I think some politicians think that keeping prices low by reducing taxation will cushion the effects of food and energy price rises. I think it's a very short term solution, and maybe food and energy vouchersqould be better.
I’m not sure this will get to you David Gottfried based on the random email address showing for you, but here it goes.
I am so amused when people spout off about something they know little about. It drives me crazy. I am literally dumbfounded by the complete ignorance of these silly humans. Then, I come across you from some random email list I must have been put on. All I can say is that I absolutely cherish smart people. David, I might cherish you more than any other person in the world at this point!!! I was thrilled to hear your voice without giving af (not a mistake) to what people say. Yes, you are correct. There is always a lag between elected presidents. Joe Biden might honestly be the best President of the United States ever. Top (3) no doubt…but we need to wait about 10 years so our hindsight is 20/20. LOL
Please reach out to me. I would like to discuss Federal and State policy. I would really enjoy talking with you and maybe together we can nudge the scale so the America that our WWII veterans so fought for is not lost in the ages. Yah and Washington and Lincoln too....lol
THERE ARE A FEW UNPOPULAR THINGS THE GOV CAN DO IMMEDIATELY TO CUT INFLATION AT THE KNEE. 1. INSTITUTE A VAT TAX LIKE IN THE REST OF THE WORLD 15%-25% ON ALL NON ESSENTIAL GOOD. 2. INCREASE TAXES ACROSS THE BOARD. 3. RAISE THE INTEREST RATE NOT BY A PATHETIC MANSY PANSY .75% WHEN INFLATION IS RUNNING AT 9%. INTEREST RATES NEED TO BE AT LEAST THE SAME IF NOT MORE THAN INFLATION. 4. CUT GOV SPENDING WHICH WILL NEVER HAPPEN. IF WE WERE TO DO ALL OR 1/2 OF MY SUGGESTIONS IT WILL IMMEDIATELY CUT INFLATION, GOV BALANCE SHEETS WILL BE HEALTHIER AND IT WILL REDUCE DEMAND FOR GOODS. AT THE SAME TIME IT WILL PENALIZE THE WEALTHY VIA THE VAT AKA CONSUMPTION TAX. THIS IS A SHIT SHOW THAT STARTED 14 YEARS AGO AND ITS GOING TO GET REALLY UGLY SOON. ON A POSITIVE NOTE MOST OF THE SMART MONEY IS ALREADY IN THE PROCESS OR HAVE COMPLETED THE PROCESS OF SAFE GUARDING THEIR ASSETS WHILE THE REST OF THE MORONS WILL BE LEFT HOLDING THE BAG OF SHIT AND WILL HAVE TO WAIT 3-5 YEARS TO MAKE UP WHAT WAS LOST. I BELIEVE THIS NEXT RECESSION IS GOING TO BE MUCH WORSE THAN THE 2008 ONE. IN FACT IT WILL MOST LIKELY BE CLOSER TO THE GREAT DEPRESSION AND ITS GOING TO HIT WHITE COLLAR WORKERS HARD.
1) Why do you think the next recession will be exceptionally bad. The 2008 recession was in large measure engineered by Wall Street. The hot shots bought credit default swaps in which they betted that the sub prime market would collapse and at the VERY SAME TIME, they relied on clauses in those sub prime contracts which increased the risk of default. In short, they engineered the tanking of the sub prime market and the contagion spread.
What factors and dynamics prompt you to think we will have a recession almost as calamitous as the Great Depression.
2) Your economic proposals would nix inflation, but the medicine would have savage consequences for Americans.
HEY DAVID; I BELIEVE THAT THE US ECONOMY IS ALREADY IN A RECESSION. IF YOU LOOK AT WHAT THE DEFINITION OF A RECESSION IS (2 CONSECUTIVE QUARTERS OF NEGATIVE GDP) YOU CAN CLEARLY SEE THAT WE ENTERED A RECESSION IN JAN 2022. THE FACT THAT THE BIDEN ADM AND THE MEDIA (WITH THE EXCEPTION OF FOX) CAME OUT AHEAD OF THE NEWS AND TRIED TO CONTROL THE NARRATIVE BY REDEFINING WHAT A RECESSION IS DOES NOT MAKE IT SO. THIS IS AS INSANE AS THE TRUMP ADM "ALTERNATIVE FACTS"; WTF! FACTS AND REALITY MATTER AND THE BIDEN ADM IS SO SCARED OF THE ECONOMY AND THE MIDTERM ELECTIONS THAT THEY WILL DO ANYTHING TO SPIN POSITIVE BS INTO THE MIX.
A LARGE PERCENT OF THE AMERICAN POPULACE MAY BE MENTAL MIDGETS BUT THEYRE NOT STUPID. A PRESIDENT AND A BUNCH OF BOBBLE HEADS REPEATING THE SAME MANTRA DOES NOT SOLVE THEIR FINANCIAL PROBLEMS. THE AVEG JOE FEELS IT AT THE GAS STATION, AT THE GROCERY STORE... AND THATS WHAT THEY KNOW. THEIR MONEY IS NOT GOING AS FAR AND THEY ARE STRUGGLING MORE TODAY THEN A FEW MONTHS AGO.
THIS FANTASY WORLD THEY WANT US ALL TO LIVE IN DOES NOT EXIST. THE WORST PART OF BEING LIED TO IS FEELING STUPID WHEN YOU REALIZE THE GRAVITY OF THE SITUATION AND UNDERSTANDING YOU WERE NOT WORTH THE TRUTH. THE BIDEN ADM IS IN MY OPINION MISSING AN OPPORTUNITY HERE. IF THEY ARE SCARED OF THE ECONOMIC COLLAPSE THATS COMING; BE HONEST WITH PEOPLE TELL THEM THINGS ARE GOING TO BE ROUGH FOR A BIT BUT WE WILL EMERGE STRONGER AS A RESULT, TELL THEM ALL BOATS RISE TOGETHER IN A TIDE OR SOME SHIT LIKE THAT. USE THE NEGATIVE MESSAGE TO YOUR ADVANTAGE AND UNITE THE COUNTRY TO COMBAT INFLATION THE REAL ENEMY. WE CANT RUN AWAY FROM THE SITUATION AND WEVE RUN OUT OF OPTIONS TO DEAL WITH THE MESS. WE THREW A GIGANTIC PARTY THAT LASTED 14 YEARS; SPENT ALL KINDS OF MONEY, LOWERED INTEREST RATES TO ZERO, PRINTED BILLIONS AND NOW THERE IS NO MORE TO BE HAD.
THE FED RESV PRETENDS TO WANT TO TACKLE THE INFLATION PROBLEM BUT THEY KNOW THEY CANT FIX IT. THE TRUE FIX IS TOO LARGE A PRICE FOR THE AMERICAN PEOPLE TO PAY SO INSTEAD THEY TELL US THE ECONOMY IS STRONG AND THEY POINT TO THE JOBS MARKET. HOPING WE ALL BUY INTO THE DELUSION AND IGNORE THE FREIGHT TRAIN HEADING OUR WAY. WERE ALREADY READING ABOUT LAYOFFS HERE AND THERE SO ITS COMING. THEIR FIGHT AGAINST INFLATION IS INADEQUATE TO SOLVE THE HIGH INFLATION DILEMA FOR AN ECONOMY THAT IS SO HEAVILY LEVERED ON DEBT.
THINGS ARE GOING TO GET MUCH MORE EXPENSIVE AND FOR THE AVE AMERICAN WHOS ALREADY STRETCHED AND WORKING 2 JOBS TO MAKE IT WILL REALLY SUFFER. CC DEBT IS AT AN ALL TIME HIGH SAVINGS ARE DWINDLING... THIS IS NOT GOOD. I SAY BUY WHATEVER ESSENTIALS YOU WILL NEED NOW WHILE YOU CAN STILL AFFORD IT...
OF COURSE THERES A REMEDY; BUT UNFORTUNATELY ITS NOT WITHOUT PAIN FOR THE POOR AND MIDDLE CLASS. IF THE FEDS DONT DO THEIR JOB BECAUSE THEY WANT TO SPARE THE MIDDLE AND POOR THE PAIN; THEY WILL CONDEM THESE PEOPLE TO SUFFER EVEN MORE WITH PERSISTENT SOARING INFLATION; THINK BACK TO THE 70'S NOT A PRETTY PIC.
THE MOST RECENT ECONOMIC DATA IS THE FEDS WORST NIGHTMARE AND THEY KNOW IT. THEY JUST HOPE IT GOES AWAY AND THINGS GET BETTER ON THEIR OWN; NOT GOING TO HAPPEN.
THE THREAT OF STAGFLATION WE ALL EXP IN THE 70'S IS A VERY CLEAR AND PRESENT DANGER AND IT MUST BE ADDRESSED. AS I SUGGESTED PREVIOUSLY; YES THEY MAY SEEM DRACONIAN BUT IT WILL STOP THE THREAT ALMOST IMMEDIATELY. INCREASE INTEREST RATE TO 10% CUT GOV SPENDING NOW AND INCREASE TAXES. THIS IS THE ONLY WAY OUT WITHOUT IN MY OPINION. THE MYTH OF A SOFT LANDING POWELL IS YELLING FROM THE HILL TOPS IS A DELUSION. WHAKE UP PEOPLE; IT SEEMS THOSE IN CHARGE DONT HAVE THE COJONES TO SAVE US.
Ricardo , I know that recessions are classically defined as two consecutive quarters of GDP (formerly we used the GNP) decline. I know that by these traditional metrics, we are already in a recession.
But I did not ask you if we were in a recession. I asked you why you thought this current recession was going to be much worse than the recession we sustained in 2008 and 2009, when the economy teetered toward complete collapse and patent depression.
A lot of writers, journalists and commentators wax hyperbolic. I remember, many years ago, there was a financial columnist named Eliot Janeway. For forty years he kept predicting imminent depression. He said this all through the 40's the 50's, the 60's and the 70';s . His flamboyantly pessimistic predictions made him a popular columnist. After all, hysteria is more exciting than sober analysis. However, I want to hear real and genuine ideas. Sorry if I seem harsh. I think you are exaggerating, but I think most people exaggerate. Hell, I remember that after Carter got elected Prez in 1976, the NY Times had articles contending the Republican party was on its deathbed. And 4 years later there was Reagan.
Similarly, after NYC's brush with bankruptcy in the mid 70's, and the black out and riots in NYC in 1977, the press gave us a ton of articles which said urban America was on its death bed. And then in the 1980's, we witnessed the Reagan boomlet (which primarily benefited the super rich), the yuppie phenomenon, pervasive gentrification and the specter of America's most vulgar garish queen and Diva, Mayor Kock-sucker, who made his gay lover, who was dying of AIDS, leave NY for fear that people would realize that Koch was gay, and who said, "If you can't afford NY, just leave." Man, there are days when I feel like vandalizing Koch's grave. See the "Normal Heart." Larry Kramer attests, that Koch offered to provide 5,000 dollars to fund the AIDS crisis after deaths had surpassed the 1000 mark.
Gerry Ford could really whip up enthusiasm! I remember! WIN buttons were the perfect trinket to coax everyone to whip it, whip it, whip it. But there weren't any instructions on the back to help you whip it - so nothing got whipped for years.
Yes, I agree - as a former college economics major, I too am dismayed at the generally poor grasp of current affairs in the U.S. It's clear that it's producing a palpable strain on democracy.
In the UK we have senior politicians who think we can beat inflation by reducing taxation. 😁
Wow. How and why do they think cutting taxes will reduce inflation.
I think some politicians think that keeping prices low by reducing taxation will cushion the effects of food and energy price rises. I think it's a very short term solution, and maybe food and energy vouchersqould be better.
I’m not sure this will get to you David Gottfried based on the random email address showing for you, but here it goes.
I am so amused when people spout off about something they know little about. It drives me crazy. I am literally dumbfounded by the complete ignorance of these silly humans. Then, I come across you from some random email list I must have been put on. All I can say is that I absolutely cherish smart people. David, I might cherish you more than any other person in the world at this point!!! I was thrilled to hear your voice without giving af (not a mistake) to what people say. Yes, you are correct. There is always a lag between elected presidents. Joe Biden might honestly be the best President of the United States ever. Top (3) no doubt…but we need to wait about 10 years so our hindsight is 20/20. LOL
Please reach out to me. I would like to discuss Federal and State policy. I would really enjoy talking with you and maybe together we can nudge the scale so the America that our WWII veterans so fought for is not lost in the ages. Yah and Washington and Lincoln too....lol
Thank you for the compliments. See my message to you, sent a few minutes ago, re direct communications.
THERE ARE A FEW UNPOPULAR THINGS THE GOV CAN DO IMMEDIATELY TO CUT INFLATION AT THE KNEE. 1. INSTITUTE A VAT TAX LIKE IN THE REST OF THE WORLD 15%-25% ON ALL NON ESSENTIAL GOOD. 2. INCREASE TAXES ACROSS THE BOARD. 3. RAISE THE INTEREST RATE NOT BY A PATHETIC MANSY PANSY .75% WHEN INFLATION IS RUNNING AT 9%. INTEREST RATES NEED TO BE AT LEAST THE SAME IF NOT MORE THAN INFLATION. 4. CUT GOV SPENDING WHICH WILL NEVER HAPPEN. IF WE WERE TO DO ALL OR 1/2 OF MY SUGGESTIONS IT WILL IMMEDIATELY CUT INFLATION, GOV BALANCE SHEETS WILL BE HEALTHIER AND IT WILL REDUCE DEMAND FOR GOODS. AT THE SAME TIME IT WILL PENALIZE THE WEALTHY VIA THE VAT AKA CONSUMPTION TAX. THIS IS A SHIT SHOW THAT STARTED 14 YEARS AGO AND ITS GOING TO GET REALLY UGLY SOON. ON A POSITIVE NOTE MOST OF THE SMART MONEY IS ALREADY IN THE PROCESS OR HAVE COMPLETED THE PROCESS OF SAFE GUARDING THEIR ASSETS WHILE THE REST OF THE MORONS WILL BE LEFT HOLDING THE BAG OF SHIT AND WILL HAVE TO WAIT 3-5 YEARS TO MAKE UP WHAT WAS LOST. I BELIEVE THIS NEXT RECESSION IS GOING TO BE MUCH WORSE THAN THE 2008 ONE. IN FACT IT WILL MOST LIKELY BE CLOSER TO THE GREAT DEPRESSION AND ITS GOING TO HIT WHITE COLLAR WORKERS HARD.
Ricardo, you speak with intensity and passion:
A couple of points:
1) Why do you think the next recession will be exceptionally bad. The 2008 recession was in large measure engineered by Wall Street. The hot shots bought credit default swaps in which they betted that the sub prime market would collapse and at the VERY SAME TIME, they relied on clauses in those sub prime contracts which increased the risk of default. In short, they engineered the tanking of the sub prime market and the contagion spread.
What factors and dynamics prompt you to think we will have a recession almost as calamitous as the Great Depression.
2) Your economic proposals would nix inflation, but the medicine would have savage consequences for Americans.
HEY DAVID; I BELIEVE THAT THE US ECONOMY IS ALREADY IN A RECESSION. IF YOU LOOK AT WHAT THE DEFINITION OF A RECESSION IS (2 CONSECUTIVE QUARTERS OF NEGATIVE GDP) YOU CAN CLEARLY SEE THAT WE ENTERED A RECESSION IN JAN 2022. THE FACT THAT THE BIDEN ADM AND THE MEDIA (WITH THE EXCEPTION OF FOX) CAME OUT AHEAD OF THE NEWS AND TRIED TO CONTROL THE NARRATIVE BY REDEFINING WHAT A RECESSION IS DOES NOT MAKE IT SO. THIS IS AS INSANE AS THE TRUMP ADM "ALTERNATIVE FACTS"; WTF! FACTS AND REALITY MATTER AND THE BIDEN ADM IS SO SCARED OF THE ECONOMY AND THE MIDTERM ELECTIONS THAT THEY WILL DO ANYTHING TO SPIN POSITIVE BS INTO THE MIX.
A LARGE PERCENT OF THE AMERICAN POPULACE MAY BE MENTAL MIDGETS BUT THEYRE NOT STUPID. A PRESIDENT AND A BUNCH OF BOBBLE HEADS REPEATING THE SAME MANTRA DOES NOT SOLVE THEIR FINANCIAL PROBLEMS. THE AVEG JOE FEELS IT AT THE GAS STATION, AT THE GROCERY STORE... AND THATS WHAT THEY KNOW. THEIR MONEY IS NOT GOING AS FAR AND THEY ARE STRUGGLING MORE TODAY THEN A FEW MONTHS AGO.
THIS FANTASY WORLD THEY WANT US ALL TO LIVE IN DOES NOT EXIST. THE WORST PART OF BEING LIED TO IS FEELING STUPID WHEN YOU REALIZE THE GRAVITY OF THE SITUATION AND UNDERSTANDING YOU WERE NOT WORTH THE TRUTH. THE BIDEN ADM IS IN MY OPINION MISSING AN OPPORTUNITY HERE. IF THEY ARE SCARED OF THE ECONOMIC COLLAPSE THATS COMING; BE HONEST WITH PEOPLE TELL THEM THINGS ARE GOING TO BE ROUGH FOR A BIT BUT WE WILL EMERGE STRONGER AS A RESULT, TELL THEM ALL BOATS RISE TOGETHER IN A TIDE OR SOME SHIT LIKE THAT. USE THE NEGATIVE MESSAGE TO YOUR ADVANTAGE AND UNITE THE COUNTRY TO COMBAT INFLATION THE REAL ENEMY. WE CANT RUN AWAY FROM THE SITUATION AND WEVE RUN OUT OF OPTIONS TO DEAL WITH THE MESS. WE THREW A GIGANTIC PARTY THAT LASTED 14 YEARS; SPENT ALL KINDS OF MONEY, LOWERED INTEREST RATES TO ZERO, PRINTED BILLIONS AND NOW THERE IS NO MORE TO BE HAD.
THE FED RESV PRETENDS TO WANT TO TACKLE THE INFLATION PROBLEM BUT THEY KNOW THEY CANT FIX IT. THE TRUE FIX IS TOO LARGE A PRICE FOR THE AMERICAN PEOPLE TO PAY SO INSTEAD THEY TELL US THE ECONOMY IS STRONG AND THEY POINT TO THE JOBS MARKET. HOPING WE ALL BUY INTO THE DELUSION AND IGNORE THE FREIGHT TRAIN HEADING OUR WAY. WERE ALREADY READING ABOUT LAYOFFS HERE AND THERE SO ITS COMING. THEIR FIGHT AGAINST INFLATION IS INADEQUATE TO SOLVE THE HIGH INFLATION DILEMA FOR AN ECONOMY THAT IS SO HEAVILY LEVERED ON DEBT.
THINGS ARE GOING TO GET MUCH MORE EXPENSIVE AND FOR THE AVE AMERICAN WHOS ALREADY STRETCHED AND WORKING 2 JOBS TO MAKE IT WILL REALLY SUFFER. CC DEBT IS AT AN ALL TIME HIGH SAVINGS ARE DWINDLING... THIS IS NOT GOOD. I SAY BUY WHATEVER ESSENTIALS YOU WILL NEED NOW WHILE YOU CAN STILL AFFORD IT...
OF COURSE THERES A REMEDY; BUT UNFORTUNATELY ITS NOT WITHOUT PAIN FOR THE POOR AND MIDDLE CLASS. IF THE FEDS DONT DO THEIR JOB BECAUSE THEY WANT TO SPARE THE MIDDLE AND POOR THE PAIN; THEY WILL CONDEM THESE PEOPLE TO SUFFER EVEN MORE WITH PERSISTENT SOARING INFLATION; THINK BACK TO THE 70'S NOT A PRETTY PIC.
THE MOST RECENT ECONOMIC DATA IS THE FEDS WORST NIGHTMARE AND THEY KNOW IT. THEY JUST HOPE IT GOES AWAY AND THINGS GET BETTER ON THEIR OWN; NOT GOING TO HAPPEN.
THE THREAT OF STAGFLATION WE ALL EXP IN THE 70'S IS A VERY CLEAR AND PRESENT DANGER AND IT MUST BE ADDRESSED. AS I SUGGESTED PREVIOUSLY; YES THEY MAY SEEM DRACONIAN BUT IT WILL STOP THE THREAT ALMOST IMMEDIATELY. INCREASE INTEREST RATE TO 10% CUT GOV SPENDING NOW AND INCREASE TAXES. THIS IS THE ONLY WAY OUT WITHOUT IN MY OPINION. THE MYTH OF A SOFT LANDING POWELL IS YELLING FROM THE HILL TOPS IS A DELUSION. WHAKE UP PEOPLE; IT SEEMS THOSE IN CHARGE DONT HAVE THE COJONES TO SAVE US.
Ricardo , I know that recessions are classically defined as two consecutive quarters of GDP (formerly we used the GNP) decline. I know that by these traditional metrics, we are already in a recession.
But I did not ask you if we were in a recession. I asked you why you thought this current recession was going to be much worse than the recession we sustained in 2008 and 2009, when the economy teetered toward complete collapse and patent depression.
A lot of writers, journalists and commentators wax hyperbolic. I remember, many years ago, there was a financial columnist named Eliot Janeway. For forty years he kept predicting imminent depression. He said this all through the 40's the 50's, the 60's and the 70';s . His flamboyantly pessimistic predictions made him a popular columnist. After all, hysteria is more exciting than sober analysis. However, I want to hear real and genuine ideas. Sorry if I seem harsh. I think you are exaggerating, but I think most people exaggerate. Hell, I remember that after Carter got elected Prez in 1976, the NY Times had articles contending the Republican party was on its deathbed. And 4 years later there was Reagan.
Similarly, after NYC's brush with bankruptcy in the mid 70's, and the black out and riots in NYC in 1977, the press gave us a ton of articles which said urban America was on its death bed. And then in the 1980's, we witnessed the Reagan boomlet (which primarily benefited the super rich), the yuppie phenomenon, pervasive gentrification and the specter of America's most vulgar garish queen and Diva, Mayor Kock-sucker, who made his gay lover, who was dying of AIDS, leave NY for fear that people would realize that Koch was gay, and who said, "If you can't afford NY, just leave." Man, there are days when I feel like vandalizing Koch's grave. See the "Normal Heart." Larry Kramer attests, that Koch offered to provide 5,000 dollars to fund the AIDS crisis after deaths had surpassed the 1000 mark.
I think Biden's just trying to use the hand he's been dealt as best he can and you bring up great points about his predecessor's decisions.
Thanks for your compliment
Gerry Ford could really whip up enthusiasm! I remember! WIN buttons were the perfect trinket to coax everyone to whip it, whip it, whip it. But there weren't any instructions on the back to help you whip it - so nothing got whipped for years.
Yes, I agree - as a former college economics major, I too am dismayed at the generally poor grasp of current affairs in the U.S. It's clear that it's producing a palpable strain on democracy.