Of Jobs, Debts and Budgets | Richard Mills | FINANCIAL SENSE

How Crony Capitalism Corrupts the Free Market | David Stockman

Stockman finally gets it. He's a favorite of the lefties because he pounds (distorts?) the supposed failings of  Reagonomics from time to time. Of course, he was an architect of the budget during those years so.......part of the problem / part of the solution / 20-20 hindsight / rewriting history and legacy, IDK.

He sounds smarter talking Austrian economics to Mises members. Almost as smart as Ron Paul.


Of Jobs, Debts and Budgets | Richard Mills | FINANCIAL SENSE:

“The plain fact is that we are warehousing a larger and larger population of adults who are one way or another living off transfer payments, relatives, sub-prime credit, and the black market. My suspicion is that this negative trend and many others like it get buried by the monthly change chatter from mainstream economists and on bubble vision, and that these monthly deltas are so heavily manipulated  as to be almost a made-up reality. Call it the economists’ Truman Show.” David Stockman, Former Reagan budget director talking about the BLS jobs reports"

John Taylor, Taylor Rule discoverer says,
"We could get into a situation like Greece, quite frankly. People have to realize it is a precarious situation. The debt is going to explode if we don't make some changes. What seems to be more important is that people can get back on track, the country can get back on track, with just some sensible adjustments. I argue just bring spending back to where it was in 2007. That's not so long ago. We've had an enormous spending binge in the last few years. If we undo that binge, shouldn't be that hard, we can get back to some sensible pro-growth policies.”

Carmen Reinhart and Kenneth Rogoff co-authors of “This Time is Different: Eight Centuries of Financial Folly” are sceptical of any fix and think we should get use to present conditions because nothing is going to change for the good anytime soon.
President Obama’s budget for fiscal year 2012 would have increased the country’s  debt by nine trillion dollars over ten years - even Democrats rejected it. Obama will deliver his new budget this Monday, last year he claimed one trillion dollars in deficit reductions from winding down the wars in Afghanistan and Iraq but that money hadn’t even been approved.

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