What is Digg?Warning: The Content in this Article May be Inaccurate
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- ProLick, on 09/20/2008, -10/+151There was a funny interview or 2 on the Colbert Report about this where Colbert accused the economists of having a liberal bias because they looked at facts instead of their gut.
- JenniferInMO, on 09/19/2008, -21/+128"Who are the people who have left McCain confused about his own opinions? Here are his economic advisers mentioned in the press:
Doug Holtz-Eakin
Holtz-Eakin is a formerly respected academic and government economist who has been reduced to making distortionary arguments to paper over the massive deficit black hole McCain's tax cuts would create. source:http://econ4obama.blogspot.com/2008/06/what-does-m ... Arthur Laffer
Laffer is the originator of the Laffer curve, the fringe view that claims government revenue increases when tax rates are lowered. There is zero empirical evidence this is true at current tax rates. McCain has repeatedly said that he believes this foolishness, but Holtz-Eakin has said (also repeatedly) that McCain does not. source: http://www.nytimes.com/2008/03/26/business/26suppl ... Phil Gramm
Gramm is a lobbyist who was vice president of one of the investment houses most heavily implicated in the mortage industry scandal. As a senator he pushed for the banking deregulation that contributed to the current crisis. See more here. source: http://money.cnn.com/2008/02/18/news/newsmakers/tu ... http://www.politico.com/news/stories/0308/9246.htm ... Kevin Hassett
Hassett has been widely ridiculed for writing the book Dow 36000: The New Strategy for Profiting from the Coming Rise in the Stock Market in 1999, predicting that the Dow would hit 36,000 within five years, if not sooner. source: http://www.nytimes.com/2008/03/26/business/26suppl ... http://www.j-bradford-delong.net/movable_type/2005 ... Donald Luskin
Luskin has been repeatedly named the Stupidest Man Alive by Brad Delong. See here for an example. I can attest based on my own interaction with him a few years back that in addition to being not the sharpest tack in the box, he is also an extremely unpleasant person. source: http://www.smartmoney.com/ahead-of-the-curve/index ... Nancy Pfotenhauer
Pfotenhauer is a pure distilled product of Koch Industries, an oil company which funds much of the right wing message machine. See here for details. source: http://ap.google.com/article/ALeqM5hhxMU1MfCDE3qBI ... Carly Fiorina
Fiorina was spectacularly fired from her previous job as CEO of HP. According to the Times ... Republicans say Ms. Fiorina is using the McCain campaign to rebuild her image after her explosive tenure at Hewlett-Packard. They also say it is hard to see why a woman widely criticized for mismanaging one of Silicon Valley’s legendary companies is advising and representing a candidate who acknowledged last year that he did not understand the economy as well as he should." source: http://www.nytimes.com/2008/06/06/us/politics/06fi ... See the list of Obama's economists here: http://econ4obama.blogspot.com/2008/06/obama-econo ... - tcbishop12, on 09/20/2008, -12/+67Back when early July, when McCain was giving interviews to CNN:
ROBERTS: I checked the Center on Budget and Policy Priorities, a non-partisan organization. They project that by extending the president's tax cuts, which you want to do, and adding in the tax cuts that you're proposing, the deficit for the year 2013 would be somewhere around $439 to $445 billion. So I think it is a fair question to ask, how would you get that number down to zero?
MCCAIN: First, I suggest you check in with other organizations. But the fact is there's a whole lot of economists, including Nobel laureates that agree with my plan. We're going to reach restrained spending, we're going to have the economy grow again and increase revenues. The problem is that spending got completely out of control. We grew government by some 40% since the Great Society. The spending got out of control, we restrained spending, we keep people's taxes low. We create jobs, 700,000 jobs by building new nuclear power plants, 20,000 new jobs by coal gasification, so that we have clean coal technologies, new automotive technologies, and we'll balance the budget. The same outfit said that we could never balance the budget in the past. We certainly have. It's spending that's out of control, my friend.
ROBERTS: I also checked with the Congressional Budget Office and the Center for Budget and Policy Priority's numbers were more conservative, they were lower than the CBO's numbers. The CBO's numbers are higher.
MCCAIN: Again, they're static numbers. Not saying that revenues will increase with a strong economy and with low taxes. That's the difference. and I respectfully disagree.
ROBERTS: Senator, you can't get over the fact, though, that extending the Bush tax cuts, as you want to do, and adding in your tax cuts do take the deficit number -- we actually go from a $70 billion surplus to a $445 billion deficit.
MCCAIN: You can't seem to get over the fact that it's... I'm glad to have this discussion with you"
ROBERTS: Do you have any idea --
MCCAIN: On the privatization of accounts, which you just mentioned, I would like to respond to that. I want young workers to be able to, if they choose, to take part of their own money, which is their taxes, and put it in an account which has their name on it. Now, that's a voluntary thing, it's for younger people, it would not affect any present-day retiree or the system as necessary. So let's describe it for what it is. They pay their taxes and right now their taxes are going to pay the retirement of president-day retirees. That's why it's broken, that's why we can fix it. We can do it together, Republicans and Democrats alike."
- There's so much that is based on flawed assumptions and flip-flops, I don't know where to begin. Bottom line: McCain has NO CLUE about the economy. NONE. - Gemfinder, on 09/20/2008, -11/+61"More than two to one"?
Damn, that's closer to "almost three to one."
Buried as inaccur...nope, just kidding ;) - 4321234, on 09/20/2008, -13/+59To be fair, McCain's numbers were much better when the poll took a heavier sample of economists with mullets and nascar t-shirts.
- inactive, on 09/20/2008, -22/+64You don't need an "Economist" to tell you McCain is clueless on the Economy.
Obama predicted the crash.
McCain still doesn't know it happened.
Vote for that?! Never! - lordbeaker, on 09/20/2008, -1/+40Facts are processed in your brain...
Crap is processed in your gut ;) - Wakkyweed, on 09/20/2008, -5/+43Yes, we all know that Socialism is the worst of all economic systems. The countries with the highest standard of living in the world are as follows:
1. Norway
2. Sweden
3. Canada
4. Belgium
5. Australia
6. United States
7. Iceland
8. Netherlands
9. Japan
10. Finland
Oh wait! Norway, Sweden, Iceland, the Netherlands, and Finland are ALL socialist! Canada and Belgium also have strong socialist elements to their economies. That essentially means that 7 out of the top ten economies have a socialist basis. Go crawl back in your hole, moron. You obviously know nothing about the world around you. - colincornaby, on 09/20/2008, -8/+38I don't think you know what the word "socialism" means, nor do I think you've ever taken a class in economics, because the first thing they tell you is that the US does not have, and never has never had real capitalism.
I'd leave the economics to the economists if I were you. - webwatch, on 09/20/2008, -5/+30Even BusinessWeek that normally tilts to the right, agrees that Obama's tax plan benefits the middle class whereas McCain's tax plan helps the rich and will result in a bigger loss to the treasury -
http://www.businessweek.com/bwdaily/dnflash/conten ... - Rotzooi, on 09/20/2008, -9/+34Remember that because of his age and medical hisitory, it is more likely for McCain to die during his (hypothetical) presidency than to live to the end of it. Which means we would grandma Sarah kill-a-wolf-for-Jesus Palin as our President. Who wants her making decisions about our economy? The woman left a tiny urban village with $20m in debt.
- Ymeg, on 09/20/2008, -4/+28Obama and McCain both support a mixed economy.
Which is to say capitalism with socialist chains. - TrueXtremeIcon, on 09/20/2008, -1/+24Carly Fiorina being touted as a business and economic expert always gives me a chuckle.
Although I could understand why. It seems that the Republicans are always putting up on a pedestal people who can tout their business successes. I mean, George Bush was a successful business man because he helped run oil companies and a baseball team into the ground. - Noodleson, on 09/20/2008, -4/+25$1,000,000,000 rescue packages = capitalism?
- ProfessorSYM, on 09/20/2008, -1/+22It's only socialism to them if it goes directly back to the taxpayers, not to a handful of big corporations.
- georgemason01, on 09/20/2008, -23/+42Ron Paul was the only candidate who warned about the financial crisis we are in now, for several decades no less. Neither McCain or Obama have put forth any tangible plans to deal with it, too busy putting forth inane talking points meant to appeal to the lowest common denominator. This election is a joke.
- inactive, on 09/20/2008, -4/+23Ron Paul idiots can't even tell you what "free market" means.
For example, they rail against monopolies, when in fact free markets can easily produce monopolies where economies of scale make it more efficient to concentrate production in the hands of a single entity. Ask a ron paul retard what to do about monopolies, if not allow the government to come in and bust them up, and you'll get a blank stare. Once in a while they'll mumble something about barriers to entry, but regulatory barriers to entry are rarely (if ever) a factor in reducing competition. Most of the time, barriers to entry are erected by the monopolist itself in order to protect its turf in the free market. - sullivanst, on 09/20/2008, -8/+27By "Honest, or actual, economists", I presume you really mean "Fringe nutjobs who think abandoning income taxes and having a federal sales tax"?
- webwatch, on 09/20/2008, -3/+21Republicans have been practicing "Corporate Welfare" which is lot more expensive than the "Social Welfare" which democrats espouse since it only helps the fatcats by taking away the money from the middle class.
- mahadiga, on 09/20/2008, -2/+20In principle:
Socialism = Preventing Race to the Bottom
Capitalism = Promoting Race to the Top
We need both (either implicitly or indirectly) for a nation to succeed.Period. - bruce86, on 09/20/2008, -1/+17Japan also has socialized health care. btw
- bruce86, on 09/20/2008, -3/+19free market has never been proven to work by any economist. Drpaul keep dreaming. Its not supported by science.
- peticsu, on 09/20/2008, -5/+20for the next 45 days obama needs to hammer away on social security...McCain and the republicans wanted to put it into the stock market, and today we learn, McCain wanted to put health care into the markets too...
the only real problem Obama has is the 65+ group, if he keep smashing McCain on SS, he'll win - EarlOfLade, on 09/20/2008, -2/+17Carly was booted from HP because of her spying and other criminal activities. She is about as trustworthy as Charles Manson.
- DCstewieG, on 09/20/2008, -0/+15I love when people add Obama's middle name to the mix, and accentuate it, as if it shows that he is a bad, evil guy. Go away you RACIST ***** *****.
- digglet08, on 09/20/2008, -13/+28says econ4obama.blogspot.com
There's absolutely nothing wrong with supporting Obama, but please, don't believe anything you read about politics online, particularly on digg - cliffzdude, on 09/20/2008, -1/+16Interesting to see how the "Study" was conducted, one has to go to a power point. Ok, I'll bite - I opened up the power point. This "study" can only be called a "study" by feeling very comfortable with a loose definition of the word "Study".
Problems: Firstly, the survey was sent out to members of the American Economic Association. Not Economists, members of the AEA. 65% of those responding are employed in Academia/Education. 48% of those responding are registered Democrats, only 17% are registered Republicans.
Note some cherry picked points. McCain scored higher on being the man who could reduce the deficit, and on being the man to reduce waste.
The study's summary of key findings admits: "Democrats make up 48% of the economists; only 17% say they are Republicans. About three in ten (28%) are Independents. The Democrats are especially likely to favor Obama, and to believe Obama would be best for the economy. Similarly, the Republicans favor McCain and believe McCain would be best for the economy."
Now I ask you, how many simply read the description? - murrdpirate, on 09/20/2008, -7/+21Do you have a source for Obama predicting the crash? Smells like *****.
- GordonFree, on 09/20/2008, -6/+1828% still support McCain? That's pretty high. Have they been living in a hole in the ground?
- anubis2night, on 09/20/2008, -0/+12Great quotes from the CNN interview but knowing the inability of republicans to do the research themselves or bother to believe anything but their "gut" instinct, you might want to provide a link to your source material. Otherwise a great find with really valuable material.
- absurdist, on 09/20/2008, -0/+11Re cancer7:
"A 100 year-old transgender from Your mom (UK) who joined Digg on September 20th, 2008"
*sigh* Another day, another racist shill. How the ***** do you guys sleep at night? - rotundo, on 09/20/2008, -2/+13You're missing a big piece of it.
There were no government regulation of their behavior yet they had guaranteed access to government money. That is not putting a gun to their head, but it is setting up an environment where reckless behavior is rewarded. That was not the market, it was a situation manipulated by the government. I'm not one of those people who preaches that the market solves everything. Yes, it makes mistakes. But mistakes were actively encouraged under this system.
Paul specifically singled out this situation years ago and spoke against it:
http://blog.freeny.org/?p=3548
So there you go. There may be some idiots who support Paul, but that doesn't say anything about him or the rest of us. - Jpesci, on 09/20/2008, -0/+11He also wrote this in another thread:
"Why do they call it the Xbox 360? Because when you see it, you'll turn 360 degrees and walk away."
No wonder he's a McCain supporter and a racist. His IQ is too low to calculate anything else. - Cattywampus, on 09/20/2008, -6/+17These figures are from a pro-Obama site, so the results aren't surprising.
But how is Obama going to provide near-universal health care, increase job training, and all the other things he's promised, while giving 95% of "working families" a tax cut?
Even if the govt were to take half of the income of the other (wealthiest) 5%, for example, I don't see how it would be anywhere near enough money to provide health care for 310 million people. - TrueXtremeIcon, on 09/20/2008, -1/+12Thank you for adding substance to the discussion. Stop giving Jews a bad name.
- Wakkyweed, on 09/20/2008, -2/+12I think you accidentally hit the > key when you meant the < key. It's okay, everyone is entitled to a few boneheaded mistakes.
- teamgwho, on 09/20/2008, -2/+11Buried for no "this article may be inaccurate" tag yet.
//sarcasm - WriterSD, on 09/20/2008, -18/+27econ4obama.blogspot.com? Really?
Sigh. - somegeologist, on 09/20/2008, -0/+9"having a terrible plan is no better than not having one."
That's what Bush said. - Enzo33, on 09/20/2008, -5/+14Ha! Economists for Obama!!!!???? I think the article screwed up....it should say SOCIALIST Economists for Obama.
Wake up people, Obama is promising a lot; most of it he won't be able to deliver and the rest is pure Marxist ideology.
You want good, non-partisan facts on this ass-clown, go to www.taxfoundation.org
That's what's up. - rotundo, on 09/20/2008, -1/+10Yeah, the Fiorina things baffles me too. She gets respect but totally blew her position at HP. Why is it that people at that level cruise along so easily after causing such extensive damage? I'm sure that short of those that end up in jail, all the worst execs of the most ***** companies over the past decade are enjoying high-flying positions at new places. It's truly madness.
There's no way she was the best choice for an advisor. It's absurd that she's on his team. If for some political reason they demanded a woman in the lineup, Meg Whitman or Coleen Barrett would have been far better choices. - TrueXtremeIcon, on 09/20/2008, -0/+9So are you trying to say that because most economists work in academia, they are liberal, and therefore the "real experience" economists are conservative?
There's a logical fallacy in that somewhere. Could it not just be possible that most (apparently more than 2/3) of economists vote democratic because they see the democratic side of the ticket as better at handling the economy? Or are there liberal brainwashing helmets in this shady world of academia that I don't know about?
Also, the idea of academia tending to vote democrat should be a warning sign. The people that are actually the most educated (generally) and some might even say "smartest" tend to vote a certain way. How that got turned into a bad thing is one of the greatest tricks the republican party ever pulled. - TrueXtremeIcon, on 09/20/2008, -4/+13Can you PLEASE refute the content and not the source (or in this case the blogspam source?)
- CommanderEFG, on 09/20/2008, -0/+9I've been saying that for months now, it's because it's the ONLY argument they can think of anymore
- gsadamb, on 09/20/2008, -4/+12Yeah, just like George W Bush and Al Gore turned out to be both the same! Isn't that right, people who voted for Nader in Florida in 2000?
- pintomp3, on 09/20/2008, -17/+25ron paul also warned us about evolution being wrong.
- BotchaMcCoola, on 09/20/2008, -1/+9Yes, a foxhole. Or should we say a FOX hole?
- ZenMojo, on 09/20/2008, -1/+9Really? Are you really scapegoating Obama supporters?
We agreed with him. Hell, most Democrats agreed with him. It's why all historical evidence shows that only Democrats have produced reigning surpluses over the last 40 years and Republicans have had the largest bureaucracies.
Just because you spent most of your life bitching about Democrats and siding with the Republicans and then Ron Paul came along and gave you a guy who calls himself a Republican that allows you to remain at least partially clueless of your opposition while also being correct on SOMETHING FOR ONCE doesn't mean your view of history is based at all on reality. Stop being ignorant. - bbtweb, on 09/20/2008, -0/+8YAY Ron Paul!!! Disband the IRS that brings in tax revenue!!!!!! Dissolve the FED!!!!!!! Merge the Federal Reserve and National Treasury!!!!!!
/sarcasm - DOCNM, on 09/20/2008, -5/+13I will assume for a second you are a scholar of history of economic thought rather than a clueless idiot. Second is over. You're back to clueless idiot.
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