Filed under: Alan Greenspan, Austerity, Austerity fiasco, Carmen Reinhart, Debt and Growth: A Response to Reinhart and Rogoff Responding To Our Critics, Harvard Spending Study, Kenneth Rogoff, Michael Ash, Milton Friedman, Paul Krugman, Reinhart and Rogoff: Responding to Our Critics, Reinhart-Rogoff Study, Robert Pollen, The Excel Depression, Thomas Herndon, Uncategorized, Univerity Of Mass Study
For at least three years now Republicans in Congress have been calling for reductions in spending at a time the economy was weak despite assertions that a reduction in government spending would hurt the recovery and the people dependent on it. This call for a slash in spending at any cost to defense and entitlements was based on a study by two Harvard proffessors (Reinhart-Rogoff) who published a paper that alleged that when spending exceeded 90% of the Gross National Product a tipping point would occur and the economy would go in to a decline. Recently it has been revealed that the economists made fundamental errors in Excel coding and materials included in the study that showed it be wrong. Paul Krugman, a Nobel Prize winning economists points out in a N.Y. Times Op-Ed article as follows;
“So the Reinhart-Rogoff fiasco needs to be seen in the broader context of austerity mania: the obviously intense desire of policy makers, politicians and pundits across the Western world to turn their backs on the unemployed and instead use the economic crisis as an excuse to slash social programs.
What the Reinhart-Rogoff affair shows is the extent to which austerity has been sold on false pretenses. For three years, the turn to austerity has been presented not as a choice but as a necessity. Economic research, austerity advocates insisted, showed that terrible things happen once debt exceeds 90 percent of G.D.P. But “economic research” showed no such thing; a couple of economists made that assertion, while many others disagreed. Policy makers abandoned the unemployed and turned to austerity because they wanted to, not because they had to.” All based on statistical errors and an Excel coding error.
THE FULL ARTICLE CAN BE FOUND HERE
The Excel Depression http://nyti.ms/116mPk5
THE TAKE AWAY: THIS SAME BLIND BOWING TO AN ALLEGED AUTHORITY FIGURE LED THE REAGAN ADMINISTRATION TO EMBRACE AND PROMOTE THE FREE MARKET ILLUSIONS OF MILTON FRIEDMAN, WHICH LED TO THE SAVINGS AND LOAN CRISIS UNDER BUSH I, THE LONG TENURE OF THE BESOTTED FREEMARKETEER ALAN GREENSPAN, THE SAVAGING OF THE BOND MARKET BY WALL STREET AND THE COLLAPSE OF THE ECONOMY UNDER BUSH II. SO AGAIN WE HAVE A FLAWED ECONOMIC REPORT USED BY THE 1% TO LOWER TAXES AND CUT SPENDING ON UNEMPLOYENT COMPENSATION, ENTITLEMENSTS AND EVEN DEFENSE TO PROTECT THEIR INTERESTS TO THE DISADVANTAGE OF THE 99%.
Reinhart and Rogoff: Responding to Our Critics http://nyti.ms/17ZGGEm
Debt and Growth: A Response to Reinhart and Rogoff Responding To Our Critics http://nyti.ms/ZSGaXU (UMASS proffessors responding to Reinhart defence on austerity policy.)
Take Away: Reinhart and Rogoff made excel mistakes and excluded data to reach a conclusion: A conclusion that conservative politcians in Europe and The United States are trying to make into law and policy that will damage our economies. China didn’t follow Reinhart et. al. and injected money into their economy and are growing faster that Western economies.
GUN CONTROL DEFEAT IN SENATE MUSTERING ONLY 54 VOTES 6 SHORT OF THE 60 NEEDED TO OVER COME A FILIBUSTER A CHANGE IN RULES NEEDED?
Filed under: Filibuster, Gabby Giffords, Gun Control, Mitch McConnell, Newtown Parents, Obama, Senate, VOTE
WHO DO YOU BELIEVE?
WHAT THE PRESIDENT SAID: (AT 4.25: Note Gabby Giffords and Newtown Parents On The Podium.)
WHAT SENATE MINORITY LEADER MCCONNELL SAID:
Despite the fact that the majority of Americans support changes in gun laws a minority of elected senators chose to vote against the Administrations bill for a ban on assault weapons, smaller clips and background checks. This occurred after the National Rifle Association announced it would score the vote as to whom they would oppose in the next election.
Even though a majority voted for the passage of the bill there were not enough votes to overcome a threatened filibuster by the minority. However instead of requiring the opposition to actually take the floor and speak on why they opposed the bill they only had to register their vote without speaking on the floor in a filibuster as once was required. This quid pro quo between the two parties: the Democrats don’t require it for opposition to their bills and the Republicans do likewise could have been changed in January but it was not, perhaps the Democrats feared that one day they would be in the minority and then be unable to block a distasteful bill.
However when a minority driven by fear of being given a negative score by the NRA votes against the will of the majority of American people as expressed in the polls an exception should be made requiring those in opposition to take the floor, subject to rebuttal, and express their reasons for opposing gun control. This way the public would know exactly who they are and the reasons for the negative votes and it might change voters’ minds in their home states as to whom they want to elect.
C-Span would cover it fully and the cable and broadcast media would cover the speeches for all to see. Then maybe the power of a small lobbying group like the NRA would be broken and we would have government of the people by the people.
APPARENTLY COULTER JOKINGLY IS WILLING AND PROBABLY UNINTENTIONALLY TO INCITE VIOLENCE AGAINST ANOTHER REPUBLICAN OVER GUN CONTROLS SAYS THE WRAP AFTER MARTIN BASHIR SAID THE ONLY WAY A REPUBLICAN WOULD VOTE FOR GUN LAW CHANGE IS IF THEY LOST A FAMILY MEMBER TO GUN VIOLENCE.
COULTER’S REMARK SHE SAYS WAS MADE IN JEST IN RESPONSE TO A LIBERAL COMMENTATORS REMARK. THE McCAINS HOWEVER SAY IT WAS OVER THE TOP, IN POOR TASTE AND UNNESSARY AS THEY HAVE RECIEVED DEATH THREATS BEFORE AND DON’T NEED ANY MORE IN JEST OR OTHERWISE.
COULTER AND MEGHAN MCCAIN HAVE IN THE PAST EXPRESSED DISAGREEMENT WITH EACH OTHER OVER POLITICAl ISSUES.
THE TAKE AWAY FROM THIS: MEDIA FRINGE PEOPLE WILL SAY OR DO ANYTHING TO GET COVERAGE AND A PAYCHECK WHEN THEIR IMAGE OR VOICE IS USED. HENCE WE HAVE PEOPLE LIKE COULTER,THE KARDASIANS, LOHAN, LOHAN’S PARENTS, THOSE TYPES ON DANCING WITH THE STARS, DENNIS RODMAN AND OTHERS GRASPING FOR MEDIA COVERAGE TO PROLONG THEIR FIFTEEN MINUTES OF FAME.http://www.thewrap.com/tv/column-post/fox-news-site-pulls-ann-coulter-calling-meghan-mccains-murder-85271