some amusing article
http://thehill.com/blogs/pundits-blog/economy-a-budget/224311-mitt-romney-would-cause-a-recession-ron-paul-would-cause-a-depression
In my Elizabeth Warren column, I referred to the war of the worlds about the future of the U.S. economy. Well, the dark side in this war is led by Mitt Romney, the man who likes firing people, claims that vulture capitalists are job creators and recently criticized the housing policies of a great man, his father, George Romney. The even darker side is led by Ron Paul, whose reactionary economics would bring America back to Austrian economists from a previous century, would cause a depression for America, and have nothing to do with the Constitution or the Founding Fathers. On the Federal Reserve Board, Romney has it wrong and Paul has it backwards. The Fed should be doing more to stimulate the economy, but should not be dumping trillions of dollars onto bankers who refuse to loan. Romney's view, that those who fire workers are job creators, is absurd. Paul's reactionary view, that nothing should be done by the Fed or the government to create jobs, is nutty and would cause a depression. Paul should stop insulting the Founding Fathers by calling this constitutionalism, which it is not. Paul's view is the view of long-departed Austrian economists, not America's Founding Fathers, whose Constitution survives today. Elizabeth Warren is right. Consumers must be protected. Jobs must be created. It will not be banks charging high interest or vultures making millions while supporting big layoffs who will create the jobs. President Obama and Treasury Secretary Tim Geithner have not gone nearly far enough for my taste. The Federal Reserve Board should stop being intimidated by right-wing ideologues and "Hope America Fails" Republicans and should renew policies to grow the economy but do it by helping workers, small businesses and consumers, and not by more bailouts for big banks. Beyond the damage done by Mitt Romney and Ron Paul, I hope Paul Ryan has learned the lesson that he has the right to his economics, and the right to his faith, but please don't hurt the poor in the name of Catholicism or any faith. The first Mitt Romney was good. The second Mitt Romney was tolerable. The third and latest Mitt Romney is a traditional Republican economic disaster who wanted auto companies to be destroyed, criticizes housing policies that his father pioneered and would cause a new recession. As for Ron Paul, he should give the Founding Fathers a break and stop advocating policies that would cause a depression, and doing it in the name of the Founding Fathers and the Constitution.
Another great idea from the helicopter-keynesian braintrust whose policies gave us such smashing successes as the zimbabwe dollar.
Lol, so I googled the writer and I found this on his wiki:
"Brent Budowsky currently is under fire from critics for having little facts to back up his political opinions. One political writer has referred to him as "a confused child" and claimed "someone should take away his pen and give him a crayon"."
I haven't been able to find out which political writer the article is referring to but it still made me chuckle.
... This article is absolutely epic. I'd also like to point out that he could well be right that a change in policy as radicle as Paul's could well lead to a recession, but not for any of the reasons which he stated.
Anyway, I'm also surprised that he can find enough differences between Obama and Romney to argue ones actions would result in a recession.
Of course it would cause a recession. When you're addicted to heroin you're not going to get clean without some pain. The recession is the debt being liquidated and malinvestments being cleansed as resources are reallocated. Paul would be the first guy to tell you there's no pain-free way out of this. The question is do you want a 1920-21, or do you want a 1929-1945.
"The question is do you want a 1920-21, or do you want a 1929-1945."
1. I think we both know that the shift that is going to have to take place is going to take significantly longer than a year to happen.
2. Idk, it's a tough choice, the latter period was a lot more action-packed and interesting...
bloomj31: "Brent Budowsky currently is under fire from critics for having little facts to back up his political opinions. One political writer has referred to him as "a confused child" and claimed "someone should take away his pen and give him a crayon"." I haven't been able to find out which political writer the article is referring to but it still made me chuckle.
bloomj31:I haven't been able to find out which political writer the article is referring to but it still made me chuckle.
If I had a cake and ate it, it can be concluded that I do not have it anymore. HHH
Searching [brent budowsky confused child "give him a crayon"] on Google yields two results: that wikipedia article and this thread (your reply to the OP)
Heh, I had the same result before you.
It often happens to me when I look up quotes that people post on post here. The first result is usually... the thread itself.
Wheylous:It often happens to me when I look up quotes that people post on post here. The first result is usually... the thread itself.
I've noticed the same trend.
There are millions of blogs, which is what a lot of so called 'columns' are, you can't respond to all of them.
I think this is the type of person who has no first hand knowledge of economics or political philosophy, having no expertise or higher education in either, and so just repeats hacky lines. Zzzzzzzzzzzzzzz
bring America back to Austrian economists from a previous century
That... would be... the 20th century...
The horror!!!
Harry Truman once said "It's a recession when your neighbor loses his job; it's a depression when you lose yours".
Perhaps the writers are afraid they will lose their jobs if Ron Paul gets elected while they know only ordinary Americans would lose theirs if Romney gets elected?
"Paul's reactionary view, that nothing should be done by the Fed or the government to create jobs, is nutty and would cause a depression." This is becoming a typical straw-man. The lynchpin of Paul's campaign is over $1 trillion in cuts in one year. How is that doing nothing? How is Paul constantly speaking about the need to rollback government intervention and interference doing nothing? How is Paul explaining the culpability of Fed policy in creating the boom-bust cycle doing nothing? I give up.
At it again:
(it's funny, I read the title and thought it would be a good article...I didn't realize you weren't supposed to like a corporatist banking organization losing money. Apparently these Lefties hate the banks, except when they don't...)