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(American Thinker)   Income inequality wasn't a problem until Obama took office   (americanthinker.com) divider line 217
    More: Unlikely, Obama, income inequality, devaluation, Investment Company Institute, price bubble, seasonal adjustments, investment return, U.S. Bureau of Labor Statistics  
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1885 clicks; posted to Politics » on 14 Jan 2014 at 1:34 PM (48 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-01-14 04:28:04 PM  

DROxINxTHExWIND: give me doughnuts: DROxINxTHExWIND: jst3p: ongbok: DROxINxTHExWIND: /I been going HAM

Never thought that I would see that phrase used on Fark, and you used it in the perfect context. Good job

Care to translate for those of us who don't speak jive?


Hard
As a
Mutherfarker

I had to use Urban Dictionary.

Soooooooooo very white.
"Hee-Haw" white.
Owning polka records white.
Pat Boone singing Little Richard white.
"As a matter of fact, I do own a banjo!" white.


LOL! You all are interesting to me. I remember going home after my day on a corporate job and telling my man Black, "These are REAL white people. The kind you see on 'Friends'". I would study them. Their humor. Their likes and dislikes. Their passions. I think its hilarious when something bad happens and a white guy gives up the sarcastic, "Great job" or "This is super". LOL! I don;t know why.



CSB: My step kids have an African American father that they never see. We live in an upper middle class golf course neighborhood. We are raising the whitest black kids I have ever seen and I am not sure if I am doing them a favor or a disservice.

When people see them with just mom, no big deal. When we are all together (with my two wonder bread kids) we ALWAYS get asked if they are adopted.
 
2014-01-14 04:28:26 PM  

dwrash: Two words.... Capital Gains... get rid of it and a sizable portion of our deficit will go away and it will slow down how fast the rich are getting richer.


You mean "increase it", right? As in increase the capital gains taxes back to where they were under Reagan?

I'm also in favor of taxing each and every stock sale (like, 0.01% or so) to reduce the market manipulation.
 
2014-01-14 04:29:32 PM  

ox45tallboy: dwrash: Two words.... Capital Gains... get rid of it and a sizable portion of our deficit will go away and it will slow down how fast the rich are getting richer.

You mean "increase it", right? As in increase the capital gains taxes back to where they were under Reagan?

I'm also in favor of taxing each and every stock sale (like, 0.01% or so) to reduce the market manipulation.


I think he means tax all income as income and don't give preferential tax treatment to investment income.
 
2014-01-14 04:31:32 PM  

ox45tallboy: monoski: the same applies to cash but stocks appreciate in value, cash generally depreciates.
//are there any objective risk free symbols of "actual" wealth?

Good question. I would say income first and foremost, followed by home ownership and other "quality of life" indicators such as Internet access, education, debt (or lack thereof), and other actual assets.

That's not to say that stock ownership is currently not an indicator of wealth; I agree that it is, but I'm saying that it should not be. Stocks do "generally" appreciate in value, but take a look at any "hiccup" or "adjustment" and you can see who ALWAYS comes out on top.

My problem with stocks is that their ownership takes money out of the circulating economy. The higher stock prices go, the less money people have to spend, because the money made off stocks overwhelmingly is just plied right back into the stock market instead of being spent. The money to pay the winning bets has to come from somewhere, and it invariably comes from the circulating economy. This is not the case with investment in small businesses, where the value of the business is generally not much more than the sum of the assets it controls.



I agree but stocks and other investments need to be taken into account because
1) it gives a picture of how many people are livin paycheck to paycheck, and
2) for the top tier, employment income is negligible compare to the accrual of investments.
 
2014-01-14 04:32:36 PM  

DROxINxTHExWIND: LOL! You all are interesting to me. I remember going home after my day on a corporate job and telling my man Black, "These are REAL white people. The kind you see on 'Friends'". I would study them. Their humor. Their likes and dislikes. Their passions. I think its hilarious when something bad happens and a white guy gives up the sarcastic, "Great job" or "This is super". LOL! I don;t know why.


/I'd like to have intercourse with one of your women.
//for science


CSB from me: I used to bartend at an all-black nightclub in Atlanta. There are soooo many stories I could tell. (Not to mention the "scientific research" I took part in). One of my favorite things was when a customer eating soup would say, "Y'all got any more crackers?" And I would shrug and say, "No ma'am, just me."
 
2014-01-14 04:33:06 PM  

jst3p: I think he means tax all income as income and don't give preferential tax treatment to investment income.


Works for me, too.
 
2014-01-14 04:35:38 PM  

Serious Black: nyseattitude: Just watched Inequality for All a few nights ago. Nice to see people using historical and factual information to teach the younger generations.

http://inequalityforall.com

I saw that when it first premiered in Lawrence. Didn't really have much information that I didn't already know; the two things I learned from that movie were how to pronounce Robert Reich's name correctly and that he's incredibly short. It was still pretty well put together, and somebody who hadn't dug into the information he presented in the movie would learn a ton.


Agreed, I was the same. I knew it was geared towards younger generations.
 
2014-01-14 04:36:50 PM  

cchris_39: Liberal logic would be funny to watch if it wasn't so sad and damaging.

Year in and year out they assure me that there is no inflation


No they don't.


and that deficit spending is a great thing that we need more of.

Deficit spending is fine.

Then later the same day they lament the fact that their wages have fallen in real terms and that the government spending didn't trickle down any more than the corporate spending did

Care to offer any ideas for how to fix stagnant wages for lower and middle class America?


I mean I know you're trolling but damn, trolling on Fark used to mean something
 
2014-01-14 04:37:30 PM  

God Is My Co-Pirate: I agree but stocks and other investments need to be taken into account because
1) it gives a picture of how many people are livin paycheck to paycheck, and
2) for the top tier, employment income is negligible compare to the accrual of investments.


No, you're right; as I said, it IS currently an indicator, I just don't think it should be, because I don't think that stocks are properly valued, nor is the exposure to risk of these "assets" taken into account. We should be promoting investment in smaller business that is not subject to the overvaluation and manipulation of the stock market.

But yes, currently, it IS an indicator of wealth because that's what "wealthy" people are buying.
 
2014-01-14 04:37:32 PM  

jst3p: DROxINxTHExWIND: give me doughnuts: DROxINxTHExWIND: jst3p: ongbok: DROxINxTHExWIND: /I been going HAM

Never thought that I would see that phrase used on Fark, and you used it in the perfect context. Good job

Care to translate for those of us who don't speak jive?


Hard
As a
Mutherfarker

I had to use Urban Dictionary.

Soooooooooo very white.
"Hee-Haw" white.
Owning polka records white.
Pat Boone singing Little Richard white.
"As a matter of fact, I do own a banjo!" white.


LOL! You all are interesting to me. I remember going home after my day on a corporate job and telling my man Black, "These are REAL white people. The kind you see on 'Friends'". I would study them. Their humor. Their likes and dislikes. Their passions. I think its hilarious when something bad happens and a white guy gives up the sarcastic, "Great job" or "This is super". LOL! I don;t know why.


CSB: My step kids have an African American father that they never see. We live in an upper middle class golf course neighborhood. We are raising the whitest black kids I have ever seen and I am not sure if I am doing them a favor or a disservice.

When people see them with just mom, no big deal. When we are all together (with my two wonder bread kids) we ALWAYS get asked if they are adopted.



Ok, have to put the jokes aside for this one.

Please, get that shiat out of your head and never consider it again. I don't care if you're black, white, or burgundy the important thing is that you are there for those kids. And if you think they're "acting white" it tells me that you're having an influence that is hopefully positive. It takes a man to raise someone else's children.


/Respect
 
2014-01-14 04:37:48 PM  
Do you think those who write this crap actually believe it?

If they did actually believe it, does that make them more or less dangerous?
 
2014-01-14 04:38:54 PM  

ox45tallboy: dwrash: Two words.... Capital Gains... get rid of it and a sizable portion of our deficit will go away and it will slow down how fast the rich are getting richer.

You mean "increase it", right? As in increase the capital gains taxes back to where they were under Reagan?

I'm also in favor of taxing each and every stock sale (like, 0.01% or so) to reduce the market manipulation.


That would be an epic move. Run it on the platform of "virtually eliminating the Capital Gains tax"
 
2014-01-14 04:40:14 PM  

nyseattitude: Serious Black: nyseattitude: Just watched Inequality for All a few nights ago. Nice to see people using historical and factual information to teach the younger generations.

http://inequalityforall.com

I saw that when it first premiered in Lawrence. Didn't really have much information that I didn't already know; the two things I learned from that movie were how to pronounce Robert Reich's name correctly and that he's incredibly short. It was still pretty well put together, and somebody who hadn't dug into the information he presented in the movie would learn a ton.

Agreed, I was the same. I knew it was geared towards younger generations.


I was 29 when I saw it. Apparently I'm from an old generation now.

/get off my lawn!
 
2014-01-14 04:40:50 PM  

DROxINxTHExWIND: give me doughnuts: DROxINxTHExWIND: jst3p: ongbok: DROxINxTHExWIND: /I been going HAM

Never thought that I would see that phrase used on Fark, and you used it in the perfect context. Good job

Care to translate for those of us who don't speak jive?


Hard
As a
Mutherfarker

I had to use Urban Dictionary.

Soooooooooo very white.
"Hee-Haw" white.
Owning polka records white.
Pat Boone singing Little Richard white.
"As a matter of fact, I do own a banjo!" white.


LOL! You all are interesting to me. I remember going home after my day on a corporate job and telling my man Black, "These are REAL white people. The kind you see on 'Friends'". I would study them. Their humor. Their likes and dislikes. Their passions. I think its hilarious when something bad happens and a white guy gives up the sarcastic, "Great job" or "This is super". LOL! I don;t know why.


/I'd like to have intercourse with one of your women.
//for science


If you look like Blair Underwood, spouse 2.0 would volunteer.
Spouse 3.0 is more of a Denzel kind of gal.
 
2014-01-14 04:41:40 PM  

God Is My Co-Pirate: 2) for the top tier, employment income is negligible compare to the accrual of investments.


Oh, and yes, that is an excellent point - it's impossible to show wealth for many of the richest any way other than on paper. (well, spreadsheet, but you know what I mean.) And their actual wealth doesn't even matter to them other than as a tool they can wield to increase it even further - most of these people spend only a fraction of their income / wealth.
 
2014-01-14 04:42:29 PM  

ox45tallboy: dwrash: Two words.... Capital Gains... get rid of it and a sizable portion of our deficit will go away and it will slow down how fast the rich are getting richer.

You mean "increase it", right? As in increase the capital gains taxes back to where they were under Reagan?

I'm also in favor of taxing each and every stock sale (like, 0.01% or so) to reduce the market manipulation.


I'd assume he means, "tax capital gains the same way as ordinary income."

I'd agree with that except I'd like to keep some kind of exemption for the first $250k cap gains on a personal residence, as we now have.  It allows retired people to move from old big house to new small house without needing a mortgage that they couldn't afford.  But I probably could be talked out of that.
 
2014-01-14 04:44:36 PM  

Pocket Ninja: In exactly the same way that global terrorism wasn't a problem until 9/11.


I'll get the lights.
 
2014-01-14 04:46:00 PM  

mr.Curmudgeon: JerseyTim:
Let's see what an unfetchable biased source has to say:  http://www.conservapedia.com/Income_inequality


See also: http://www.conservapedia.com/Mystery:Why_Do_Non-Conservatives_Exist%3F

You know, for the LULZ...


The fact that there are living human beings that actually believe this bullsh*t makes it way too scarey for teh lulz...
 
2014-01-14 04:46:13 PM  

DROxINxTHExWIND: /Respect


danke

They are good kids.


nyseattitude: That would be an epic move. Run it on the platform of "virtually eliminating the Capital Gains tax"


lol
 
2014-01-14 04:47:36 PM  

DROxINxTHExWIND: LOL! You all are interesting to me. I remember going home after my day on a corporate job and telling my man Black, "These are REAL white people. The kind you see on 'Friends'". I would study them. Their humor. Their likes and dislikes. Their passions. I think its hilarious when something bad happens and a white guy gives up the sarcastic, "Great job" or "This is super". LOL! I don;t know why.


/I'd like to have intercourse with one of your women.
//for science


I think we can arrange a trade. Do you mean specifically "white" (as in "not a Jewess"), or are my people kosher?

// I'll try to avoid the Long Islanders - no one wants ANOTHER short, whiny, brunette with a skewed perspective on life and fairness
// apologies to those from LI, y'all get a horrible rap
 
2014-01-14 04:50:13 PM  
DROxINxTHExWIND:

I also get the honor of amending "Once you go black you never go back...unless you want to be able to qualify for a mortgage!"


/hung like a field mouse
 
2014-01-14 04:54:56 PM  

Dr Dreidel: DROxINxTHExWIND: LOL! You all are interesting to me. I remember going home after my day on a corporate job and telling my man Black, "These are REAL white people. The kind you see on 'Friends'". I would study them. Their humor. Their likes and dislikes. Their passions. I think its hilarious when something bad happens and a white guy gives up the sarcastic, "Great job" or "This is super". LOL! I don;t know why.


/I'd like to have intercourse with one of your women.
//for science

I think we can arrange a trade. Do you mean specifically "white" (as in "not a Jewess"), or are my people kosher?

// I'll try to avoid the Long Islanders - no one wants ANOTHER short, whiny, brunette with a skewed perspective on life and fairness
// apologies to those from LI, y'all get a horrible rap



LOL. No problem at all. Black people don't distinguish between white people and Jewish people. You're all white to us.

/Joking, but serious
 
2014-01-14 05:14:43 PM  

NateAsbestos: Care to offer any ideas for how to fix stagnant wages for lower and middle class America?

I mean I know you're trolling but damn, trolling on Fark used to mean something


Not trolling - I think deficit spending is inflationary and that most of it trickles right into asset values leaving the little guy screwed again.

Let me answer your other question this way:  Whoever thought a "global economy" was a good idea was full of shiat.
 
2014-01-14 05:23:42 PM  
OK - Everyone is right to point out the article's ridiculous conclusion that income inequality is somehow a problem exclusive to Obama.

But that doesn't change the fact that Obama's embrace of the Bernanke and now Yellen monetary experiment known as quantitative easing combined with the continued inability of the executive branches to eliminate the threat of TBTF through their broad powers to regulate the financial market hasn't exacerbated income inequality in this country.

The reality is that the SP500 is again trading at 25x its CAPE Shiller P/E. This is the fourth time since the S&P started providing a stock market index in the late 1800s that this number has crossed 25. It occurred immediately prior to the 1929 crash (peaking at 32x earnings), a few years prior to the tech bubble burst (peaking at an absurd 45x earnings), and prior to the housing bubble collapse (peaking at 27x earnings). The bubble will burst again. It will have a different name and a different "cause", but at the end of the day, the roots will remain and another Fed-induced bubble will emerge.
 
2014-01-14 05:32:23 PM  

ox45tallboy: dwrash: Two words.... Capital Gains... get rid of it and a sizable portion of our deficit will go away and it will slow down how fast the rich are getting richer.

You mean "increase it", right? As in increase the capital gains taxes back to where they were under Reagan?

I'm also in favor of taxing each and every stock sale (like, 0.01% or so) to reduce the market manipulation.


Yes.. tax it like regular income.
 
2014-01-14 05:33:50 PM  

NateAsbestos: cchris_39: Liberal logic would be funny to watch if it wasn't so sad and damaging.

Year in and year out they assure me that there is no inflation

No they don't.


and that deficit spending is a great thing that we need more of.

Deficit spending is fine.


Deficit spending was just fine by the RWNJs when george w. bush was beating the war drums.
 
2014-01-14 05:35:47 PM  

justinguarini4ever: OK - Everyone is right to point out the article's ridiculous conclusion that income inequality is somehow a problem exclusive to Obama.

But that doesn't change the fact that Obama's embrace of the Bernanke and now Yellen monetary experiment known as quantitative easing combined with the continued inability of the executive branches to eliminate the threat of TBTF through their broad powers to regulate the financial market hasn't exacerbated income inequality in this country.

The reality is that the SP500 is again trading at 25x its CAPE Shiller P/E. This is the fourth time since the S&P started providing a stock market index in the late 1800s that this number has crossed 25. It occurred immediately prior to the 1929 crash (peaking at 32x earnings), a few years prior to the tech bubble burst (peaking at an absurd 45x earnings), and prior to the housing bubble collapse (peaking at 27x earnings). The bubble will burst again. It will have a different name and a different "cause", but at the end of the day, the roots will remain and another Fed-induced bubble will emerge.


So I should prepare for another economic collapse in the near future?
 
2014-01-14 05:39:12 PM  

Lee Jackson Beauregard: NateAsbestos: cchris_39: Liberal logic would be funny to watch if it wasn't so sad and damaging.

Year in and year out they assure me that there is no inflation

No they don't.


and that deficit spending is a great thing that we need more of.

Deficit spending is fine.

Deficit spending was just fine by the RWNJs when george w. bush was beating the war drums.


We have made it way to easy in this county to wage non-defensive wars... it needs to STOP.  There was no reason to invade Iraq or Afghanistan.
 
2014-01-14 05:42:29 PM  

Lee Jackson Beauregard: NateAsbestos: cchris_39: Liberal logic would be funny to watch if it wasn't so sad and damaging.

Year in and year out they assure me that there is no inflation

No they don't.


and that deficit spending is a great thing that we need more of.

Deficit spending is fine.

Deficit spending was just fine by the RWNJs when george w. bush was beating the war drums.


~izquotes.com
 
2014-01-14 05:58:23 PM  
In a sick way, American Stinkhole is correct--Income inequality was not a problem until Obama took office. No, in REALITY, where non-Republicans live, income inequality has been a huge problem and has gotten tremendously worse since Vietnam and especially since Reagan. But now income inequality and corporate and wall street deregulation has gotten so bad, with one party wholly owned by business interests, that the good ol' boys network cannot control the messaging anymore. Even milquetoast shill news like CNN will display the graph of how middle class income has stagnated from time to time. Income inequality has gotten so bad that even the mountains of bullshiat shoveled on it by the GOP and Fox news can't cover it up anymore. To blame the black guy in office is just projection, per the tired playbook the right in this nation has not updated since 1983.
 
2014-01-14 06:20:32 PM  

Stone Meadow: Lee Jackson Beauregard: NateAsbestos: cchris_39: Liberal logic would be funny to watch if it wasn't so sad and damaging.

Year in and year out they assure me that there is no inflation

No they don't.


and that deficit spending is a great thing that we need more of.

Deficit spending is fine.

Deficit spending was just fine by the RWNJs when george w. bush was beating the war drums.

~


And I have defended the RINO's when?
 
2014-01-14 06:30:00 PM  

cchris_39: they assure me that there is no inflation and that deficit spending is a great thing that we need more of.  Then later the same day they lament the fact that their wages have fallen in real terms and that the government spending didn't trickle down any more than the corporate spending did.


Anyone who can explain why (and when) deficit spending is a great thing will not have the cognitive dissonance to deny persistent inflation and to concurrently hold the belief that trickle-down comes from government spending.  Either you misunderstood what they were saying, or you're making shiat up.
 
2014-01-14 06:36:47 PM  

DROxINxTHExWIND: jst3p: DROxINxTHExWIND: give me doughnuts: DROxINxTHExWIND: jst3p: ongbok: DROxINxTHExWIND: /I been going HAM

Never thought that I would see that phrase used on Fark, and you used it in the perfect context. Good job

Care to translate for those of us who don't speak jive?


Hard
As a
Mutherfarker

I had to use Urban Dictionary.

Soooooooooo very white.
"Hee-Haw" white.
Owning polka records white.
Pat Boone singing Little Richard white.
"As a matter of fact, I do own a banjo!" white.


LOL! You all are interesting to me. I remember going home after my day on a corporate job and telling my man Black, "These are REAL white people. The kind you see on 'Friends'". I would study them. Their humor. Their likes and dislikes. Their passions. I think its hilarious when something bad happens and a white guy gives up the sarcastic, "Great job" or "This is super". LOL! I don;t know why.


CSB: My step kids have an African American father that they never see. We live in an upper middle class golf course neighborhood. We are raising the whitest black kids I have ever seen and I am not sure if I am doing them a favor or a disservice.

When people see them with just mom, no big deal. When we are all together (with my two wonder bread kids) we ALWAYS get asked if they are adopted.


Ok, have to put the jokes aside for this one.

Please, get that shiat out of your head and never consider it again. I don't care if you're black, white, or burgundy the important thing is that you are there for those kids. And if you think they're "acting white" it tells me that you're having an influence that is hopefully positive. It takes a man to raise someone else's children.


/Respect


Fully agreed with DROxINxTHExWIND there. Kudos R yours.

But to one-up give me doughuts, here's how white I am.
 
2014-01-14 06:38:25 PM  
Obama's been in office for six years now. I think it's okay to talk about new things in this span of time.
 
2014-01-14 06:43:46 PM  
I don't get the outrage over income inequality. I make whatever money I make, and I live off of it. Over the course of my adult life, I've done many things to increase my income and prepare for my retirement. Why should I care how much other people have? Plus, the average person on Earth only makes about $10,000 per year; those who think income inequality is evil are in for a rude awakening (and a drastic lowering of their standard of living) if they ever achieve their goal of eliminating it.
 
2014-01-14 06:50:43 PM  

Dusk-You-n-Me: The Anti-Scientific Revolution in Macroeconomics

Faith based economics. Wrong about everything.


I was going to read that, then saw that it was a link to a Krugman column. There is nothing scientific about 99% of economics, and 100% of Keynesianism. In fact, Vernon L. Smith won the Nobel prize in economics in 2002 for having the genius to apply the scientific method to economics, which hadn't been done before. His work led him to abandon the Keynesian school, as it does not hold up under scientific scrutiny. You'll never guess what school of economic thought does hold up? I'll let you google it... wouldn't want to spoil the surprise.
 
2014-01-14 06:51:49 PM  

DrPainMD: I don't get the outrage over income inequality. I make whatever money I make, and I live off of it. Over the course of my adult life, I've done many things to increase my income and prepare for my retirement. Why should I care how much other people have? Plus, the average person on Earth only makes about $10,000 per year; those who think income inequality is evil are in for a rude awakening (and a drastic lowering of their standard of living) if they ever achieve their goal of eliminating it.


It's not about caring how much other people have. It's caring about how they are getting it.

Simply put, the deck is stacked.
 
2014-01-14 07:02:18 PM  

DrPainMD: I was going to read that, then saw that it was a link to a Krugman column.


Well bully for you.
 
2014-01-14 07:05:51 PM  

Dusk-You-n-Me: DrPainMD: I was going to read that, then saw that it was a link to a Krugman column.

Well bully for you.


But Krugman is wrong because his beard is stupid and furthermore.
 
2014-01-14 07:11:57 PM  

muck1969: cchris_39: they assure me that there is no inflation and that deficit spending is a great thing that we need more of.  Then later the same day they lament the fact that their wages have fallen in real terms and that the government spending didn't trickle down any more than the corporate spending did.

Anyone who can explain why (and when) deficit spending is a great thing will not have the cognitive dissonance to deny persistent inflation and to concurrently hold the belief that trickle-down comes from government spending.  Either you misunderstood what they were saying, or you're making shiat up.


Yes with terms like "stimulus", and "multiplier effect", and "marginal utility of a dollar" it does sound very academic and confusing.

It seems to me that if the federal government gives a poor person money to spend, the man who owns the grocery store and the wal-mart will be the ones who get richer, not the poor man.

Why should they provide a wage to the poor man when they can simply wait on the federal government to give him
more money to spend on their wares?
 
2014-01-14 07:14:54 PM  

cchris_39: It seems to me that if the federal government gives a poor person money to spend, the man who owns the grocery store and the wal-mart will be the ones who get richer, not the poor man.

Why should they provide a wage to the poor man when they can simply wait on the federal government to give him
more money to spend on their wares?


So you're for a guaranteed minimum income?
 
2014-01-14 07:19:05 PM  

DrPainMD: His work led him to abandon the Keynesian school


It's so cute how you have absolutely no clue what you're talking about.
 
2014-01-14 07:40:06 PM  

cchris_39: Stone Meadow: Lee Jackson Beauregard: NateAsbestos: cchris_39: Liberal logic would be funny to watch if it wasn't so sad and damaging.

Year in and year out they assure me that there is no inflation

No they don't.


and that deficit spending is a great thing that we need more of.

Deficit spending is fine.

Deficit spending was just fine by the RWNJs when george w. bush was beating the war drums.

~

And I have defended the RINO's when?


The very act of calling Dubya a RINO just shows that anything else you say can be safely ignored.
 
2014-01-14 07:52:10 PM  

DrPainMD: Dusk-You-n-Me: The Anti-Scientific Revolution in Macroeconomics

Faith based economics. Wrong about everything.

I was going to read that, then saw that it was a link to a Krugman column. There is nothing scientific about 99% of economics, and 100% of Keynesianism. In fact, Vernon L. Smith won the Nobel prize in economics in 2002 for having the genius to apply the scientific method to economics, which hadn't been done before. His work led him to abandon the Keynesian school, as it does not hold up under scientific scrutiny. You'll never guess what school of economic thought does hold up? I'll let you google it... wouldn't want to spoil the surprise.


thumbs2.ebaystatic.com
 
2014-01-14 08:37:26 PM  
Why is it that without even RTFA I know that this is some GOP chucklehead gloating over their assaults on the poor and middle class while demanding Obama come personally apologize like a good little whipping boy and stop being so darned uppity.

/secede already, you clownshoes.
 
2014-01-14 08:47:02 PM  

justinguarini4ever: OK - Everyone is right to point out the article's ridiculous conclusion that income inequality is somehow a problem exclusive to Obama.

But that doesn't change the fact that Obama's embrace of the Bernanke and now Yellen monetary experiment known as quantitative easing combined with the continued inability of the executive branches to eliminate the threat of TBTF through their broad powers to regulate the financial market hasn't exacerbated income inequality in this country.

The reality is that the SP500 is again trading at 25x its CAPE Shiller P/E. This is the fourth time since the S&P started providing a stock market index in the late 1800s that this number has crossed 25. It occurred immediately prior to the 1929 crash (peaking at 32x earnings), a few years prior to the tech bubble burst (peaking at an absurd 45x earnings), and prior to the housing bubble collapse (peaking at 27x earnings). The bubble will burst again. It will have a different name and a different "cause", but at the end of the day, the roots will remain and another Fed-induced bubble will emerge.


static.seekingalpha.com
 
2014-01-14 08:58:59 PM  

DrPainMD: Dusk-You-n-Me: The Anti-Scientific Revolution in Macroeconomics

Faith based economics. Wrong about everything.

I was going to read that, then saw that it was a link to a Krugman column. There is nothing scientific about 99% of economics, and 100% of Keynesianism. In fact, Vernon L. Smith won the Nobel prize in economics in 2002 for having the genius to apply the scientific method to economics, which hadn't been done before. His work led him to abandon the Keynesian school, as it does not hold up under scientific scrutiny. You'll never guess what school of economic thought does hold up? I'll let you google it... wouldn't want to spoil the surprise.


Careful - you're way oversimplifying. Economics is largely about mathematic proofs - Smith's work involved economic experimentation, a problematic thing to begin with because of so many variables over which there's no control. That's the single most absurd thing about, "austerity didn't work!" or, "Spending didn't work!" It could have gotten worse. So maybe it DID work. And it's nigh impossible to compare even neighboring economies. The regulations differ too vastly for sophomoric declarations of victory or defeat.

There is nothing new in the idea of applying the scientific method to economics.
 
2014-01-14 09:02:21 PM  

Zeno-25: DrPainMD: Dusk-You-n-Me: The Anti-Scientific Revolution in Macroeconomics

Faith based economics. Wrong about everything.

I was going to read that, then saw that it was a link to a Krugman column. There is nothing scientific about 99% of economics, and 100% of Keynesianism. In fact, Vernon L. Smith won the Nobel prize in economics in 2002 for having the genius to apply the scientific method to economics, which hadn't been done before. His work led him to abandon the Keynesian school, as it does not hold up under scientific scrutiny. You'll never guess what school of economic thought does hold up? I'll let you google it... wouldn't want to spoil the surprise.

[thumbs2.ebaystatic.com image 144x225]


The thing is that Marx was brilliant - his criticisms of the state of economics in the early 19th century were spot-on. I'm in awe. Too bad he was completely farking wrong about everything else.
 
2014-01-14 09:52:10 PM  

cchris_39: NateAsbestos: Care to offer any ideas for how to fix stagnant wages for lower and middle class America?

I mean I know you're trolling but damn, trolling on Fark used to mean something

Not trolling - I think deficit spending is inflationary and that most of it trickles right into asset values leaving the little guy screwed again.

Let me answer your other question this way:  Whoever thought a "global economy" was a good idea was full of shiat.


They are called business owners and guess which party many of them belong to?

Hint:  The party name starts with same first letter found in the word "Retarded".
 
2014-01-14 09:53:46 PM  

super_grass: Obama's been in office for six years now. I think it's okay to talk about new things in this span of time.


This is his sixth year in office.  He hasn't been in office for six years.

See the difference?  (Please, please, tell me you do)
 
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