Sunday, September 27, 2009

Robert Reich on the "Recovery"

http://www.salon.com/opinion/feature/2009/09/22/reich_dow/index.html?source=newsletter

. . .the Dow is up despite the biggest consumer retreat from the market since the Great Depression because of the very thing so many executives are complaining about, which is government’s expansion. And regardless of what you call it -- Keynesianism, socialism or just pragmatism -- it’s doing wonders for business, especially big business and Wall Street. Consumer spending is falling back to 60 to 65 percent of the economy, as government spending expands to fill the gap.

It boggles the mind. The imbecility of the Keynesians is simply amazing. Let me try to clear up the error in this thinking with some simple logic. Government spending is consumer spending. It is debt that will be paid back in the future from the taxpayers. In short, this "recovery" is the product of getting a new credit card to max out. Meanwhile, we have lefties decrying that Wall Street has learned nothing from the meltdown. But they have learned something. The government is always there to bail them out. Now you know why the Dow is up. And lefties say we need more and better regulation. Fools.

The stupidity never ends.

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