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(vanityfair.com)   The damage done to the American economy does not make front-page headlines every day, but the repercussions will be felt beyond the lifetime of anyone reading this page   (vanityfair.com) divider line 300
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27633 clicks; posted to Main » on 11 Nov 2007 at 8:57 PM   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2007-11-11 05:57:21 PM
Good article. Very interesting to read.
 
2007-11-11 05:57:40 PM
Sadder still, we now have to rely on Vanity Fair, Rolling Stone and the Daily Show for our news. The television news is now reserved for tabloids and internet rumors.
 
2007-11-11 05:58:47 PM
the shame of Guantánamo and Abu Ghraib, the erosion of civil liberties

Oh the shame, oh the humanity! We're so bad, so so bad. Those poor abused terrorists, makes we want cry. I'll bet there is not a pantie in the nation that won't be drawn up in a bunch for decades to come over the mistreatment of those sweet innocent jihadocrats.

Convicted terrorist complains that he's not getting timely copies of newspaper
 
2007-11-11 06:06:37 PM
While I am someone who has plenty of concerns about the economy, that article was complete horseshiat. This fool knows nothing about the economy and did very little to link the woes he mentioned to anything Bush did or failed to do.
 
2007-11-11 06:06:39 PM
r-u-n-n o-f-t: "We're so bad, so so bad. Those poor abused terrorists, makes we want cry. I'll bet there is not a pantie in the nation that won't be drawn up in a bunch for decades to come over the mistreatment of those sweet innocent jihadocrats."

Most of the people in Abu Ghraib were simply turned over to U.S. troops by rival warlords. There's absolutely no proof they are terrorists of any kind, especially because they have no access to a fair trial. Many of them were simply wandering in the wrong part of Afghanistan, or crossed the wrong warlord. Not only are we torturing people (and incredible low for any society), but we are, in most cases, torturing innocent people.

Why would a society torture people? It's a way of scaring their own society into submission. Make compliant idiots of us all (and in your case, it's worked quite well, I'm sure).
 
2007-11-11 06:06:41 PM
The best part of next year? Watching men and women in $2000 suits tell us all how they're gonna save the economy by spending more and more of our tax dollars on bigger and bigger schemes.

The worst part? Watching over half the country believe the suits who got us into this mess when they say they can get us out of it by raising our taxes.
 
2007-11-11 06:08:27 PM
The first person to respond to the troll gets an extremely painful wedgie.

/you HAVE been warned
 
2007-11-11 06:10:36 PM
"Most of the people in Abu Ghraib were simply turned over to U.S. troops by rival warlords."

I meant Guantanamo (that's where the "terrorists" from Afghanistan were taken), but the situation was almost identical in Abu Ghraib was nearly identical: People stuck in jail without a trial and tortured for absolutely no reason.
 
2007-11-11 06:16:31 PM
The issues relating to us competing with India and China are sooooo over stated. When the market demands more engineers they will pay us more. The number of CSci graduates between 1997 and 2003 is obviously indicative of that principle. Furthermore, the gap isn't nearly as big as people believe. In China and India there is very little distinction in title between a degreed engineer and a vocational technician.

Finally, we are leading the way in all of the predicted areas of technological expansion and opportunity. In the biomedical, genetic, advanced materials, semiconductors, and software arenas there is absolutely no comparison. It might also help to point out that we are spending more on defense research than China is spending on defense in total! This spending will filter into overall tech leadership for decades to come.
 
2007-11-11 06:27:06 PM
It feels good to know that I get to watch the collapse of the first world. Hope you enjoyed the ride!
 
2007-11-11 06:31:27 PM
b2theory: This fool knows nothing about the economy


From Wiki-

Joseph Eugene "Joe" Stiglitz (born February 9, 1943) is an American economist and a member of the Columbia University faculty. He is a recipient of the John Bates Clark Medal (1979) and the Nobel Memorial Prize in Economics (2001). Former Senior Vice President and Chief Economist of the World Bank, he is famous for his critical view of globalization, free market fundamentalists and some international institutions like the International Monetary Fund and the World Bank. In 2000 Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001 he has been a member of the Columbia faculty, and has held the rank of University Professor since 2003. He also chairs the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences.


Just a guess, I'd say he probably knows a little bit about the economy.
 
2007-11-11 06:34:28 PM
Why the hell didn't his guy solve all these problems when he was in the Clinton Administration?

The amazing thing that liberal economists fail to understand is that when you lower taxes for everyone - like we did with Reagan & Bush - the Federal coffers become flush with cash.

Now, if you can get the Politicans to stop spending...
 
2007-11-11 06:37:05 PM
adiabat: "Why the hell didn't his guy solve all these problems when he was in the Clinton Administration?

The amazing thing that liberal economists fail to understand is that when you lower taxes for everyone - like we did with Reagan & Bush - the Federal coffers become flush with cash.

Now, if you can get the Politicans to stop spending..."


Which administration had a budget surplus?
 
2007-11-11 06:42:29 PM
Dinki:
From Wiki-

Joseph Eugene "Joe" Stiglitz (born February 9, 1943) is an American economist and a member of the Columbia University faculty. He is a recipient of the John Bates Clark Medal (1979) and the Nobel Memorial Prize in Economics (2001). Former Senior Vice President and Chief Economist of the World Bank, he is famous for his critical view of globalization, free market fundamentalists and some international institutions like the International Monetary Fund and the World Bank. In 2000 Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001 he has been a member of the Columbia faculty, and has held the rank of University Professor since 2003. He also chairs the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences.


Just a guess, I'd say he probably knows a little bit about the economy.


Great, he has a resume. I guess one doesn't need to know that congress sets the budget in order to work at Columbia. I also imagine that all Columbia scholars believe that Bush drove the sub prime mortgage market. Do Columbia profs also believe that the trade deficit is driven by Bush's trips to the ranch?

Frankly, if the accomplishments of the author are accurate then I have to lower my opinion of everyone this guy has been associated with.

Dear lord, I am fairly left leaning and might agree with much of what this guy believes. That said, he's a political hack.
 
2007-11-11 06:45:24 PM
glenlivid: Which administration had a budget surplus?

Don't you know it was the tax cuts from Reagan and Bushiathat gave us the surpluses of the Clinton years, despite Clinton raising taxes? Oh wait, Bush 1 raised taxes too. Never mind.
 
2007-11-11 06:45:24 PM
The economic issues this country faces are largely nonpartisan. To credit or damn any particular party is stupid. To credit the president for the economic realities of an economy driven by 300 million people is just plain ignorant.
 
2007-11-11 06:46:24 PM
adiabat: The amazing thing that liberal economists fail to understand is that when you lower taxes for everyone - like we did with Reagan & Bush - the Federal coffers become flush with cash.

Except that they didn't. Even Bush's own economists admitted that the tax cuts didn't even pay for themselves.
 
2007-11-11 06:52:10 PM
b2theory: guess one doesn't need to know that congress sets the budget

So the president doesn't propose the budget? Funny I must have missed that part in Econ 101.
 
2007-11-11 06:58:57 PM
glenlivid: Which administration had a budget surplus?

One of the main reasons for that was Newt Gringrich's Republican Congress lowered the Cap Gains tax, and brought about a small modicum of fiscal responsibility.
 
2007-11-11 07:15:19 PM
adiabat: glenlivid: Which administration had a budget surplus?

One of the main reasons for that was Newt Gringrich's Republican Congress lowered the Cap Gains tax, and brought about a small modicum of fiscal responsibility.


Do you say this with a straight face?
 
2007-11-11 07:17:01 PM
savage henry: Do you say this with a straight face?


Let him go. I got a good laugh out of it.
 
2007-11-11 07:17:33 PM
adiabat: "One of the main reasons for that was Newt Gringrich's Republican Congress lowered the Cap Gains tax, and brought about a small modicum of fiscal responsibility."

Not bad, but I'm still giving you a B-. A great conservative "historical revisionist" would have slipped Reagan in there, too.

...and don't forget: Nixon was a great man that was destroyed by the media.
 
2007-11-11 07:18:48 PM
glenlivid: and don't forget: Nixon was a great man that was destroyed by the media.

And the new hotness: Bush is a visionary that will be vindicated by history just like Churchill and Truman.
 
2007-11-11 07:19:51 PM
katemac: savage henry: Do you say this with a straight face?


Let him go. I got a good laugh out of it.


Facts is Facts, boys. No matter what you say, that was one of the most productive Congresses (congressi?) in History.
 
2007-11-11 07:23:21 PM
adiabat: "Facts is Facts, boys. No matter what you say, that was one of the most productive Congresses (congressi?) in History."

Yes, a 7 year, $80 million investigation of a popular (and successful) president which amounted to impeachment for a beej is really something to be proud of.
 
2007-11-11 07:27:25 PM
Dinki: "And the new hotness: Bush is a visionary that will be vindicated by history just like Churchill and Truman."

I love that one, too. Most conservatives are against legalizing drugs because they're so high already, one toke would make their heads explode.

Seriously, how do you get THAT f*cked up without eating a pound of shrooms?
 
2007-11-11 07:35:43 PM
He raises some great points, but at the end he uses this typical politico doublespeak whenever a Democrat or a Republican is talking about taxes:

Those with incomes over a million got a tax cut of $18,000-more than 30 times larger than the cut received by the average American.

He's getting that "30 times" figure by comparing actual dollar amounts, not percentages. It's a bullsiat tactic, and it's one I see time and time again. Republicans use it whenever someone wants to raise taxes. They compare a minor percentage increase and call it "the biggest tax increase in history" because the dollar value of the economy is larger than it was the last time a federal tax increase went through.

People rarely use this tactic when describing what people pay in taxes. Using the same logic, I could reasonably point out that I pay seven times the tax that someone working at McDonald's pays, and thus I deserve a tax break. If you think that argument is nonsense, which you should, then take tax comparisons with a grain of salt when you read about them in the news.
 
2007-11-11 07:40:19 PM
glenlivid: Yes, a 7 year, $80 million investigation of a popular (and successful) president which amounted to impeachment for a beej is really something to be proud of.

Lying to a Grand Jury is what he was Impeached for. Please note, the Republicans decided not to vote to remove him from office.

Successful? He was successful in letting Bin Laden and other terror groups think we'd use our Courts to punish to terror attacks.

How'd that work out for us? Ask Rudy.
 
2007-11-11 08:08:42 PM
adiabat: "Lying to a Grand Jury is what he was Impeached for. Please note, the Republicans decided not to vote to remove him from office."

That would have been political suicide and you know it (Clinton had a very high approval rating). As it is, looking back at history and knowing that $80 million was spent to investigate Clinton, but only $3 million was spent investigating 9/11, I'd have to ask where you priorities really are. Defending that kind of behavior is the epitome of unAmerican, in my opinion.

"Successful? He was successful in letting Bin Laden and other terror groups think we'd use our Courts to punish to terror attacks."

Are you implying that Bush spending trillions of dollars for a world-wide war was the way to go about it? How crazy are you? Better yet, how's Bush doing at getting Bin Laden? This war serves one purpose: Use taxpayer money to secure resources for trans-global corporations. It's not about keeping you safe and it's not about spreading democracy.

You can "fail upwards" all you want to in your own mind, but the facts speak for themselves...so do the approval ratings. The 20% left that feel Bush is doing a good job (which you are undoubtably a part of), and the 14% that think Cheney is doing a good job (are you a part of that cult, too?) make me ashamed of my country.

I don't have time to rebut your lame talking points when I could copy and paste every single one of them in advance. Mega dittos...I'm done for the evening.
 
2007-11-11 08:51:00 PM
Dinki: b2theory: guess one doesn't need to know that congress sets the budget

So the president doesn't propose the budget? Funny I must have missed that part in Econ 101.


My initial statement stands because it is a fact. Don't you hate when those get in your way?
 
2007-11-11 08:59:52 PM
 
2007-11-11 09:01:00 PM
adiabat: The amazing thing that liberal economists fail to understand is that when you lower taxes for everyone - like we did with Reagan & Bush - the Federal coffers become flush with cash.

users.bigpond.net.au
 
2007-11-11 09:02:51 PM
r-u-n-n o-f-t: ...jihadocrats.

You need a prize for that term. srsly.
 
2007-11-11 09:05:18 PM
We are soft, sad, self absorbed - and completely doomed.
 
2007-11-11 09:05:49 PM
Gee, I didn't know Bill Clinton invented the internet. I thought it was Al Gore.

At the same time, I didn't know Bush caused the mortgage crisis.
 
2007-11-11 09:06:44 PM
TFA: Once Franklin Roosevelt assumed office and reversed Hoover's policies, the country began to recover.

FAIL
 
2007-11-11 09:07:43 PM
4.6%? Nice. For a capitalistic country, that's VERY respectable. Dunno if its a real number or not, but if it is, that's damn good.

Having said that... it's just about the only damn bright spot :)
 
2007-11-11 09:09:12 PM
adiabat: Successful? He was successful in letting Bin Laden and other terror groups think we'd use our Courts to punish to terror attacks.

How about those '93 WTC bombers?
Oh, arrested, put on trial, and jailed?

How about those attempts to smear Bill Clinton when he tried to bomb Bin Laden? "Monica Missiles"?

Remember when the outgoing Clinton administration tried to brief the Bush admin on the threat of terrorism and Al-Qaeda, and they ignored them? The Bush administration dismissed them as being "obsessed with terrorism". Instead, the Bush administration decided to cut anti-terrorism funding to the FBI and instead pursue missile defense. Oh and they fired Richard Clarke.

But how's that revisionist history working out for you?
 
2007-11-11 09:09:41 PM
Damn! Fark is loaded to the gills will stupid ignorant hippies. Why don't you all go campaign for Hitlery already? Socialist freaks. Eat a whole bag of dicks you fricken' anti-American basement dwellers. Yell at your mom and tell her you need a new sock.
 
2007-11-11 09:10:50 PM
adiabat: The amazing thing that liberal economists fail to understand is that when you lower taxes for everyone - like we did with Reagan & Bush - the Federal coffers become flush with cash.

We should lower all taxes to 0%. Think how much tax money would roll in!

The Laffer curve has an upslope as well as a downslope, and there's no evidence we're on the downslope (where lowering taxes raises revenues) at this point. Are you ignoring that out of ignorance or because you just want a tax cut, regardless of the consequences to others?
 
2007-11-11 09:11:03 PM
Bush: This war is so important to win that we can't be bothered to pay for it but our grandchildren will have to do it for us.
 
2007-11-11 09:11:52 PM
shooosh: Fark is loaded to the gills will stupid ignorant hippies.

Account created: 2007-08-11 14:34:30

HURRRRR
 
2007-11-11 09:12:16 PM
Oh the mortgage/credit crisis?
For years the libs screamed about an exclusionary economy where poor people were not included, couldn't get credit, and therefor could not achieve their American Dream. Then the banks decided to lower their standards and credit requirments and look what happened. Now the libs scream that they were being irresponsible and greedy by lending so much money and extending so much credit.
Damned when they didn't, now, damned because they did.
 
2007-11-11 09:12:39 PM
shooosh: Damn! Fark is loaded to the gills will stupid ignorant hippies. Why don't you all go campaign for Hitlery already? Socialist freaks. Eat a whole bag of dicks you fricken' anti-American basement dwellers. Yell at your mom and tell her you need a new sock.

6 out of 10. Extra points for the 'sock' reference.

;-)
 
2007-11-11 09:12:52 PM
shooosh

Damn! Fark is loaded to the gills will stupid ignorant hippies. Why don't you all go campaign for Hitlery already? Socialist freaks. Eat a whole bag of dicks you fricken' anti-American basement dwellers. Yell at your mom and tell her you need a new sock.

The anger thread is a few more articles down
 
2007-11-11 09:13:23 PM
shooosh: Damn! Fark is loaded to the gills will stupid ignorant hippies. Why don't you all go campaign for Hitlery already? Socialist freaks. Eat a whole bag of dicks you fricken' anti-American basement dwellers. Yell at your mom and tell her you need a new sock.


See, that's what I say to myself when I'm in private. It's a cathartic response. But when you have time to type it out, try to sound a bit more like a responsible conservative than a third grader that likes guns.
 
2007-11-11 09:13:28 PM
adiabat: The amazing thing that liberal economists fail to understand is that when you lower taxes for everyone - like we did with Reagan & Bush - the Federal coffers become flush with cash.

Even most of my hardcore Republican friends admit that Reaganomics doesn't work. "Tax and spend" beats "don't tax and spend, and spend, and spend."

There's always one party that wants to increase the scope of government: the one in power at any given time.
 
2007-11-11 09:14:06 PM
Locutus of Borg: r-u-n-n o-f-t: ...jihadocrats.

You need a prize for that term. srsly.


Done.

www.mattymo.com
 
2007-11-11 09:14:20 PM
Capt.Kirk: For years the libs screamed about an exclusionary economy where poor people were not included, couldn't get credit, and therefor could not achieve their American Dream. Then the banks decided to lower their standards and credit requirments and look what happened. Now the libs scream that they were being irresponsible and greedy by lending so much money and extending so much credit.

Oh no, it couldn't be the bank's fault for getting greedy.

It must be the liberals.

Imbecile.
 
2007-11-11 09:15:59 PM
Yeah this guy brings up some important issues, but it's a bit of a stretch to blame it all on the past 7 years of the Bush administration (as shiatty as it is).

"And it gets worse. After almost seven years of this president, the United States is less prepared than ever to face the future. We have not been educating enough engineers and scientists, people with the skills we will need to compete with China and India."

How is this any administration's fault? Are they supposed to pick people and say "Hey you, you HAVE to be an engineer."
 
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