Peter Schiff on the S&P downgrade - "Obama has no clothes on"

[Soul Crusher]

Congrats Team Kenya - you morons voted for this   

[Straw Man]

The downgrade was based on their perception that our political system is broken and because we have a one sided approach that pretends that revenue is off limits.

Repubs try to pretend that the country is a like your family or like your business

If your family budget is upside down you not only stop spending but you also raise revenue.  Your wife goes back to work, you get a second job, etc..   you don't just ignore the income side of the equation.

Same with a business.  What business would ever want stagnant or flat revenue. 

The idea that we can't touch revenue is nothing more than  Republican/Tea Party bullshit

[Soul Crusher]

The downgrade was based on their perception that our political system is broken and because we have a one sided approach that pretends that revenue is off limits.

Repubs try to pretend that the country is a like your family or like your business

If your family budget is upside down you not only stop spending but you also raise revenue.  Your wife goes back to work, you get a second job, etc..   you don't just ignore the income side of the equation.

Same with a business.  What business would ever want stagnant or flat revenue. 

The idea that we can't touch revenue is nothing more than  Republican/Tea Party bullshit

Hey moron - did you see the last GDP report? 

How do you plan on getting more tax revenue out of a stagnant or receding economy?   

[Straw Man]

Hey moron - did you see the last GDP report? 

How do you plan on getting more tax revenue out of a stagnant or receding economy?   

Of course I did which only supported my contention (and that of many economists) that the so called stimulus was far too small and too full of bullshit tax cuts that don't stimulate the ecomomy.

I posted on it 2 days ago

from that liberal rag (The Economist) today:

http://www.economist.com/node/21525440

Had the new Obama administration seen that the economy was shrinking at close to 9% per year, it might well have pushed for a much larger stimulus plan, and might reasonably have expected Congress to agree to it. Federal Reserve officials might also have been quicker to scale up their interventions. Washington was left navigating the crisis through a rear-view mirror, and a smudged one at that.

If government was too thrifty before, it looks downright stingy in the light of new information.

[Soul Crusher]

So: 


1.  Obama Admn was too incompetent to see the extent of the problem

or

2.  Presented a bogus plan that was a farce. 





WHICH IS IT?   

[Straw Man]

So:  


1.  Obama Admn was too incompetent to see the extent of the problem

or

2.  Presented a bogus plan that was a farce.  





WHICH IS IT?  

neither dumbass


just because you posit and "either or" doesn't make it a valid question

how exactly is Obama supposed to know the extent of the reduction in GDP at the time they were drafing the stimulus

The ecomimist article is from August 6th.

Jesus man - it's such a pointless waste of time to try to have a discussion with you.  

And when you do read you can't even understand basics concepts

[Soul Crusher]

neither dumbass


just because you posit and "either or" doesn't make it a valid question

how exactly is Obama supposed to know the extent of the reduction in GDP at the time they were drafing the stimulus

The ecomimist article is from August 6th.

Jesus man - it's such a pointless waste of time to try to have a discussion with you.  

And when you do read you can't even understand basics concepts

HEY MORON - HE APPOINTED THE AUTHOR OF TARP AS THE TREASURY SECRETARY!   

[Straw Man]

HEY MORON - HE APPOINTED THE AUTHOR OF TARP AS THE TREASURY SECRETARY!   

Hank Paulsen was the "author" of TARP and Bush singed it into law (remember all the bank starting failing while bush was in office)

what does that have to do with Obama somehow knowing facts about GDP in early 2009 that we just learned about

[Soul Crusher]

Hank Paulsen was the "author" of TARP and Bush singed it into law (remember all the bank starting failing while bush was in office)

what does that have to do with Obama somehow knowing facts about GDP in early 2009 that we just learned about

  

You really are a delusional far left moron.  seriously - you are a fucking idiot.   


1.  Geitner was Paulsons' right hand man and the main guy behind TARP. 

2,  Geithner was the head of the NY Fed.

3.  Obama re-appointed Bernake to head Fed Reserve

4.  He flew in to washington in 2008 to support TARP. 

5.  he appointed "the brilliant" Larry Summers as the head of his economic team along with the other brilliant geniuses who developed the Stim Bill 

 

so now you are claiming he was not privy to sufficient info while people like Schiff and ron paul and others we disagreeing with the bullshit coming from your messiah? 


fucking please Straw - give it up.   your entire "progressive" glass house has just collapsed - deal with it.     

[MM2K]

The downgrade was based on their perception that our political system is broken and because we have a one sided approach that pretends that revenue is off limits.

Repubs try to pretend that the country is a like your family or like your business

If your family budget is upside down you not only stop spending but you also raise revenue.  Your wife goes back to work, you get a second job, etc..   you don't just ignore the income side of the equation.

Same with a business.  What business would ever want stagnant or flat revenue. 

The idea that we can't touch revenue is nothing more than  Republican/Tea Party bullshit

Actually you are right but the country is not like a family in that it will always hae a certain amount of revenue no matter what.  Raising a higher income is only part of the equation if the income is small. If you are making a decent income the answer is slashing your spending. We have always had roughly 20% of GDP in revenue. Always.

[Straw Man]

Actually you are right but the country is not like a family in that it will always hae a certain amount of revenue no matter what.  Raising a higher income is only part of the equation if the income is small. If you are making a decent income the answer is slashing your spending. We have always had roughly 20% of GDP in revenue. Always.

I agree.  That was Eric Cantor  statement as he was trying to withold disaster relief (I think it was a tornado or something) unless he got some spending cuts

The country is also not like a business either

[MM2K]

Of course I did which only supported my contention (and that of many economists) that the so called stimulus was far too small and too full of bullshit tax cuts that don't stimulate the ecomomy.

I posted on it 2 days ago

from that liberal rag (The Economist) today:

http://www.economist.com/node/21525440

Do you guys realize how schizophrenic you sound when you say that $800 billion dollars is not big enough?  What would have been big enough? That's half again as much as Bush's largest deficit. Are you trying to say that S and P wouldnt have downgraded us if our debt had been higher? YOu cannot say that we should have had a bigger stimulus after losing our AAA rating. If the stimulus had been bigger we would have lost our AAA rating sooner. Face it, Obama's politiies have failed.

[Straw Man]

Do you guys realize how schizophrenic you sound when you say that $800 billion dollars is not big enough?  What would have been big enough? That's half again as much as Bush's largest deficit. Are you trying to say that S and P wouldnt have downgraded us if our debt had been higher? YOu cannot say that we should have had a bigger stimulus after losing our AAA rating. If the stimulus had been bigger we would have lost our AAA rating sooner. Face it, Obama's politiies have failed.

when you say "you guys" I'm guess you mean The Economist magazine, a multitude of actual ecomists etc.

800 billion actually might have been big enough if it wasn't watered down with tax cuts and other worthless bullshit but then again we only recently discovred the drop in GDP was much greater than we thought (and this was during Bush - i.e. BEFORE Obama got in office so it had nothing to do with his policies)

[Soul Crusher]

when you say "you guys" I'm guess you mean The Economist magazine, a multitude of actual ecomists etc.

800 billion actually might have been big enough if it wasn't watered down with tax cuts and other worthless bullshit but then again we only recently discovred the drop in GDP was much greater than we thought (and this was during Bush - i.e. BEFORE Obama got in office so it had nothing to do with his policies)

  

Yawn - Obama was part of the Senate majority, the dems ran the congress for 2 years, he appointed geithner summers and rubin etc.  no excuse straw. 

either he knoew and presented a bogus plan, or did not know (Despite saying he did) and is utterly incompetent. 

[MM2K]

when you say "you guys" I'm guess you mean The Economist magazine, a multitude of actual ecomists etc.

800 billion actually might have been big enough if it wasn't watered down with tax cuts and other worthless bullshit but then again we only recently discovred the drop in GDP was much greater than we thought (and this was during Bush - i.e. BEFORE Obama got in office so it had nothing to do with his policies)

Oh, I get it. So if THE ECONOMIST says it and some other economists say it, that means we stop thinking for ourselves, even though there are other economists that say the opposite. Most of the "tax cuts" werent tax cuts, they were tax credits to people who dont pay any taxes. Even some of the true tax cuts, like a cut in the payroll tax, are not the type of cuts that make the economy grow. You really believe someone making minimum wage who gets a reduction in his payroll tax is going to stimulate the economy?

[MM2K]

In this video clip, Straw gets a sex change and debates Republican Rep. Mo Brooks on MSNBC about whether or not we were in danger of going into a depression.

[Soul Crusher]

[Soul Crusher]

[Fury]

Oh, I get it. So if THE ECONOMIST says it and some other economists say it, that means we stop thinking for ourselves, even though there are other economists that say the opposite. Most of the "tax cuts" werent tax cuts, they were tax credits to people who dont pay any taxes. Even some of the true tax cuts, like a cut in the payroll tax, are not the type of cuts that make the economy grow. You really believe someone making minimum wage who gets a reduction in his payroll tax is going to stimulate the economy?

Didn't you know that the opinion of one far-left Keynesian hack of an economist is worth 100 fiscally-responsible economists? In the eyes of people like Straw Man, Paul Krugman is the epitome of an economist. Everything he says is "gold", facts be damned.

[GigantorX]

There was an 800 billion dollar stimulus plan that was an utter and total failure.

On top of that we have a 3.5 Trillion dollar budget w/ 1.5 trillion dollar deficit, 99 week U.E. insurance, massive food stamp use, ZIRP and 2 rounds of QE with a 3rd on the way.

That's all stimulus as well, not just the 800 billion dollar failure. So, add all of that up and there is your stimulus.

Guess what? I didn't work and it isn't working.

[Bindare_Dundat]

Can you beleive Mike Norman still has a hard on for Peter? He's one of the guys that had that big pompous grin on his face and mocked Schiff about his "lax lending standards" remarks in housing. Even now he tries to mock him even after being exposed as an idiot. All those talking heads on MSNBC and FOX business that laughed at him should need to get the boot.