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The Stimulus Placebo Effect
How could anyone think this stimulus plan will help the economy?
At one level you have to admire a guy with his level of denial and arrogance. I guess that's what makes a Wall Streeter.
The stimulus package is likely to be an inefficient way to get the economy moving; too many regulations already in place that few will want to sidestep.
Tax cuts can occur in the next paycheck, IRS just reduces the cut from your check. That's money that is then readily available for spending, a very efficient process. Some people will spend it on food, spme to pay off debt, some to buy a car or computer, some to buy marijuana and cocaine, some to give to charity and some to build mansions. Billions of dollars will be available next week for consumer/voters to spend in the way they best choose, whether they voted for Democrats or Republicans.
Tax cuts seem to be more fair than a stimulus package.
http://www.cato.org/fiscalreality
Despite all the noise from certain liberal academics about the necessity of Keynesian spending, most economists know that such a plan is not only not necessary, but it is actually dangerous and will make things worse.
Stiglitz & Co. are leftist hacks. They are in favor of any redistribution-of-wealth plan by the very fact that it involves redistribution of wealth. They have been shilling endlessly for socialization schemes, as long as I can remember. They pat each other on the back with rewards and positions for promoting the leftist ideology in the economics profession. Frankly, they have had too much influence for too long, and I am enjoying how they are getting more and more marginalized as time goes by. Convincing people they can get something for nothing is a hard sell, and you can't fool all the people ...(Read more of this comment)
http://www.cepr.net/documents/publications/Economists_letter_2008_11_19.pdf
Since putting out an appeal for "credentialed" economists opposing a stimulus, John Boehner has managed to come up with a list of 34 economists. It is distinguished by their lack of distinction. In particular Donald Luskin is second on the list, although being a college drop-out he has no credentials:
http://republicanleader.house.gov/UploadedFiles/stimulusskeptics.pdf
In fact here is what Brad delong has to say about this pathetic list:
http://delong.typepad.com/sdj/2009/01/stupidest-party-alivetm.html
And here is what Donald Luskin had to say the day before Lehman Brothers went under:
"This would suggest that anyone who says we're in a recession, or heading into one -- especia...(Read more of this comment)
K. Arnold
Fairfax, VA
The public infrastructure right here has decades of deferred maintenance. Economists agree that that money needs to be spent better that it give the most people the benefit.
I would gladly endure some long term pain if it meant saving my daughter some pain in the future. Unfortunately, I think that's what we need, but that's not a popular opinion.
He continues to follow the doctrine that tax cuts alone will provide a stimulus to the economy. Isn't that what ex-President Bush has done for years? Isn't that what turned a budget surplus into a huge budget deficit?
Perhaps when his job is finally eliminated, then perhaps he'll believe in the severity of this market. After all, we are witnessing the largest lost of jobs since 1939. That doesn't seem to phase him, so just eliminate his job and then maybe he'll become a believer; standing in the unemployment line.
How on Earth can this ass-whuppin’ post not even get 100 comments while those other sluttier posts get way more? These threads are being rigged … by ACORN! Wake Up sheeple!!1!1!@!
My god, did you drop some Sugarhill AND 9353 in the same column? A man of parts!
Sadly, there are people who read Smart Money for financial advice. It’s not like Luskin only wrote for The Washington Times or The Weekly Standard. “Smart” Money put this idiot in print month after excruciatingly wrong month. And that was after he revealed what an ignorant fool he was by going up against Krugman and being completely discredited. I recommend you submit this to Dumb Monkey as a cover story on how not to report on the economy. They owe to their readers.
Wow! This guy Luskin is a whack job.
after watching a clip of the CNBC financial brain trust interviewing Roubini and Nassim the other day, I wasn’t sure if your portrayal of Luskins “advice” was satire or not… looks like you took a serious look at what passes for “expert advice”… you sir, have done the country a service.
this post? this post, genius. thank you for the genius post.
Too bad you can't ask the Chicago City Comptroller Coalition Provisional Authority about that… WordPress willing, FTFY Just remember: pallets of bills, totally unaccounted for. C-5s full of cash.
Is this the same Donald Luskin that engaged in a several-years-long war of attrition with the Light Blue Satan, resulting in several hilariously futile attempts to out the notorious Atrios? Because if he is the same person, I didn’t think, until reading this post, that he could be more thoroughly punked. Bravo.
The only way I can explain Luskin getting a forum anywhere is that there really is a conspiracy to keep you poor and stupid.
It’ll be a recession in a couple of months when they can pin it on Obama with a straight face.
I suspect that if they have been listening to him. they likely can't afford the rope. I believe justme has won the thread.
I dunno about this bold thing. Every comment looks like a stern e-mail.
owlbear1 said, February 11, 2009 at 12:06 Who the f!*k is Luskin's audience? Why haven't they lynched him yet?His audience is the usual dupes of the Church of Free Market Triumphalism.
Yeah, he’s dead-on about this being a great time to buy stocks - if you get the ones with all the ornate lettering & fancy-ass graphics, I hear they make real pretty wallpaper. Donald Luskin is the Bill Kristol of Wall Street!
Who the f!*k is Luskin’s audience? Why haven’t they lynched him yet?
how about rainbow toe socks and short pants.I’d prefer not to have to remove my eyes with an impromptu spork. I suppose the double wetsuit reference goes here.
I'd love to see this clown in stocks. If stocks aren’t possible, how about rainbow toe socks and short pants. Every day for the rest of his life.
I wish I could be wrong so often and still keep my job. Heh, that would be sweet. Try the Securities Exchange Commission. They prize incompetence almost as much as moral bankruptcy.
Holy s!*t. Somebody pays this guy to write columns?Amazing, isn’t it? And he gets away with it, year after year. He’s turned being a moron into a lucrative career.
In fact, you'd think it had fallen into a boiling hot volcano. That's how empty you'd think that glass was. Empty? You call that ‘empty’? When I were a lad, we had glasses that were so empty that we had to hold them under a running tap for 20 minutes just to get the sides wet. But you didn’t hear us complaining, mainly because our throats were too dry.
I’d love to see this clown in stocks. I think we really need to bring those back. The wooden ones with holes for the wrists and neck, that is. If we as a nation invested in that sort of stocks, heavily, like lining the National Mall with them, and made them the punishment for being a media asshat who is always wrong, we’d be waaaaaayyyyyyy better off. Oh, yeah. They get to be the sentence for douchenozzle politicians, too. Baskets of rotting veggies for all! Sigh. Sweet reverie, a man can dream, can he not?
Based on this story, I’m investing in d!*k commodities. Oh wait, we already have a surplus. Maybe if we package Kudlow with Deutsch we can make a couple of worthless commodities look like a good deal. I better get the team on this. Bulls Away!
Corporate executive is another possibility.
I wish I could be wrong so often and still keep my job. Heh, that would be sweet. Well, the trick is to pick a job for which there is no pesky oversight board like, say, the American Bar Association; or one in which you may inadvertently kill your clients, like medicine, and then have to face litigious family members; or rat catcher, where if you kick back too long the rats start nibbling your toes; or bus driver or airplane pilot, where your miscalculations not only are going to get you maimed or killed but also wind up on the evening news. So that pretty much leaves politician and media personality.
As long as Mr. Luskin is getting his commission, the best time to buy stock is now, as well as tomorrow, also.
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