Stupidest Party AliveTM People who have endorsed the Republican House caucus's objections to the stimulus package: Donald Luskin, Chief Investment Officer, Trend Macrolytics LLC, Stupidest Man Alive EmeritusTM: "Government spending does not create incentives for labor, innovation and investment. Instead of spending $1 trillion in Washington, let Washington forgive $1 trillion in tax revenues to create incentives for millions of individuals and firms to get the economy going again, one dollar at a time." People who have not endorsed the Republican House caucus's objections to the stimulus package: Eddie Lazear, Chair, President's Council of Economic Advisers (George W. Bush) Matthew Slaughter, Member, President's Council of Economic Advisers (George W. Bush) Katherine Baicker, Member, President's Council of Economic Advisers (George W. Bush) Ben Bernanke, Chair, President's Council of Economic Advisers (George W. Bush) Harvey Rosen, Chair, President's Council of Economic Advisers (George W. Bush) Kristen Forbes, Member, President's Council of Economic Advisers (George W. Bush) N. Gregory Mankiw, Chair, President's Council of Economic Advisers (George W. Bush) Randall Kroszner, Member, President's Council of Economic Advisers (George W. Bush) Mark McClellan, Member, President's Council of Economic Advisers (George W. Bush) R. Glenn Hubbard, Chair, President's Council of Economic Advisers (George W. Bush) Paul Wonnacott, Member, President's Council of Economic Advisers (George H. W. Bush) Richard Schmalensee, Member, President's Council of Economic Advisers (George H. W. Bush) John Taylor, Member, President's Council of Economic Advisers (George H. W. Bush) Michael Boskin, Chair, President's Council of Economic Advisers (George H. W. Bush) Michael Mussa, Member, President's Council of Economic Advisers (Ronald Reagan) Thomas Moore, Member, President's Council of Economic n SpriyAdvisers (Ronald Reagan) Beryl Sprinkel, Chair, President's Council of Economic Advisers (Ronald Reagan) William Poole, Member, President's Council of Economic Advisers (Ronald Reagan) Martin Feldstein, Chair, President's Council of Economic Advisers (Ronald Reagan) Jerry Jordan, Member, President's Council of Economic Advisers (Ronald Reagan) William Niskanen, Member, President's Council of Economic Advisers (Ronald Reagan) Murray Weidenbaum, Chair, President's Council of Economic Advisers (Ronald Reagan) Burton Malkiel, Member, President's Council of Economic Advisers (Gerald Ford) Paul MacAvoy, Member, President's Council of Economic Advisers (Gerald Ford) Alan Greenspan, Chair, President's Council of Economic Advisers (Gerald Ford) Gary Seevers, Member, President's Council of Economic Advisers (Gerald Ford) Marina von Neumann Whitman, Member, President's Council of Economic Advisers (Richard Nixon) Paul McCracken, Member, President's Council of Economic Advisers (Richard Nixon) In fact, no current or former member of the President's Council of Economic Advisers--Democrat or Republican, living or dead, sane or insane--has signed up for the Republican House caucus's list of economists opposed to the stimulus package. None. Zero. Nada. Sifr. Efes. Wala sero. Kosong sifar. 'Ole. Knin. Pujyam. Mann. Dim. Nocht. Null. Meden. Hitotsu. Sifuri. Ling. Sunya. Mwac. Ataqan. Saquui. Hun. Illaq. Wanzi. Wanzi. Pagh. Na. Uqua. Nobody. That should tell you something about today's Republican Party.
People who have endorsed the Republican House caucus's objections to the stimulus package:
Donald Luskin, Chief Investment Officer, Trend Macrolytics LLC, Stupidest Man Alive EmeritusTM: "Government spending does not create incentives for labor, innovation and investment. Instead of spending $1 trillion in Washington, let Washington forgive $1 trillion in tax revenues to create incentives for millions of individuals and firms to get the economy going again, one dollar at a time."
People who have not endorsed the Republican House caucus's objections to the stimulus package:
Eddie Lazear, Chair, President's Council of Economic Advisers (George W. Bush) Matthew Slaughter, Member, President's Council of Economic Advisers (George W. Bush) Katherine Baicker, Member, President's Council of Economic Advisers (George W. Bush) Ben Bernanke, Chair, President's Council of Economic Advisers (George W. Bush) Harvey Rosen, Chair, President's Council of Economic Advisers (George W. Bush) Kristen Forbes, Member, President's Council of Economic Advisers (George W. Bush) N. Gregory Mankiw, Chair, President's Council of Economic Advisers (George W. Bush) Randall Kroszner, Member, President's Council of Economic Advisers (George W. Bush) Mark McClellan, Member, President's Council of Economic Advisers (George W. Bush) R. Glenn Hubbard, Chair, President's Council of Economic Advisers (George W. Bush) Paul Wonnacott, Member, President's Council of Economic Advisers (George H. W. Bush) Richard Schmalensee, Member, President's Council of Economic Advisers (George H. W. Bush) John Taylor, Member, President's Council of Economic Advisers (George H. W. Bush) Michael Boskin, Chair, President's Council of Economic Advisers (George H. W. Bush) Michael Mussa, Member, President's Council of Economic Advisers (Ronald Reagan) Thomas Moore, Member, President's Council of Economic n SpriyAdvisers (Ronald Reagan) Beryl Sprinkel, Chair, President's Council of Economic Advisers (Ronald Reagan) William Poole, Member, President's Council of Economic Advisers (Ronald Reagan) Martin Feldstein, Chair, President's Council of Economic Advisers (Ronald Reagan) Jerry Jordan, Member, President's Council of Economic Advisers (Ronald Reagan) William Niskanen, Member, President's Council of Economic Advisers (Ronald Reagan) Murray Weidenbaum, Chair, President's Council of Economic Advisers (Ronald Reagan) Burton Malkiel, Member, President's Council of Economic Advisers (Gerald Ford) Paul MacAvoy, Member, President's Council of Economic Advisers (Gerald Ford) Alan Greenspan, Chair, President's Council of Economic Advisers (Gerald Ford) Gary Seevers, Member, President's Council of Economic Advisers (Gerald Ford) Marina von Neumann Whitman, Member, President's Council of Economic Advisers (Richard Nixon) Paul McCracken, Member, President's Council of Economic Advisers (Richard Nixon)
In fact, no current or former member of the President's Council of Economic Advisers--Democrat or Republican, living or dead, sane or insane--has signed up for the Republican House caucus's list of economists opposed to the stimulus package. None. Zero. Nada. Sifr. Efes. Wala sero. Kosong sifar. 'Ole. Knin. Pujyam. Mann. Dim. Nocht. Null. Meden. Hitotsu. Sifuri. Ling. Sunya. Mwac. Ataqan. Saquui. Hun. Illaq. Wanzi. Wanzi. Pagh. Na. Uqua.
Nobody.
That should tell you something about today's Republican Party.
Their own people don't even support their bullshit anymore. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
Grasping Reality: DeLong: What Has Happened to Milton Friedman's Chicago School? DRAFT
http://www.scribd.com/doc/9874597/null
The underlying logic being adopted by the Marx-Hoover-Hayek axis isrelatively simple. It is: * The market's price signals are right. * The market's price signals are saying that the economy has "toomuch" capital. * Something must have gone wrong in the past to create this "toomuch" capital.For Marx the "something" is increasing returns to scale as the fact thatthe biggest producers are the most efficient leads all businesses toexpand even though demand will then allow only a few to survive; forHayek it is usually fractional-reserve banking and the government'sprinting press backed up by the legal restrictions that support fiat moneythat creates excessive credit and the fiction that the economy can have alarger-than-sustainable capital stock; for Hoover and Mellon it is the sinsof feckless and un-Calvinist speculators who want to get something fornothing. For all there is nothing--within the current mode of productionat least--that can be done except to suffer until the economy's capitalstock has once again fallen back to its sustainable value.
The market's price signals are right. *
The market's price signals are saying that the economy has "toomuch" capital. *
Something must have gone wrong in the past to create this "toomuch" capital.For Marx the "something" is increasing returns to scale as the fact thatthe biggest producers are the most efficient leads all businesses toexpand even though demand will then allow only a few to survive; forHayek it is usually fractional-reserve banking and the government'sprinting press backed up by the legal restrictions that support fiat moneythat creates excessive credit and the fiction that the economy can have alarger-than-sustainable capital stock; for Hoover and Mellon it is the sinsof feckless and un-Calvinist speculators who want to get something fornothing. For all there is nothing--within the current mode of productionat least--that can be done except to suffer until the economy's capitalstock has once again fallen back to its sustainable value.
Later, he goes on to disagree with the notion that too much capital (by which I wonder if he means speculative debt and fake money) has been created.
There should also be a few other regulative approaches that curtail tax offshoring. Like no longer taxing companies where they report profits, but rather where they get revenues.
