Tell me, who was Greenspan's understudy and self appointed successor?
So lets pretend its Clinton v. Christie...
- Thread starter Jarod
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Tell me, who was Greenspan's understudy and self appointed successor?
DamnYankee
Loyal to the end
Tell me, who appointed Greenspan.
Reagan
Bush I
Clinton
Bush II
and Obama took Greenspan's recommendation on who to succeed him.
DamnYankee
Loyal to the end
By that time Greenspan had turned into a senile old man, and listened way too much to his wife.
Oh, and he was a top advisor to James Carter.
DamnYankee
Loyal to the end
Too bad Jimmy didn't have the sense to listen to him.
DamnYankee
Loyal to the end
Lots of phrases get bastardized over the years. Gradual increase of the money supply makes sense in a growing economy. QE in a constricting economy is just plain stupit.
Remember "deficits don't matter"? Same thing.
Remember "deficits don't matter"? Same thing.
maineman
Banned
Did you think that "deficits don't matter" was a profoundly foolish thing when it was first said?
dy lives inside the repug bubble which is why i have him on ignore, but good luck trying to get through it...
DamnYankee
Loyal to the end
No.
DamnYankee
Loyal to the end
It's the deficit/ GPD ratio. Nearly double now since "deficits don't matter" was coined. No different than you or I owning a house that is twice what we can afford.
just more repug hypocrisy so they have an excuse to bash the dims
ITs a huge difference, you cant compare household finances with those of the world. AND at times it would be smart to own a house twice what you can afford. That's how my college was paid for, in the great recession my grandparents had some cash. They purchased a huge mansion on the beach in Clearwater Florida. No way could they afford it long term, but they were smart and held on as long as they could... they made a HUGE profit and that profit paid for my brothers and sisters and I to go to college.
DamnYankee
Loyal to the end
They took advantage of the Florida housing market that was growing rapidly, and then they got out before it collapsed. Good for them. That really doesn't have any application with regards to national fiscal policy; not at all.
But I can compare kitchen table finances with national fiscal policy. A family has a certain amount of income, and if they spend more than that they must borrow. Every dollar that they borrow has an interest penalty with it, and if they borrow huge amounts they will be paying so much interest they will have a hard time getting out of debt. Their credit rating will suffer, and that's exactly what has happened at the national level.
The only difference is that unlike you or I, GovCo can print its own money. So, what GovCo is doing now is exactly what every government that has gone bankrupt has tried to do: print money at a rate much faster than the economy is expanding.
DamnYankee
Loyal to the end
This is what's important:
Don't forget another big difference, when the government spends like that... they spur on economic growth which in turn increases government revenue that they can use to pay off the debt.
Cancel 2016.2
The Almighty
Ike was the last President to see the US pay down the national debt in a fiscal year... IKE
DamnYankee
Loyal to the end
That's the liberal theory, that spending money on pet projects cause economic growth. But it's really about spending money on pet projects to amass and hold political power.
If politicians wanted to spur growth then they'd reduce taxes and cut bureaucracy, allowing private citizens to invest more and spend more. Individuals are much better at directing money where it does the most good than politicians.