Art Cashin On Becky Quick's Roast Of Paul Krugman

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Define headline heaven? Any time you can gratuitoulsy insert the names Art Cashin, Becky Quick and Paul Krugman in the same title. Like in this case. HERE'S WHAT YOU NEED TO KNOW.

From UBS Finacial Services:

Can I Get An "Amen!" Out There – Becky Quick, who brightens up mornings at CNBC "Squawkbox" got mad enough to take on Paul Krugman in a terrific piece on Fortune.com. Here's how it began:

It's bad enough that we can't have a serious conversation about any of our nation's problems during the election season. Now folks like Paul Krugman are trying to ensure that we can't have one after the election either.

 

The New York Times columnist and Nobel Prize-winning economist recently wrote a column attacking a bipartisan proposal to reduce the nation's debt problems, arguing, "We're not facing any kind of a fiscal crisis." He maintains that President Barack Obama, if reelected, should reject calls to resurrect the debt-reduction blueprint.

She goes on to cite a variety of well credential sources who flat out disagree with Krugman's contention. She then cements her argument by going through the numbers.

 

America took in $2.45 trillion last year and spent $3.54 trillion, leaving us with a deficit of about $1.1 trillion. A nation with as much goodwill as ours can do that from time to time, but this marks the fourth year in a row we've spent over $1 trillion more than we took in. Just in that time, we've borrowed more than $17,000 for each man, woman, and child in the country.

 

 

The interest payments on all that debt are a potential tsunami of their own. We're spending $258 billion a year on interest payments for our massive debt. That's more than we spend on the departments of Commerce, Education, Interior, Energy, State, Homeland Security, and Justice combined. And the Congressional Budget Office projects that if we don't tackle some of this debt, our interest payments will soar to $1 trillion a year just over a decade from now.

 

As for our entitlements, the situation is equally dire. As the law is currently written, the Social Security trust fund will run dry in 2033. If nothing changes before then, Social Security recipients will have their benefits cut by 25%. Simpson-Bowles tries to keep the program solvent by putting in modest steps to raise the retirement age gradually far into the future -- by one year in 2050 and another in 2075 -- so as not to change the social promises made to people who are nearing retirement age now. But the longer we wait to discuss the real problems in entitlement programs and enact changes like this, the more draconian the fix will need to be.

 

That's why Krugman's claim that there is no fiscal crisis isn't just laughable, it's downright dangerous. Krugman throws down the gauntlet when he calls Simpson-Bowles "a really bad plan." As President Clinton notes, nearly every constituency will find some part of it hard to swallow. But the beauty of the plan is that it attempts to unify the country through shared sacrifice that is also grounded in some form of fiscal reality. And there's nothing "really bad" about that.

It's a terrific piece. You should pull it up.

* * *

Tangentially, is there anyone out there who doesn't think Paul Krugman is a farce, wrapped in a joke, inside a humiliation (and all endorsed by the Nobel prize winning committee which with every passing year proves it has the darkest, most demonic sense of humor in the history of the world)?

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Fri, 10/26/2012 - 12:56 | 2921945 fuu
fuu's picture

"Art Cashin On Becky Quick"

Uggh.

Fri, 10/26/2012 - 12:58 | 2921956 slackrabbit
slackrabbit's picture

Art you old dog...

Fri, 10/26/2012 - 13:05 | 2921979 alstry
alstry's picture

Tragedy Of The Commons Or Common Tragedy?

7 Billion People...Limited Resources...Unsustainable Waste....Bankrupt Economies....One Planet.....Zero Hedge

Welcome to the Udder World....where we all milk off each other now.

Fri, 10/26/2012 - 13:16 | 2922032 redpill
redpill's picture

Hush, this thread is about Becky's udders, don't spoil the party.

Fri, 10/26/2012 - 13:20 | 2922047 Richard Chesler
Richard Chesler's picture

 is there anyone out there who doesn't think Paul Krugman is a farce, wrapped in a joke, inside a humiliation (and all endorsed by the Nobel prize winning committee which with every passing year proves it has the darkest, most demonic sense of humor in the history of the world)?

 

NO.

 

Fri, 10/26/2012 - 13:39 | 2922122 Nothing To See Here
Nothing To See Here's picture

The Nobel committee got it all wrong. Actually, the EU should have received the prize in economics, with Greece as its representative, while Krugman should have received the peace prize for his "war means growth" keynesian theories and his alien invasion plan.

Fri, 10/26/2012 - 13:49 | 2922161 francis_sawyer
francis_sawyer's picture

Becky's not that well endowed in the udder dept...

Fri, 10/26/2012 - 14:09 | 2922224 francis_sawyer
francis_sawyer's picture

Oh... my bad [again]... I guess she's Morgana the kissing bandit & Jane Russell put together... I guess my fact checking is its customary sub par standard...[rolls eyes]...

Sat, 10/27/2012 - 08:14 | 2923637 GetZeeGold
GetZeeGold's picture

 

 

Who the hell is Paul Krugman?

Sat, 10/27/2012 - 10:26 | 2923718 monad
monad's picture

Enthusiasm and creativity more than makes up for socially programmed visual cues. Give me a merry woman with dancer's legs and diver's lungs and I'm set. 

Fri, 10/26/2012 - 16:56 | 2922679 Matt
Matt's picture

Just to clarify, it isn't the actual Nobel committe that hands out the real Nobel prizes in actual science. 

"Prize Committee similar to the Nobel Committees is used" - http://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences

Fri, 10/26/2012 - 18:46 | 2922878 knukles
knukles's picture

Economics is NOT a Science

Fri, 10/26/2012 - 13:25 | 2922070 Fishthatlived
Fishthatlived's picture

I'd tag it......but I think she gets up too early for me.

Fri, 10/26/2012 - 13:17 | 2922036 The Gooch
The Gooch's picture

I think you're stuck in a tape-loop, lactose.

Fri, 10/26/2012 - 13:23 | 2922063 fuu
fuu's picture

So sly, so sly the rat.

Fri, 10/26/2012 - 13:26 | 2922065 Fredo Corleone
Fredo Corleone's picture

Ah, "Becky" -- the jig is up. Once the operative term "Simpson-Bowles" appeared in the body of text, the heretofore invisible ( yet suspected ) hand of the ghost writer made itself visible.

Where is to be found the hallowed ground which is home to this sprite of a scribe ? An analyst desk in Omaha, perhaps ?

Fri, 10/26/2012 - 13:26 | 2922075 redpill
redpill's picture

Becky is Uncle Warren's fluffer in between his episodes of screwing the little guy.

Fri, 10/26/2012 - 14:08 | 2922221 ebworthen
ebworthen's picture

And notice that Becky said nothing about the FED and the rest of Government bailing out the banks and by proxy old crony capitalist codgers like her sweetie Warren Buffet.

Something about hearing "shared sacrifice" in the face of bailed out corporations, banks, and insurers who lie, gamble, manipulate rates, and steal people's money - makes me feel increasingly disabled and unable to work.

Fri, 10/26/2012 - 13:41 | 2922136 azzhatter
azzhatter's picture

Hey Art, Becky's spoken for. Warren is the jealous type

Fri, 10/26/2012 - 13:43 | 2922147 Stock Tips Inve...
Stock Tips Investment's picture

It seems that something happens in the world. Less logical ideas begin to be accepted by most of the population. Today in Europe, all shout "more spending". Here in the U.S., many people seem to be convinced that what Krugman says makes sense (?). Economic values ??that made this nation grnde appear to be an accident in our evolution. If this situation is not handled by responsible people, we attend a tremendous crisis.

Fri, 10/26/2012 - 14:14 | 2922241 Liquid Courage
Liquid Courage's picture

If Art's an "old dog" ... that makes Becky a "new trick", no?

Well, close enough.

Sat, 10/27/2012 - 23:11 | 2924793 Tommy Gunner
Tommy Gunner's picture

Picture this:

Art and Becky doing blow after work... and Art smashes back a few shots of JD... pops a Viagra... and starts to grind rythmically against Becky's big fat ass...

Becky reaches around and says 'oh daddy you I love older men with big red noses"

Ya baby I know what you want. Art bend becky over behind the set and rams it home. Becky howls in delight!!!

Then Joe Kiernan who is of course bi lifts his head from Karl's bone and looks towards Becky and he says

Hey Becky did you hear that Ben Bernanke (another old bastard) just stitched on a huge donkey cock that he got from a Donkey just outside of Kandahar.

Is that so Joe? As Art rogers here quickly... his entire head now beet red from exertion - he'll either blow a gasket and have a Mark Haines like collapse - unless he blows his nut first.

And Joe says yep, I gave him suck last week.

Wow. Can you pass along his tel - i love old bastards with donkey cacks.

The End

Fri, 10/26/2012 - 12:56 | 2921949 Dr Paul Krugman
Dr Paul Krugman's picture

Brightens up mornings lol.

Fri, 10/26/2012 - 13:08 | 2922001 joemayo
joemayo's picture

" farce, wrapped in a joke, inside a humiliation"  Address the charges, sir!!!!! LOL

Fri, 10/26/2012 - 13:15 | 2922022 NotApplicable
NotApplicable's picture

Pretty easy to invalidate the humiliation aspect, given that narcissists don't have the 'weakness' of humility.

If his face is ever red, it's likely because he's dressed in drag, and just got carried away with the rouge.

Fri, 10/26/2012 - 13:08 | 2922003 alangreedspank
alangreedspank's picture

Haha LOL

Fri, 10/26/2012 - 12:57 | 2921950 slackrabbit
slackrabbit's picture

Either Krugman is mad (99.8%) chance or he a closet gold bug (0.2%) and telling the idiots what they want to hear.

You decide!

;-)

Fri, 10/26/2012 - 13:01 | 2921965 A L I E N
A L I E N's picture

So you're saying there's a chance!

Fri, 10/26/2012 - 13:04 | 2921981 WALLST8MY8BALL
WALLST8MY8BALL's picture

MADBERNKRUG!

Fri, 10/26/2012 - 13:04 | 2921986 Dr Paul Krugman
Dr Paul Krugman's picture

Gold is a fear trade considering there has been no inflation to ramp up the price. 

I am sure one of my mutual funds owns ABX, but no, I haven't buried any behind my house.

Fri, 10/26/2012 - 13:12 | 2922015 DUNTHAT
DUNTHAT's picture

you mean reported inflation.

real inflation quite a bit larger.  all those shrinking packages while maintaining prices!

Fri, 10/26/2012 - 13:19 | 2922043 MsCreant
MsCreant's picture

I guess your package shrinks when you ain't got no balls. Ask Krug.

Fri, 10/26/2012 - 13:18 | 2922038 MsCreant
MsCreant's picture

Oh I just love effigies. Too bad I can't hang you for Halloween. Truly horrific you would be.

"there has been no inflation..."

Besides your ego?

Fri, 10/26/2012 - 13:40 | 2922134 Thisson
Thisson's picture

Gold is not an inflation hedge, you idiot.  Gold is an interest rate hedge and a tangible asset.

Fri, 10/26/2012 - 16:15 | 2922580 Overfed
Overfed's picture

Whaddya' mean, no inflation? I'd sure like to know where you shop for groceries, building materials and buy fuel. I can tell ya' that shit's doubled in the last two years or so. My electric bill has tripled in the last 10 years, too, so I call bullshit with a capital "B" on any and all claims of 'no inflation'.

Fri, 10/26/2012 - 12:57 | 2921951 Nihilarian
Nihilarian's picture

Berta's Fundamental Law of Economics. "The only thing more dangerous than an amateur economist is a professional economist."

Fri, 10/26/2012 - 12:57 | 2921953 slaughterer
slaughterer's picture

Why insult Krugman?  He is Romney's choice as next Fed Chair.  

Fri, 10/26/2012 - 13:56 | 2922186 Carl Spackler
Carl Spackler's picture

That is a funny one.

Romney is not a Keynesian.  Clearly, you didn't hear what he had to say when debating the intellectual weakling known as Obama (who just admitted on Leno that he was lost after 7th Grade Math - no wonder the economy and fiscal situations are such a mess) .

 

Fri, 10/26/2012 - 14:03 | 2922210 Bastiat
Bastiat's picture

Math and pot does not mix, period.

Fri, 10/26/2012 - 15:35 | 2922463 Chuck Walla
Chuck Walla's picture

Math and pot does not mix, period.

Ha, little you know! If Pookie has 2 lids and wanna give his Boo 3 spliffs. So, we divide the OZ by, Fuckin' Choom, now where was I.... 1 OZ divide by the Fast & Furious, subtract the square root of Choom, what was I sayin?  Dorito run!!!!

 

FORWARD SOV something...

Fri, 10/26/2012 - 15:18 | 2922413 Panafrican Funk...
Panafrican Funktron Robot's picture

"Romney is not a Keynesian"

ROFL

Fri, 10/26/2012 - 12:57 | 2921955 becky quick and...
becky quick and her beautiful mouth's picture

somebody had to do it.

Fri, 10/26/2012 - 13:03 | 2921977 sunnyside
sunnyside's picture

You're talking about bathing with Warren right?

Fri, 10/26/2012 - 13:24 | 2922067 slackrabbit
slackrabbit's picture

Yea, but she's only touching his Munger!

Fri, 10/26/2012 - 13:37 | 2922113 earleflorida
earleflorida's picture

Becky, your my heroine,... besides being the greatest

:-))

Fri, 10/26/2012 - 12:58 | 2921958 slaughterer
slaughterer's picture

OT:

AMZN +4%

AAPL -2.5%

Makes perfect sense:

AMZN lost money

AAPL made money.  

Fri, 10/26/2012 - 13:57 | 2922191 adr
adr's picture

Like I said. Bezos is probably in charge of finding children to sacrifice at the Bohemian grove. He gets a pass.

A hard audit into Amazon would probably find it to be one of the largest money laundering operations in history.

The company can't make a dime, yet continues to trade at an ever increasing P/E even though everyone has to know the only growth in earnings is the negative number. 

The analysts claim the stock is riding the wave of the Kindle Fire HD. Really?

Fri, 10/26/2012 - 13:01 | 2921959 Zero Govt
Zero Govt's picture

Becky nails it on the debt situation

Krugman has lost it ....academic qualies and Nobels clearly count for nothing but signage, "Warning Nutter Here"

Fri, 10/26/2012 - 13:04 | 2921975 NotApplicable
NotApplicable's picture

I'd like to think that being taken down by the likes of Becky would be a career ender for Krugboy, but sadly, it will likely strengthen his resolve to go full-retard (Sophism 101).

After all, the NYT has been fully discredited for years and years, yet they are still considered the "paper of record."

Fri, 10/26/2012 - 13:26 | 2922072 slackrabbit
slackrabbit's picture

correction: "the toilet paper of record"

 

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