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View Full Version : salon.com economist's (weak) asteroid scenerio




lester1/2jr
06-29-2010, 11:56 AM
This guy is all proud of himself for allegedly creating an argument pointing out...that liberty is bad or the right is wrong etc. or something


It takes an asteroid to show how wrong the right is (http://www.salon.com/news/economics/index.html?story=/opinion/feature/2010/06/29/deficit_hawks_budget_cuts)


If the economy was ravaged by an asteroid instead of the Wall Street collapse, would they still want spending cuts?
By Michael Lind

In the summer of 2010, even as the United States was still dealing with the consequences of the global financial crisis and the British Petroleum oil spill in the Gulf of Mexico, an asteroid struck the East Coast. Early warning systems permitted most of the region’s population to be evacuated, so that only a few lives were lost when the meteor fragmented and exploded above lower Manhattan, leveling Wall Street in the biggest impact of this kind since an interplanetary object detonated above Tunguska in Siberia on June 30, 1908.

The property damage was only the beginning. The stock markets of the world collapsed, plunging the U.S. and other countries from recession into full-scale depression. As the economic effects of the impact rippled through the economy, banks imploded, businesses toppled and millions more were added to the ranks of the unemployed.

While the cloud of dust was still clearing above the flooded crater that had once been Wall Street, in Washington, a bipartisan group of fiscal conservatives, Citizens for Understanding Taxation (CUT), held a press conference and called for immediate, drastic cuts in public spending.

"funny" farcical right wing press release



At the White House, the president issued a press release of his own:


"funny" milquetoast White house type press release.


in general it goes on to make a useless comparison to an asteroid hitting earth and the current recession, as if the ideas offered by the right were not at all related to the causes of the current recession but just meaingless rhetoric.


So to reverse the arugment "If the economy was ravaged by an asteroid instead of the Wall Street collapse, would this guy still want to"...


continue paying senators 165k a year to name post offices and continue staffing the thousands of federal offices no one wants? Yes, because this somehow helps the economy or the nation or something.

Acala
06-29-2010, 12:09 PM
The more of government and mainstream economics I see, the more I appreciate the brilliance of Bastiat's broken window fallacy.

mczerone
06-29-2010, 12:22 PM
Should money be spent on restoration and reorganization after such disasters? Of course.

But that money should be spent by those individuals who care about restoration and those with insurance liabilities, not government, not by deficit spending, inflation, nor taxation.

This guy has OPM disease.