Tokenism Backfires on Fox
This is an interesting montage that would be funny if it were not so pitiful.
Fox had this token man with a brain named Peter Schiff on for financial segments over the past couple of years. He was put on so the other panelists would have somebody to laugh at.
Wow!
In that first segment, the ex-Reagan guy Arthur Laffer is the creator of the Republican unicorn called the Laffer Curve. This unicorn has been widely ridiculed and debunked — most recently by the CBO who note that tax cuts do not pay for themselves.
One more of the wingnuts who busted our economy with promises of fairy dust.
This video is still sinking in. I can’t believe how these talking heads just mocked everything Peter Schiff had to say. Well… no one is laughing now.
Wow. That is an amazing bit of video. The Santa Clause line must sting on the replay.
How about Barney Frank saying in July that Fannie Mae and Freddie Mac were in good shape?
Talking heads can be stupid and ill informed, Congressional Chairmen should have an idea what is going on. Frank did not then and still does not.
As for Laffer, revenues in the 80’s went up significantly when tax rates were reduced. However, some one forgot to tell the big spenders to rein it in.
The simple fact, liberals and many democrats think every day is 15 April and Tax day, we think every day is 4 July, Independence Day.
No, you think every day is Christmas. Please look up David Stockman if you think Reagan economics were honest.
I just love the fact that they all had no idea what they are talkinga bout. IF you are getting stock tip advice from a talk show, you deserve to lose your $$$
Ben Stein has ruined Ferris Buellers Day off for me
I love this, the talking heads never come back on tv and say they were wrong, thanks for sharing.
My question about the subprimes and the creative financing is who used these to purchase homes? Why cant the individuals who used these take any of the responsibility for making a poor choice? I agree the mortgage companies were greedy, but what about the individual buyer? When I bought my homes, I had good credit, and locked in to an fixed mortgage. I could have had an adjustable, but I paid more for the last few years for the sense of stability.
So these individuals took a risk, they lost.
Is it a simple fact there, NameTooLongAndTooFunnyToTypeWithStraightFace?
Shit, reading the rest of your deflection leads me to believe that the only ‘simple’ thing is you….and your reasoning, of course!
whynot, you’re talking about garden variety dupes that are minted anew every year. “One born every minute” as PT Barnum used to say.
Then you have the garden variety tricksters that sold this phony baloney on commission, knowing that both the buyer and the eventual mortgage holding company would end up screwed. These common thieves have always existed as well.
Why are we in a recession? It’s because of (1) the master megathieves of the investment banks, who fleeced investors by repackaging subprime loans as AAA safe investments (SIVs); (2) the ratings agencies who complied with this, rather than finding out what was actually in these turd-packages; (3) the investment bankers again, who sold default swaps worth many times the value of the toxic loans to savvy investors who’d figured out what was about to happen – and (the investment bankers) didn’t bother keeping enough capital to pay out without going bust; (4) Phil Gramm and the deregulation-happy GOP who let the investment bankers get away with #1 & #3 without any scrutiny whatsoever.
Literally, Phil Gramm’s CFMA specifically banned the SEC from regulating credit default swaps.
If it weren’t for Phil Gramm and the goons of Merrill Lynch, Bear Sterns, Citigroup, et al, the subprime housing collapse would have had as much impact on the economy as a tainted beef recall.
Yes good old Phil Gramm who predicted that there would be a depression in the 90’s if Clinton’s tax package was passed which it was without one Repuk vote. And we were left with a balanced budget and a surplus which Bush and the Repuks wasted. And they have the nerve to call Dem’s big spenders
I think that Ben Stein was actually teaching this foolish Laffer Curve in FBDO……
And if you haven’t had enough of Ben Stein today, he had a howler of an editorial in yesterday’s NYT. Just go read it. (I’m in between planes on a lousy WiFi connection, otherwise I’d do the linking….)
Ben Stein has a 21 year old son with no means of support other than Ben Stein.
http://www.nytimes.com/2009/01/25/business/25every.html?_r=1
And a trophy ex-wife friend whose alimony is about to run out.
Thanks Jason!
Ben Stein has a long-time friend who is a golddigger (and the gold is about to run out) and he has a son that he hasn’t managed to instill a work ethic to. He can’t do much about the friend, but surely he can give his own son a kick in the pants…..
I wonder if he taught his son trickle down econ’s….