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A Malaise Speech for the Current Time
#41
(07-12-2019, 08:00 PM)Hintergrund Wrote: Carter wasn't wrong about the fact that the time was shitty. His problem: He had no clue how to solve it.

Actually, he had a pretty good handle on what needed doing, but he had no way to execute until he appointed Paul Volker as chairman of the Federal Reserve.  That was both gutsy and self defeating for him personally.  Reagan benefitted mightily, when Volker killed stagflation dead, but tanked the economy in the process.  Reagan got all the upside, and undeserved credit for creating prosperity.
Intelligence is not knowledge and knowledge is not wisdom, but they all play well together.
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#42
(07-12-2019, 08:00 PM)Hintergrund Wrote: Carter wasn't wrong about the fact that the time was shitty. His problem: He had no clue how to solve it.

The Reagan solution was to reduce expectations among the young by gutting the welfare system and promoting low-paying jobs especially in restaurants and stores, and then to ensure that any gains from technological change and greater efficiency go to the Master Class. This way, cheap labor prevents inflation and ensures that the economic order has the best store clerks and restaurant staff available -- on the cheap. Those already doing well were not obliged to sacrifice, but the young adults would see limited opportunity and abysmal pay. Meanwhile the tax cuts rewarded the very rich for further concentrating just about every industry and the bureaucratic elites in Big Business for drawing great pay for treating workers badly.

Donald Trump replaces the folksiness and faux naivete of Reagan with a celebration of his depraved self, and he turns a promotion of plutocracy into a celebration of depravity.
The ideal subject of totalitarian rule is not the convinced Nazi or the dedicated Communist  but instead the people for whom the distinction between fact and fiction, true and false, no longer exists -- Hannah Arendt.


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#43
(07-14-2019, 08:57 AM)David Horn Wrote:
(07-12-2019, 08:00 PM)Hintergrund Wrote: Carter wasn't wrong about the fact that the time was shitty. His problem: He had no clue how to solve it.

Actually, he had a pretty good handle on what needed doing, but he had no way to execute until he appointed Paul Volker as chairman of the Federal Reserve.  That was both gutsy and self defeating for him personally.  Reagan benefitted mightily, when Volker killed stagflation dead, but tanked the economy in the process.  Reagan got all the upside, and undeserved credit for creating prosperity.

Reagan actually took a lot of blame for that recession, since it mostly happened on his watch, even though it was caused by Volcker.  He got credit for pulling out of it because it was his fiscal policies that pulled us out of it, not Volcker's monetary policies.
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#44
(07-15-2019, 09:04 AM)Warren Dew Wrote:
(07-14-2019, 08:57 AM)David Horn Wrote:
(07-12-2019, 08:00 PM)Hintergrund Wrote: Carter wasn't wrong about the fact that the time was shitty. His problem: He had no clue how to solve it.

Actually, he had a pretty good handle on what needed doing, but he had no way to execute until he appointed Paul Volker as chairman of the Federal Reserve.  That was both gutsy and self defeating for him personally.  Reagan benefitted mightily, when Volker killed stagflation dead, but tanked the economy in the process.  Reagan got all the upside, and undeserved credit for creating prosperity.

Reagan actually took a lot of blame for that recession, since it mostly happened on his watch, even though it was caused by Volcker.  He got credit for pulling out of it because it was his fiscal policies that pulled us out of it, not Volcker's monetary policies.

David is right.
"I close my eyes, and I can see a better day" -- Justin Bieber

Keep the spirit alive;
Eric M
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#45
(07-15-2019, 11:45 AM)Eric the Green Wrote:
(07-15-2019, 09:04 AM)Warren Dew Wrote:
(07-14-2019, 08:57 AM)David Horn Wrote:
(07-12-2019, 08:00 PM)Hintergrund Wrote: Carter wasn't wrong about the fact that the time was shitty. His problem: He had no clue how to solve it.

Actually, he had a pretty good handle on what needed doing, but he had no way to execute until he appointed Paul Volker as chairman of the Federal Reserve.  That was both gutsy and self defeating for him personally.  Reagan benefitted mightily, when Volker killed stagflation dead, but tanked the economy in the process.  Reagan got all the upside, and undeserved credit for creating prosperity.

Reagan actually took a lot of blame for that recession, since it mostly happened on his watch, even though it was caused by Volcker.  He got credit for pulling out of it because it was his fiscal policies that pulled us out of it, not Volcker's monetary policies.

David is right.

Thanks.
Intelligence is not knowledge and knowledge is not wisdom, but they all play well together.
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