate seeing those skeazy knickers put on a pedestal.
Gnomesayin?
Got em in droves here in New Somalia.
Just ONCE I'd love to give one of these punks an 'atomic wedgie'.
http://stupidcelebrities.net/2009/06/09/michelle-obama-gives-carla-bruni-sarkozy-the-stink-eye-photo/michelle5/
In a Jungle Romantic setting!
And
"The air is the air. What can be done?"
50 Obama play dollars to anyone who can ID that quote.
McCOY: (to Kirk) "In this climate? If the heat doesn't get you, the thin
air will."
KIRK: "What do you mean, 'If both survive'?"
T'PAU: "This combat is to the death."
T'PAU: "The air is the air. What can be done?"
Amok Time
A bewildered Aaron Task, now looking around for Ashton Kutcher to appear out of nowhere...
I was thinking more along the lines of Rod Serling standing in the corner with that grin and cigarette narrating an intro..
obamites will love this
better than obiden
What a complete nit wit
Puts to rest some of the conspiracy theories.
These retards really do believe their own bullshit !
A+...but you got to wonder who is really behind the curtain..actually not much to wonder about....who has done well????
its frigtening, they really do beleive this shit and whats worse is that it is exactly the sort of thing they are all teaching kids in university. Her husband David Romer is another keynesian extremist teacher at US unis as is his brother Greg Mankiw. Greg spoke of the gains from free trade, noting that outsourcing of jobs by U.S. companies is "probably a plus for the economy in the long run."
I dont know whether it puts to rest the conspiracy theories though spitzer. These people are either unbeleivably retarded individuals or a group of incredibly good manipulators.
Wow this fat chick teaches economics at Cal Berkeley and advised the president???? That is beyond scary...almost as crazy as the crap I spout
It's crazy that someone would hire a person to tell them what they want to hear? What planet do you live on?
It's more fun playing with models that do what you tell them to do.
That's why all of mine are from Sweden and Japan.
I agree. There is a slight catch to that. They are all radioactive. Back to basics I guess! Rosie!
My ten year old nephew has a better handle on economics than this stupid bitch. Take another quaalude "professor".
Great Scott! Chris Farley has been reincarnated . . . with a vagina.
Lol. Proof of inflation. She is enormously inflated.
Its ok, her head has a thick candy shell.
She managed to turn it into a blazer too. Bravo Mr(s?) Romer.
I think Chrissy R. is hot as Hell.
But then again, I am into bestiality .....
That's funny.
Brain dead skeezer, but she is 100 IQ points over and above Barry.
You're using fed math. No double counting allowed here.
The eternal liberal, or socialist refrain when their policies lead to misery:
"If only we'd done more. We'll need more tax money, and this time we'll do it right. We promise."
this is what barry referred to as winning the future
OHHH Yeah...
Consumers and businesses aren't holding back because of the government.
We're not scared to death of psychotics like you.
Not at all.
a classic case of too much education. she should be appointed ambassador of zimbabwae now.
More of the Academic Hubris of attempting to apply linear solutions to non linear problems...
Perfectly said.
So, according to Romer the moral of the QE story...
Working class families who are on food stamps should now be able to export more, borrow more and move into a dorm room at a top-notch private university where they can show you proof positive that QE has done everything they said it would.
These people obviously do not have to pay petrol, food or any other living costs with their own money.
Bottom line-we are over.if you wanted to deliberately destroy an economy that was shaky to begin with you'd take this woman's advice. yes,keep throwing money to the bankster's,yeah that's the ticket
You were right that did make me want to puke. All I could think of while watching the video was tying that stupid bitch to a chair and forcefeeding her ham sandwiches until she could no longer speak. I kept waiting for Dan Akroyd to come on and say "Christina you ignorant slut"Its truly scary just how stupid some of these politicians really are.
+1 Classic!
What sucks is how stupid they think we are.
Winnah! +++
It is farce.
Our world.
Truth to the core,
Most will never see.
She sounds like she is the head of Obama's campaign for re-election. I thought she said something to the effect of "Why not spend more this year and tighten next year..." Like pretend and extend... until after the election...
On a second note...she has the classic physiology and facial expressions of someone who is insensitive to the effect of her emotional impact on others...
and this brawd is a tenured poopfessor? good grief.
'Those who can't, teach.'
Indentured professor!
Sorry but this stupid video is no longer available.
Doug Feith was famous for having a picture of Theodore Herzl in his office in the Pentagon.
Any relation to Theodore Geisel? His boss had that guy's whole collection of books!
I think the big yellow peanut M&M sounds smarter with his one-liners
LMAO. The big blue peanut after a budget meeting! Lack of (Q-3) due 2 obese spending.
“What I can tell you,” she says, “is the academic studies that have looked at this absolutely say that QE does what we thought it was going to do.”
Yep, strike a match, put it to paper...it does exactly what we thought it was going to do.
Good thing we got academics to study the obvious.
One more thing, judging from what she said, it is official...QE will continue until the corporations can no longer pass on the cost of weaker doller to consumers....until then it is not inflation....just more competitive exports....(like that is really going to help make my retirement income stretch further....before I become destitute).
I have a bag of (Abalone)to sell you!
what a dumb fucking cunt....
a currency devaluation may TEMPORARILY inflate NOMINAL wages, however it lowers REAL wages.So mizz romer, how do families benefit from soaring prices and lowered real wages?
honestly, this troll has a phd? Whos cock was she suckin' on?
Is it just me, or does every member of nobamas staff look like a complete fucking idiot?
Hey Willy Banzai,do a nude of Romer, now that's what I call 'visual combat' - i think I just threw up in my mouth a little :)
I raise my martini glass to you, Mr. Black. Aptly said...moving even. I, like many, was changed by two readings of 1984. I once read it when I was stupid and mostly hormones congealing in my shorts. I read it again years later when I had attained some wisdom.
Our state is most certainly attaining big brother status, but as I posted earlier today, only a handful of Internet twits seem to mind it.
We are all traveling down a very dangerous highway now...without regard for what we have left behind. We are all modern women now, breaking down old boundaries, emancipated, free of any sense of duty, and buying absurdly priced yoga outfits....figuratively speaking on that last count, of course. We are all modern American, self-involved yoga queens now...and our house is on fire.
And we sit transfixed on nothing.
It reminds me of one of the best quotes from George Orwell’s 1984:
“In a way, the world-view of the Party imposed itself most successfully on people incapable of understanding it. They could be made to accept the most flagrant violations of reality, because they never fully grasped the enormity of what was demanded of them, and were not sufficiently interested in public events to notice what was happening. By lack of understanding they remained sane. They simply swallowed everything. . .”
Boy was he ever right-- wonder what he'd say about American Idol and Jersey Shore. By the way, fuck that fat moronic cow Romer and the horse she rode... wait a minute no horse can take that weight and bullshit.
She's a f****** economic moron!!!!! We need to get rid of these idiotss immediately and especially keep them away from students trying to really learn something that may help them and our country.
Against the WALL!!
hey hondo, ive been thinking, all these people making decisions regarding the economic health of the US are supposed to be superiorly intelligent(phds). BUT, everything they say is incorrect....so that makes me think that there is no way they can be that stupid, so I have to assume their statements and decisions indeed have malevolent underlying intent if you know what i mean.
I couldn't agree more. Nobody has ever been that stupid. She's lying through her teeth. Why? Like all the rest, money and power.
I think she's a professor of HOME economics. That would explain a lot.
That or she caught the Judge Judy gibberish bug.
I couldn't resist...
http://www.youtube.com/watch?v=1MwjX4dG72s
It's over. With group think like that, time for pitch forks and marches. I just cannot believe someone with an IQ over 50 could think like that. I need more prozac.
Another example of people who believe things firmly that are not true and how damaging it is to do so.
this lady is obviously taking mega doses of modern antipsychotic drugs which induce obesity..I am sure she is suffering severe vaginal yeast infections secondary to the diabetes so induced..she just wanted to scratch so bad in the interview.
looks like the viewer comments under the vid weren't buying her crap either. What a complete failure of a human being.
Absolutely disrespectful-They should've left Chris Farley's remains in the grave. To parade his body around like this is an atrocity. And what's with dressing the corpse up in a yellow dress like that? Shameful.
i do think a weaker dollar is good in the long term.
It decreases undeserved consumption among the unproductive masses in the US. which is a significant chunk of the population.
imports become more expensive. Just because todays economy has less of manufacturing, this situation is not sustainable. there is no way this situation will chnage unless the dollar becomes weaker or trade tariffs are introduced.
How weak would you like to see it?
And how are you going to hold it there against other currencies who are printing as well?
Details?
And could you define "undeserved"? And why do you get to choose?
when i say undeserved i mean people who consume more economic value than they produce. the economic value of product or service would be set by a global marketplace in the abscence of trade tariffs.
Sure, and your utopia will include the likes of Piglosi, Reid, Anthony Mozilla, Bernanke, Jerry Jones, Terrell Owens, Gates, Buffet, etc.. Because all these productive members of society have the means to support $20 a gallon gas and $15 milk. Just pray a tsunami doesn't destroy that utopia and you guys have to re-plant crops! Who is anyone to judge what is productive anymore. I see welfare recipients as being more productive than some of you patriots........at least they ARE going for the jugular and attempting to starve the BEAST!
i was arguing for more of a free market determining economic value, and I think in a free market the value of the $ will go down. As a country i think the US consumes more than it produces based on the economic value of the produce of america as desired by other nations. Hence the value of the $ will trend down and standard of living in the US will decrease with that. I dont think there is any escaping this trend unless the US increases productivity and starts providing more products/services that other countries are willing to pay for.
"i was arguing for more of a free market determining economic value"
This is ultimately the answer. Time to leave the matrix. The USA must start making decisions based upon economic, not political, criteria.
but you missed the part about there not being a manufacturing base to make use of it.
or that EVERY policy decision being made is anti business and anti national self sufficiency. well, unless you're part of the in crowd that is.
or that the majority of that unproductive base tends to vote for a particular political party
or how many people would starve and riot while in the process of making the standard American 18USD/hr on par with the Chinese hr rate.
i think with currency printing the process of equalization of wage across countries is being eased in gradually.
I believe that eventually the american wage and chinese wage will equalize when both the chinese and american wants the same gallon of gas they will both have to provide the same amount of product/service to the arab.
and i think manufacturing bases are moved by companies rather easily as it becomes more economical to manufacture in the US.
So the USA simply surrenders the wide advantage we had over the Chinese 40 years ago. The USA makes no effort to provide their workers with superior tools to maintain an advantage.
robobob,
What country are you talking about?
It sounds very similar to the US in that we have no manufacturing base either, only here, every political decision is bought and paid for by our corporate "persons", which means the only people who matter are those who own a business big enough that every citizen must participate in funding it.
Here in America, our productive base is paid next to nothing for their work, has no pension or benefits, and can barely afford to eat, let alone keep a roof over their heads. The big businesses here determine the pay rate for the real producers, which means that those useless, entitled fucks at the top of the corporation get to decide that they are worth 1050 x's the people who actually expel the energy to get the job done.
I don't know if you're familiar with craigslist or snagajob or any of the many online classifieds, but you'll find that the only jobs not already taken pay less than $8 per hour and are temporary, part-time jobs which don't include any benefits. Boy, you must be pretty damn self-sufficient to be able to survive on less than $8 an hour, huh? These modern day "workers/expellers of precious energy" are really something else, I don't know how they do it!! Kudos to them.
But we're fixing those useless eaters who can't keep up with the demands and insatiable appetites of big business. If they can't "afford" to pay their "debts" to big business for their "wild spending sprees" on gas, food, and transportation (no shelter, but we have tents for that purpose, plus they have vehicles if they need gas, so they can shelter there) we are finally putting them in jail. The only bad thing is, now those other workers will have to pay big business to keep that useless eater in jail, where he belongs.
I hate having to pay for those freeloaders.
"the academic studies that have looked at this absolutely say that QE does what we thought it was going to do.”
and
"energy costs will necessarily skyrocket"
oh, I am quite sure it's going exactly as they planned.
"it tends to lower the price of the dollar" - Romer
Note that she refers to the Dollar as having a "price" -- not a value. What she's really insinuating is that she's glad for the devaluation of the Dollar, as if the resulting inflation is a good thing. Is she insane? What is it about so many of these arrogant academics that makes them such imbeciles? How can anyone be so delusional. Now I know why trillions later, we're still sinking in debt quicksand!
She is quite sane. You have assumed that she cares about the average American citizen.
i can honestly say i hate this pig
You're underestimating her. She'll come out of this very wealthy and able to live in her Villa in teh South of France while civil war erupts here.
It's good to see the priestly cast is losing its credibility.
Romer did not always say such BS. Before she was hired by Obama, she said that cutting taxes 1% only reduces tax revenues by less than 1% because the cut increases GDP by 2 or 3 percent, which thus increased tax revenue. She dialed that back some in order to get hired by Obama, but this is clearly just an attempt to get back in the game by showing TPTB what a shill she can be for them.
For the most part academics and scientists are for sale. Certainly all the "successful" ones are.
on Thu, 04/07/2011 - 19:16
#1147513
"The problems we face will not be solved by the minds that created them."
- Albert Einstein
And Gravity bends light!
And sure enough! The dollar is getting massacred tonight while crude oil marches higher, closing in on $111 minute by minute! And I'm sure that quantitative easing has nothing to do with skyrocketing prices of everything!
This woman is so utterly deceitful that she changes the terminology. Instead of referring to the declining VALUE of the dollar, she instead plays a game of deceitful semantics by referring over and over again to the declining PRICE of the dollar. After all, everyone knows that cheap "prices" are good, right? She tries to reframe the decimation of the dollars value in the unwary minds of viewers into something positive, knowing full well that many viewers won't understand what she's talking about and that they'll accept what she says at face value! What an insultingly deceitful and sickeningly condescending thing to do!
+1 I am sick of these lemming idiots!
Decietful lemmings. ( plural participle)
Three branches of your new government: fed, dod and va
Tyler
You should do an piece on proof of the market prop job using OBV
Granville must be going nuts. XLE is my example and there are many others that show a major disconnect between these new highs and the low levels of OBV. It is striking. Two red flags IMO
http://stockcharts.com/h-sc/ui?s=USO&p=D&yr=1&mn=6&dy=0&id=p42139092359&...
making money to make us ALL money GODDAMN these guys are genious
Only Barry would be stupid enough to pick Aunt B to advise him on ecomomics.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/4/6_Marc_Faber_-_Mr._Bernanke_is_a_Murderer_of_the_Middle_Class.html
"Baby Bucks" for everyone...
Strong dollar bad.
Baby Buck....good.
Stupid fucking brainwashed bitch.
There is no more awesome sight in nature than that of human ignorance in action.
"You're doing a heck of a job there, Chrissy."
Finally, someone who can make the Tepco guys look brilliant...
what a moron bitch...cheapening the dollar makes GDP go up?!
Yeah, you dumb fat cunt and measuring your weight in KILOS makes it go down!
Oh but wait, you still stay the same weight, it's just measured in different units.
Orwell is pure poetry.
We will fix it!
God help us all.
As I sat tearing my hair out over the incredible bullshit coming out of this cow's mouth, the comment I got from my gf was "Why are you getting mad at her? She is just sharing her opinion?"
Not sure how I didn't blow a gasket after that.
You, my friend, deserve deep sympathy, but I doubt it will do any good.
You Know – with all due respect – it is no wonder our college graduates are little more than a bunch of liberal delusional overeducated idiots. I swear to god – here this woman is a Professor of Economics at one of the most prestigious universities in the country – and she has absolutely NO CLUE! Artificially Manipulated Lower Interest Rates – so people can go out and borrow more money they will never pay back, along with the intentional destruction and devaluation of the Worlds reserve Currency ARE ALL A GOOD THING! Frankly, it is frightening to think she was actually head of the President’s Economic Council! I mean – we all sit around and laugh about how misguided she is in her “Economic Views” – while at the same time knowing they were and are the absolute recipe for economic destruction! It is sad really IMO – that ANY media outlet provides her a forum to espouse her totally misguided insights – but what is even more disturbing is that she is now responsible for teaching a bunch of young impressionable minds that what she is talking about is actually constructive and the answer to our nation’s problems. I Swear To God – is there anyone left who has the balls to stand up and call bullshit? She was made a fool of in this interview – and why the interviewer didn’t just say STOP – you and your thought process are so fucked up I refuse to give you one more second of air time to spew your idiocy – and close by saying parents who are thinking about sending your children to Berkley to study Economics – PLEASE watch this interview over and over again and ask yourself – is THIS REALLY what I want to spend hundreds of dollars per credit hour to be learning!
As long as economic theory is model-based nothing will change. Perhaps one of the prerequisites for an economics degree should be the starting and running of a small business -- which is profitable. Seeing how the real world works would do them all wonders.
Here's an interesting tidbit from Wikipedia:
" . . . knowing they were and are the absolute recipe for economic destruction!"
Economic destruction? For whom? Our elites appear to be doing very well indeed. As they should, they so decreed it.
Hail the economic elite! Long live poverty!
Berkeley.
It's official. The radiation has made it into the weed.
"In times of profound change, the learners inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists." Eric Hoffer
Did she really say that Hoover tried market based solutions to the great depression? I thought Rothbard demonstrated that it was not the case?
Is she this stupid or dishonest? I think the later.
sschu
you guys are so old school you talk like debit is a bad thing - as if it was actually going to be re-paid how quaint
You are a kid that(doesn't) even understand how currencies interact? What happens the usd/ jpy when eur/jpy moves on eur/usd?
She's back at berekley where she belongs -who would pay good money to go to a school that employshat bimbo. OPur country is screwed if we rely on people like her for economic polcy - Obamam was an empty suit who had no clue -the banksters who got him elected put this moron in to further enrich them and ruin the country. The fact that people like her had power is proof that there is a conspirascy among the elites to screw the rest of us. Unfortunately, most Americans have no clue, so they can get away with it.
Ummmm, so which people are they screwing are they screwing over. People in America save? lol
She's just setting the stage for the re-election slogan: "QE3 We'll make it up in volume"
I'm so glad I spent my parent's money getting a Finance degree from iowa State and not Berkeley... ROE of ISU education > "learning" from Robert Reich and Christina Romer...
Wow, we really are fucked.
Let's go $40 silver!!!
Get Smart and use that understanding of financial flows. You are in the Golden Door!
She always reminded me of the fairy godmother in the original Cinderella cartoon.
Reminds me more of Jabba the Hutt - but I can see why the fairy godmother would come to mind.
Or the octopus lady from Little Mermaid