Austrian Economics

[theVOID]

Lets all remember that the last president to get the deficit down was Bill Clinton.
Democrats for the win on the economy.

That's not true...

Fiscal Year Year Ending National Debt Deficit
FY1994 09/30/1994 $4.692749 trillion $281.26 billion
FY1995 09/29/1995 $4.973982 trillion $281.23 billion
FY1996 09/30/1996 $5.224810 trillion $250.83 billion
FY1997 09/30/1997 $5.413146 trillion $188.34 billion
FY1998 09/30/1998 $5.526193 trillion $113.05 billion
FY1999 09/30/1999 $5.656270 trillion $130.08 billion
FY2000 09/29/2000 $5.674178 trillion $17.91 billion
FY2001 09/28/2001 $5.807463 trillion $133.29 billion

Straight from your Treasury - http://www.treasurydirect.gov/NP/BPDLogi...ication=np

It should also be noted that a good portion of the trade balance from 1998-2001 was in the form of the .com and NASDAQ booms, which, as we know, resulted in around $800bn in phony wealth in the form of overpriced technology stocks.

Though, to be fair, in line with GDP Clinton did on average lower the ratio of deficit/GDP.

And to say that Obama is following the same relatively tight monetary policies as Clinton is so far from the truth that you'll fall off the edge of the earth if you go much farther... Obama's economic policies are much much closer to those of Bush than Clinton, fuck, even Bush's policies were closer to Clinton's.

I just cant get into the Austrian school.

Why, because you don't like what it prescribes? That's irrelevant, you should judge a model by it's predictive power and in that sense there is no doubt that the Austrian model of business cycles is superior.

The guy in this video is smart, I will give him that, but I think he is oversimplifying the economy.

He's speaking for Laymans, go check out his radio show if you want more in depth analysis.

Not to mention he is dead wrong when he spoke of Unions. The labor unions DID make MANY sacrifices, and that fact that he pushed that lie and also claimed the poor stock owners were the ones taking sacrifices is flat out wrong. Apparently he has no problem with people coming together as a group to make as much profit off of a companies stock as possible, but if a group comes together to protect the working class they must be run off.

At what point in the video does he say that?

I find that extremist, dispicable, and quite frankly I would have several harsh words with this man after his presentation.

And you would have been schooled, no doubt.

The man even goes so far as to say that market regulation is what caused our economic stress, when in reality it was the deregulation of many different economic sectors, during the bush years, including the housing market, that caused the crash in the first place.

That's an objectively false statement, Bush massively regulated the housing markets! Subsidies for first home buyers, cheap money at low rates, guaranteed loans, Fannie and Freddie, cash to suppliers and manufacturers, tax breaks for contractors, engineered derivative structures, sub-prime trading aids, phony credit ratings etc etc etc...

He allowed the traderss to play with other people's capital - As greedy as the financial sector is if they are forced to play with their own capital they would never have taken such massive risks because there is absolutely fuck all chance of them coming out on top and everything they do is designed to make money, it's only when they get given taxpayer funds, favorable market conditions, guaranteed loans, limited liabilities and then have the entire market shoved by the government in the direction of the housing market that you get such chaos.

And it all happened because the politicians didn't want to go through the recession caused by the NASDAQ boom, which is exactly what they should have done, recessions are medicine and you need them whenever you've gone through a boom because it's the only way that the market will restructure appropriately.

Now some of the people who have shammed the system because of deregulation are just starting to get thrown into jail. Freddy and Fanny were deregulated, it wasnt that they didnt care..they were DEREGULATED. Therefore opening them up to being abused.

Fannie and Freddie WERE regulatory bodies! They were public assets designed to change the direction of the market created BY the administration specifically in the name of the stimulus - THEY were the ones buying the sub prime loans because THEY were the ones guaranteed by the government!

Nobody in their right fucking mind would risk their own capital on subprime loans, but when the government regulates the market and gives protections and guarantees then you massively change the types and severity of risks.

So yeah. If you follow this mans idea on economics you will see me standing stern against you at every turn. I am against deregulation. Just like I am against extremist economic policies.

Sure, go ahead and crash the dollar, cause another global recession. This mans ideas on economics are the tough medicine you need to stabilize the economy.

Also, I dont sternly support Keynesian systems as well. They have their problems, espescially if you use THAT system while deregulating. That is begging for people to come in and rape the system. I have an open ear, but if your idea to fix the system is to cut the head off by deregulating everything, then I will turn my head and ignore it.

You seem to think that all regulations involve consumer protection, that is plainly false, most regulations are designed and implemented for political, social and economic agendas. Keep the consumer protection regulations if you like, at worst the Austrians think they are unnecessary, but get rid of the government Czars manipulating the economy - There isn't a single fucking group of men on earth who are competent or intelligent enough to effectively manipulate a national market of 300 million people, that's why you end up with the boom and bust cycles, wealth divides, debts and deficits etc.

Bush and Greenspan tried it and caused the housing bubble now Bernanke and Obama are trying it and they're going to cause a currency collapse! The Dollar index went under .73 today! It's just as bad as it was during the fucking peak of the recession! All the Quantitative Easing nonsense than Bernanke and Obama have been doing only temporarily helps the index while inevitable returning to the same lows and making your working class broke while they're at it.