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Fri Jul-02-10 08:07 AM
Response to Original message |
| 23. Missed This the First Time: |
|
Even if CBO were right about recovery, which it is not, this projection is internally inconsistent and wholly implausible. It isn't going to happen. Low overall inflation (at two percent) is inconsistent with the projected rise of short-term interest rates to nearly five percent.
Like the SS shortfalls driven by 1.9% growth rates, this is beginning to sound like a model which is constructed to result in a certain prescription.
That is really, really good. And it's even better it was delivered as testimony rather than simply being published.
|
| -Top Economist James K. Galbraith's Withering Testimony to the Deficit Commission. |
girl gone mad |
Jul-01-10 11:40 PM |
#0 |
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That was scathing |
depakid |
Jul-01-10 11:51 PM |
#1 |
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Obama has lost the prebervial barbles. |
Skink |
Jul-01-10 11:56 PM |
#2 |
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"Prebervial"? |
ThomWV |
Jul-02-10 01:30 PM |
#43 |
| -
Soory I was plastered when I wrote that, |
Skink |
Jul-02-10 05:01 PM |
#64 |
| -
More to the point, who chose the commission's members? nt |
Selatius |
Jul-02-10 02:51 AM |
#16 |
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Whatever the answer is... |
liberation |
Jul-02-10 12:18 PM |
#30 |
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I meant to K&R the OP |
G_j |
Jul-02-10 01:14 PM |
#34 |
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Blame the man who put them there. |
Hell Hath No Fury |
Jul-02-10 01:22 PM |
#37 |
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"That was scathing" |
Enthusiast |
Jul-02-10 01:25 PM |
#38 |
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We already suspect the answer, don't we? |
Zhade |
Jul-03-10 12:43 AM |
#104 |
| -
k/r |
Dawson Leery |
Jul-01-10 11:57 PM |
#3 |
| -
kr |
jtuck004 |
Jul-02-10 12:09 AM |
#4 |
| -
+1 |
nilram |
Jul-02-10 12:24 AM |
#5 |
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& Amen! nt |
burnsei sensei |
Jul-02-10 08:12 PM |
#81 |
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Kick/Rec for discussion |
Zhade |
Jul-02-10 12:34 AM |
#6 |
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Spot on |
Hawkowl |
Jul-02-10 12:56 AM |
#7 |
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+1 on the broom. |
Enthusiast |
Jul-02-10 01:27 PM |
#39 |
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Yyyup. |
Lilith Velkor |
Jul-02-10 01:26 AM |
#8 |
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K&R. I agree. This commission is way out of place |
Overseas |
Jul-02-10 01:34 AM |
#9 |
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Spot On!!! |
newspeak |
Jul-03-10 10:18 AM |
#112 |
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SPECTACULAR! |
JackRiddler |
Jul-02-10 01:52 AM |
#10 |
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+100. |
Hannah Bell |
Jul-02-10 02:05 AM |
#11 |
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Wow!! that was great. thanks for posting! |
bbgrunt |
Jul-02-10 02:09 AM |
#12 |
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I'm awestruck! Huge Rec for Gailbraith. nt |
laughingliberal |
Jul-02-10 02:17 AM |
#13 |
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Gutsy and brutally true. |
avaistheone1 |
Jul-02-10 02:17 AM |
#14 |
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Seriously. He straight-up told them "you're hiding, you're lying, you're unnecessary". |
Zhade |
Jul-03-10 01:56 AM |
#105 |
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Doesn't matter which party... |
wuvuj |
Jul-02-10 02:18 AM |
#15 |
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Bravo for Galbraith |
jeanpalmer |
Jul-02-10 02:51 AM |
#17 |
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They can't wait to |
Enthusiast |
Jul-02-10 01:29 PM |
#42 |
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He spells it all out! Great read! |
KeepItReal |
Jul-02-10 02:57 AM |
#18 |
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Well it's about time someone spoke the plain, un-spun truth. Can't recommend this enough. n/t |
Subdivisions |
Jul-02-10 03:14 AM |
#19 |
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K&R for more sanity. |
Greyhound |
Jul-02-10 03:20 AM |
#20 |
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Nothing to see here.... move along, move along... |
Agony |
Jul-02-10 06:16 AM |
#21 |
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He should have also said |
malaise |
Jul-02-10 06:26 AM |
#22 |
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Missed This the First Time: |
On the Road |
Jul-02-10 08:07 AM |
#23 |
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Fabulous!....Thanks for posting!.....JKG speaks truth to power! |
whathehell |
Jul-02-10 10:48 AM |
#24 |
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I think the commission was set up to expose the people on it, especially |
jwirr |
Jul-02-10 04:54 PM |
#62 |
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Interesting thought...I hope that's the case as well. n/t |
whathehell |
Jul-02-10 05:55 PM |
#70 |
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We can quit pretending all these checkers moves are 3D-chess any day now... |
liberation |
Jul-02-10 07:45 PM |
#78 |
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Ah bullshit |
joe black |
Jul-02-10 09:25 PM |
#89 |
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Yeah, right. And they're going to fix the HIR bill, too. |
Zhade |
Jul-03-10 01:59 AM |
#107 |
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Even after HCR? nt |
glitch |
Jul-11-10 12:39 PM |
#128 |
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Considering he picked these fuckers, no. I doubt he will. |
Zhade |
Jul-03-10 01:58 AM |
#106 |
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Gee Whiz, an actual Smart Guy |
NBachers |
Jul-02-10 11:13 AM |
#25 |
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Will our "news media" cover this? nt |
valerief |
Jul-02-10 11:28 AM |
#26 |
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JK Galbraith should be Secretary of the Treasury |
Octafish |
Jul-02-10 11:39 AM |
#27 |
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I'm with you on that. The man is brilliant and understands the big picture |
AikidoSoul |
Jul-02-10 04:53 PM |
#60 |
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+INFINITY |
glitch |
Jul-11-10 12:38 PM |
#127 |
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*****BREAKING***** |
Dr.Phool |
Jul-02-10 11:55 AM |
#28 |
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There is ONE economist on the whole panel |
Taitertots |
Jul-02-10 12:16 PM |
#29 |
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Which makes it different from all the previous "commissions" by this and previous admins how? |
liberation |
Jul-02-10 12:21 PM |
#31 |
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A beautiful mind! |
whyverne |
Jul-02-10 01:05 PM |
#32 |
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indeed |
fascisthunter |
Jul-02-10 07:33 PM |
#77 |
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AMEN! |
westerebus |
Jul-02-10 01:11 PM |
#33 |
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+1000! nt |
Enthusiast |
Jul-02-10 01:31 PM |
#44 |
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K&R |
emsimon33 |
Jul-02-10 01:14 PM |
#35 |
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K&R |
emsimon33 |
Jul-02-10 01:14 PM |
#36 |
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I actually read the whole thing. |
DirkGently |
Jul-02-10 01:27 PM |
#40 |
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More, please! |
Hell Hath No Fury |
Jul-02-10 01:28 PM |
#41 |
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Let's translate this for the gop lurkers... |
BanTheGOP |
Jul-02-10 01:33 PM |
#45 |
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There is one large failure in his arguments |
ThomWV |
Jul-02-10 01:36 PM |
#46 |
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He is talking from an economist's point of view |
happyslug |
Jul-02-10 03:14 PM |
#50 |
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No kidding - I am an economist. |
ThomWV |
Jul-02-10 04:51 PM |
#59 |
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But the answer is still not to cut Social Security but the stop the borrowing |
jwirr |
Jul-02-10 05:02 PM |
#65 |
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Why and how would Social Security have to "earn" money |
ThomWV |
Jul-03-10 06:07 PM |
#117 |
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You are correct about the borrowed money not requiring earning but |
jwirr |
Jul-04-10 09:06 AM |
#121 |
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Behold an economist without guile! |
kenny blankenship |
Jul-02-10 01:36 PM |
#47 |
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"There is never a shortfall of demand for Treasury bonds; Treasury auctions do not fail." |
DireStrike |
Jul-02-10 02:35 PM |
#48 |
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The City of Florence did it for over 800 years |
happyslug |
Jul-02-10 03:17 PM |
#51 |
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To be clear, we are not talking about deficits per se |
DireStrike |
Jul-02-10 05:36 PM |
#69 |
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Adam Smith pointed out that NO GOVERNMENT had ever paid its debts |
happyslug |
Jul-03-10 01:51 PM |
#116 |
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What??????? |
ThomWV |
Jul-03-10 06:10 PM |
#118 |
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Can you try to find a starting place? |
DireStrike |
Jul-03-10 06:29 PM |
#120 |
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delete |
DireStrike |
Jul-03-10 06:18 PM |
#119 |
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K&R n/t |
OhioChick |
Jul-02-10 02:35 PM |
#49 |
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Excellent, but I doubt Obama will listen to HIM. |
sabrina 1 |
Jul-02-10 04:27 PM |
#52 |
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On Edit: Self Delete |
ThomWV |
Jul-02-10 04:54 PM |
#61 |
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you think KO will read this on his show? |
newspeak |
Jul-03-10 10:27 AM |
#113 |
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delete |
madrchsod |
Jul-02-10 04:30 PM |
#53 |
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will obama take heed to mr galbraith`s words? |
madrchsod |
Jul-02-10 04:30 PM |
#54 |
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Why in Gods name did Obama use an executive order to create this bullshit commission?!! |
gulfcoastliberal |
Jul-02-10 04:31 PM |
#55 |
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Because he is a Third Way liberal |
burnsei sensei |
Jul-02-10 08:16 PM |
#82 |
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Because Obama is a neo-liberal. (nt) |
w4rma |
Jul-02-10 09:54 PM |
#93 |
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He makes some very valid points. nt. |
johnaries |
Jul-02-10 04:35 PM |
#56 |
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Wow! Telling it like it is and best of all in an understandable way. Will |
jwirr |
Jul-02-10 04:46 PM |
#57 |
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Let's keep this kicked until December! |
JackRiddler |
Jul-02-10 04:47 PM |
#58 |
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if it's GGM, it's the two-by-four of truth! ty n/t k/r |
upi402 |
Jul-02-10 04:56 PM |
#63 |
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kik for truth. |
Hannah Bell |
Jul-02-10 05:08 PM |
#66 |
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K&R |
amborin |
Jul-02-10 05:08 PM |
#67 |
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"The Good Society" -John Kenneth Galbraith |
upi402 |
Jul-02-10 05:24 PM |
#68 |
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K&R |
Bozita |
Jul-02-10 07:08 PM |
#71 |
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K&R |
Kat45 |
Jul-02-10 07:20 PM |
#72 |
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IMPORTANT: Okay, did this really happen? |
JackRiddler |
Jul-02-10 07:26 PM |
#73 |
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+1, Agreed & Well Said! |
Sherman A1 |
Jul-02-10 07:28 PM |
#74 |
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Man, point #6 is on-point |
NorCalDem |
Jul-02-10 07:29 PM |
#75 |
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K&R (nt) |
fascisthunter |
Jul-02-10 07:32 PM |
#76 |
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K&R |
Solly Mack |
Jul-02-10 08:01 PM |
#79 |
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Withering? There's nothing withering here! |
burnsei sensei |
Jul-02-10 08:11 PM |
#80 |
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Withering in the sense that he completely obliterated the clout of the commission. |
girl gone mad |
Jul-02-10 09:32 PM |
#90 |
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Well, they damn well deserve it. |
burnsei sensei |
Jul-03-10 10:05 AM |
#111 |
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if only |
bluzman63 |
Jul-02-10 08:28 PM |
#83 |
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So, is there video of this smack down? What was the commission's reaction. I would |
Subdivisions |
Jul-02-10 08:32 PM |
#84 |
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edit.. |
girl gone mad |
Jul-02-10 09:39 PM |
#91 |
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I also wanted to write a little about |
burnsei sensei |
Jul-02-10 08:38 PM |
#85 |
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excellent stuff k/r..wish somebody besides us would listen. |
bonzotex |
Jul-02-10 08:57 PM |
#86 |
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so, if they are not listening |
newspeak |
Jul-03-10 10:34 AM |
#114 |
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I don't think it is in the interest of the elites to see the country... |
bonzotex |
Jul-04-10 02:09 PM |
#122 |
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KA-POW! |
joe black |
Jul-02-10 09:15 PM |
#87 |
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He can |
tavalon |
Jul-03-10 12:06 AM |
#100 |
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Shrewd, a paucity of words and rapier sharp |
ozymandius |
Jul-02-10 09:17 PM |
#88 |
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Who is this Communist so-called Economist, Galbraith anyway!!?? The man we |
bertman |
Jul-02-10 09:52 PM |
#92 |
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K&R ... kick for tomorrow . . . !! |
defendandprotect |
Jul-02-10 10:40 PM |
#94 |
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K&R |
bluestateboomer |
Jul-02-10 10:40 PM |
#95 |
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good stuff! nt |
cameozalaznick |
Jul-02-10 11:08 PM |
#96 |
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K&R |
Canuckistanian |
Jul-02-10 11:19 PM |
#97 |
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Oh my God.....a moment of clarity. |
SILVER__FOX52 |
Jul-02-10 11:22 PM |
#98 |
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Damn!! |
alfredo |
Jul-02-10 11:37 PM |
#99 |
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outstanding assessment by Galbraith; finally had time to read it; thanks for posting this! |
amborin |
Jul-03-10 12:22 AM |
#101 |
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Kick and Rec. |
Dr.Phool |
Jul-03-10 12:30 AM |
#102 |
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EVERYONE SHOULD READ THIS. I know, it's a lot of words, but still. |
Zhade |
Jul-03-10 12:40 AM |
#103 |
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Everyone should read at least the first section of this |
bread_and_roses |
Jul-03-10 07:11 AM |
#108 |
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kicking this again |
ozymandius |
Jul-03-10 08:31 AM |
#109 |
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the polite version of the late great George Carlin's withering testimony |
alterfurz |
Jul-03-10 08:49 AM |
#110 |
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kicking |
amborin |
Jul-03-10 11:47 AM |
#115 |
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the claim that deficits have resulted from "overspending" is false, both in the United States and ab |
txlibdem |
Jul-04-10 03:49 PM |
#123 |
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HELLO? Anyone know if this was actually delivered as testimony in person to the Commission? |
JackRiddler |
Jul-04-10 03:51 PM |
#124 |
| -
kick |
Angry Dragon |
Jul-04-10 08:55 PM |
#125 |
| -
.. |
mdmc |
Jul-09-10 06:52 AM |
#126 |
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