The Watson Institute at Brown University presents Mark Blyth on Austerity

[ianhowe007]

Comment below is dumb as duck

[FenderBender4815]

We only had a 4% decline in GSP in 08. It should have been 8-10% ! There is absolutely no way we can run a 10% fiscal deficit, run a levered system of 100x GDP to debt and expect to be ok.

As for the lower class paying for everything-thats just bs. Top 1% pays for 40% of government revenue.

While I don't believe in bank bailouts or have a love affair with the 1%, don't forget that entitlement expenditures (soci s, medicare, etc.) were 100% of revenue! Every penny of taxes goes towards welfare

[FenderBender4815]

Wow Watson, normally I respect your opinion (that Black Swan of Cairo article was excellent)- but this is just bullshit.

The public & private sector can't de-leverage at the same time? Why not. Oh no-its bad for the economy you say! No shit, the pain after the party is precisely because the US government took too much debt in the first place. They run a 10% fiscal deficit! We need a few quarters of negative GDP growth and budget cuts so we don't become insolvent.

[thedemocraticreform]

Great video. The Democratic Reform Party is planning a film festival on economics, environmentalism and politics - we would very much like to show this as part of our shorts collection.

[dalebednell]

Thanks for a great video it explains the problem very well but not one politician will every listen to or see your explanation. Also they won't give a fuck because they are all paid for by the people the created the problem. And until we get honest politician this problem will persist.

[DallasIsOccupied]

Professor Blythe, I've recently used your video here in a post I've made on the website for Occupy Dallas. I realize you're very busy with classes and with family, but if you have an opportunity to critique or make corrections where necessary it would be greatly appreciated.

[munkyusm]

He makes good points, but he's missing the obvious problem with not doing austerity. If the government has to go further into debt to continue to pay for services, it devalues the dollar...which hurts those at the bottom just as bad if not worse. When the products you buy rise in value, and your income isn't increasing, then your dollar is worth less. The real answer is for government to get the hell out of the way, not bail out the banks, not bail out the poor, or anyone. Let it fix itself.

[ParrallelDimension]

There is an interesting article that relates to austerity from Save Your Wallet. Sometimes I think the poor will be in a depression, and the middle class will be thrown into a recession, after the U.S. passes their austerity measures. I hope I am wrong.

[MsCaithness]

normally when something is overproduced, as this video is, i smell filthy imf redistributionist commie bullshit. what's that smell?

[munkyusm]

@MsCaithness HAHAHA Excellent point!

[farvision]

Ok, we are one step close to a world-wide revolution in which every person in any government ... is killed! You hear that Republicans??? You are about to precipitate your own death, literally.

[munkyusm]

@farvision Don't be so childish as to blame Republicans...this guy's proposal has a huge hole in it. If you don't do austerity, what do you have to do? You have to borrow more money, or PRINT MORE MONEY. This devalues the dollar, which makes everything you buy appear to cost more. This is an attack on the poor as well. The only way to solve this problem is get government out of the business of regulating the economy...it simply doesn't work. Great depression lasted for 20 yrs due to gov.

[farvision]

@munkyusm I don't know much about these things but my understanding is that it was a lack of proper regulation of certain kinds of speculation that triggered the current mess. Republicans continue to call for reducing regulation on things like air pollution - not ever noticing the problem of the commons.

[munkyusm]

@farvision Your understanding is the mainstream media understanding: It was business's fault. Yes, business screwed up, but if we let them collapse, then they learn their lesson. This is fundamental in a free market. Bad decisions have to be punished. This goes for corporations or individuals. People don't learn a damn thing if there is no consequence for their actions.

[TronTron41]

@munkyusm The old survival of the fittest argument...if you fail, you should go under, but problematic on this front. Look, basically you need to understand that financial market actors are not butchers, bakers or candle makers-the financial system is essentially a public good without which your precious "free market" (a term which actually is devoid of any meaning whatsoever) could not function. Public goods require public agents to assist in their supply.

[munkyusm]

@TronTron41 The financial system wouldn't exist if not for the biggest socialist program on the planet - The Fed.  It is total central planner mentality. I also noticed you didn't debate the sentence: "People don't learn a damn thing if there is no consequence for their actions."

[treefittyfive]

The obvious solution is to stop being poor. Go get a job and make some money. Live below your means so you can save up and become rich! And get an education so you can be successful.

That's what America was founded on, and the option has always been there...for those ambitious enough to try. For the others, suckling on the government teat has become so ingrained in their life that they've given up trying. Why reward them for their laziness and ineptitude? Grow up, don't punish success.

[wrenlark]

@treefittyfive Except that you have those who are already rich doing their utter damnedest to make sure that nobody else gets to join their wonderful little club. That way they get to cry about how the poor are "sucking at the government teat" and decry their laziness and ineptitude while ignoring the very real problems that keep people poor, like lack of education and in some cases, even food or shelter. Don't take what little there is away and then call the lack laziness and ineptitude.

[farvision]

@treefittyfive sure - but it takes education to know that and it takes money and time to get an education for people trapped in poverty. Wake up.

[munkyusm]

@treefittyfive While I generally agree with your concept, upward mobility is out the window. To become rich nowadays, you have to be a genius or incredibly lucky. Government regulation across the board has now hindered the ability of average people to make something of themselves. It takes a fucking ph.D to make $50,000 now.

[scorinaldi]

@munkyusm in what universe do you live? "government regulation" is what hinders regular people?!

wow, real wages haven't increased since 1979! THAT sure seems like it has something to do with hindering regular people. it seems to me that certain corporations / ultra-wealthy individuals are able to pay themselves infinite salaries for cutting jobs here and THAT'S what's hindering people.

[munkyusm]

@scorinaldi We're talking about regulation that makes it seems like an insane idea to start a business. Small business is what drives this country, dude. You're worried about jobs, but this country wasn't founded on being a wage slave, it was founded on having the ability to start your own business. Why do you HAVE to be a wage slave?  Because there are thousands of regulations that do nothing but keep big business in power and make it all but impossible for us to open our own.

[scorinaldi]

@munkyusm ok, here's where i _know_ you're nuts. #1) i AM a small business owner, both of my parents ARE SMALL business owners. ( i am a computer consultant. ) i earn an honest living coding systems for medium range companies. where's all that TERRIBLE REGULATION that is supposed to be hurting me? OSHA? give me a break. you know what hurts my bottom line? when rich companies offshore their IT and hire indians / out of country coders! THAT'S WHAT HURTS ME.

[munkyusm]

@scorinaldi Don't take one example to prove that it has nothing to do with regulations. I can do the same thing...children are literally having their lemonade stands shut down because they don't have the proper permits. If this doesn't prove my point, I don't know what does.

[scorinaldi]

@munkyusm ok, here's where i _know_ you're nuts. i AM a small business owner, both of my parents ARE SMALL business owners. ( i am a computer consultant. ) i earn an honest living coding systems for medium range companies. where's all that TERRIBLE REGULATION that is supposed to be hurting me? OSHA? give me a break. you know what hurts my bottom line? when rich companies offshore their IT and hire indians / out of country coders! THAT'S WHAT HURTS ME.

[scorinaldi]

@munkyusm when are you conservatives going to realize that GOVERNMENT ISN'T ALWAYS THE PROBLEM? you elect a government! you vote for them, and they are accountable to you! IT'S THE SUPER RICH, the mega corps THAT AREN'T ACCOUNTABLE TO YOU. you think monsanto, walmart, GE give a rat's ass about you (or ANYTHING BUT THEIR BOTTOM LINE)? you ( and everyone you know ) represent %000001 of their consumer base. (so don't give me that they care about customers crap..)

[munkyusm]

@scorinaldi rrright, if government reflects us, then why is marijuana illegal and why are we still in wars? It's because government doesn't give a fuck about us either. They're doing what's best for their constituents, which are corporations etc. Corporations can't exist without government...you should look into that. Wikipedia "corporation" if you don't believe me.

[munkyusm]

@scorinaldi GE, Monsanto, Walmart CANNOT exist without government!!! You blame business as the problem...but I bet you don't blame mom & pop shops do you? This country use to be mostly mom & pop, now it's a homogenized corporate web all subsidized by government. GOVERNMENT IS THE PROBLEM.

[munkyusm]

@scorinaldi GE, Monsanto, Walmart CANNOT exist without government!!! You blame business as the problem...but I bet you don't blame mom & pop shops do you? This country use to be mostly mom & pop, now it's a homogenized corporate web all subsidized by government. GOVERNMENT IS THE PROBLEM.

[scorinaldi]

@munkyusm and before you blame the mean ol' government for FORCING poor billionaires to offshore jobs you might try looking at our domestic productivity #'s. American workers have been doing MORE work , for less money for the last 30 years.

it's greed at the top, pure and simple.

[generalludd]

Concise and clear. Of course if you believe in the modern equivalent of the divine right of kings, then equity is a non-starter. The US right wing doesn't believe in equity. Much like the aristocrats of old, there is a belief that what is good for the king is good for the commoner. Somehow they've made it seem like a new and different idea.

[4kitties]

It isn't men versus women, it isn't blacks versus whites, or straights versus gays. Hell, it isn't even Democrats versus Republicans. It is up versus down, it always has been been and it always will be. To believe otherwise is to delude oneself of the truth.

[ZaraArthurJames]

We need more videos like this that can explain issues in a way that an Average Joe can understand. The Republicans are "simpler" because they are anti-tax, which is commonly appreciated by many Americans. Democrats needs to be able to explain their big ideas in a simpler way. Until that happens, much of that bottom 40% will vote against their own good.

[DHSpolo]

@ZaraArthurJames "the rich get richer til the poor get educated"

[gg3rdp]

You know when I gave my money to my Bank they paid me interest. Sure it's not very much but a bit more in the savings account and better still if I do peer to peer lending via one of those clever new websites. So can someone please explain to me why our investment in our banks doesn't seem to pay interest or count as an asset? We are shareholders aren't we so where's the dividend? I mean surely we wouldn't just give them the money without some kind of recompense? That'd seem kind of silly.

[1yellafella]

hold hostage the bourgeoisie!

[WideWorldOfWisdom]

Funny..I don't hear him assigning any blame for the bailouts that made the public "pay for it" in the 1st place.

He talks about it as if everything is the fault of greedy corporates. Who the hell took your money and handed it over to the greedy corporates? It certainly wasn't some company...

It was your almighty, infallible government that you still believe is "of the people, by the people, for the people."

GOVERNMENT is the enabler in this mess. IT is the cause and not the solution.

[lricciardi92]

Tell me something, why did the economy explode? Well, the subprime crisis happened because these 40% you talk about didn't pay their mortgages, so it's their fault too we're in this situation...

[milloselmejor]

@lricciardi92

Might also have to do with the banks who gave loans to everyone who walked into the banks asking for it. It could also be due to the property price bubbles and, like he said, the necessity of people to borrow money because of low wages.

[lricciardi92]

@milloselmejor True. Basically it's everyone's fault

[TagamiTKO]

I always like the meme about government efficiency. Sometimes the point of government is not to do things cheap and frugal but robustly and with great care.

Slashing gov services and then claiming that it's an attempt to lean up spending is riddled with false virtue.

[Guitareben]

Genius :O Thank-you for this!

[storge68]

Democracy cannot flourish or even exist in such a lopsided society. The concentration of wealth distorts goverments and their judicial systems. Nobody is asking for all incomes to be equal (will never and should not happen), but this is the other extreme. Power is too centralized. It can corrupt everything around it.

[storge68]

The ultra wealthy pay a smaller percentage of their income in taxes than you and I. The upper middle class folk (making between $80-$250k a year) pay the highest percentage of our income in taxes. Just asking for a little fairness...thats all...and its not from the poor Im asking it... Im asking your masters to pay their fair share. But dont worry you can survive without them...I know you think you cant...but honestly new business will form, wealth or jobs will not stop being created.

[mjelwin]

Thanks for this video.

[FriedmanFails]

Nice explanation of the current "crisis".

Did you know that right wingers get paid to troll this site - posting negative comments? Yep. They do it over at Amazon and all other sites. So ignore the comments.

[murmur5555]

Thanks for the video. Sounds like more brittle economy is in the works with the victims of the banksters paying.

[bozoDelight]

....emmm...at the risk of sounding like a 'conspiracy theorist' may i bring attention to the fact that there is some evidence that 'china's goin 2 "catch a cold" ' and the 'credit crunch' was designed - the 'ill-uminati' [?] may be lookin 2 'jump ship' BIGSTYLE...solution? - operation pinata..... and hope, hope, hope x

[redarrowhead2]

Since when do the bottom 40% pay NEARLY as much as the top 60%, let alone the top 5%?

[redarrowhead2]

Solution: become rich and stfu.

[y0uG0tpwned1]

If we have an inflation problem it's becuase we have spending problem

Abolish the Federal Reserve!

[y0uG0tpwned1]

Any self proclaimed socialists gonna invite me over for dinner?

[MC1992KING]

hahah im watching this to study for hist 20 final thumbs up if u r 2!!!!

[masterdude787]

subscribed!

[rrrahu1]

Secondly, by your line of reasoning, why bail out the banks to begin with? They caused this whole crisis right? Let them pay and leave the little guy alone, right ?!

Well, no. This is the kind of thinking that a high school idealist might employ. Like it or not, we need the rich, first and foremost, to be performing well. Then we can worry about the little guy. Otherwise it will be all for nothing. Just look at Iran, Venezuela, and the Eurozone periphery!!

[chocomalk]

@rrrahu1

Perhaps you forget that the whole mess was created fraudulently, and also you forget that bailing out the banks was supposed to prevent banks from failing. How many banks have failed thus far? Only the ones with privileges are benefiting here.

How is this capitalism? How is it fair to anyone? This amounts to a state sponsored hostile takeover of the financial system.

And what does Iran or Venezuela have anything to do with this?

[rrrahu1]

@chocomalk Was this mess created fraudulently? Of course, and no one's gonna deny that.

But I'm sorry to see that you haven't learned the basic lesson of policy, which is that in times of danger, morality/principles must stay out. Are you telling me that you, if you were president of the USA, would risk a complete financial meltdown just because you fear being "unfair" or practicing "state sponsored capitalism"?

Please, put your money where your mouth is.

[chocomalk]

@rrrahu1

This has nothing to do with morality, this has everything to do with the preferential treatment of wall street insiders that not only caused this but profited from it. Even if the institutions themselves were to big to fail, the culprits are still free and getting bonuses. And I do not buy the melt down theory, bailing them out has caused one though, look at all the failed banks. This is stalling the inevitable for a few people to profit big time, The results will be catastrophic.

[rrrahu1]

@chocomalk Do you still have a job? Or, if you're a student, are you still in school?

Because if the answer to either of the above is "yes," then you must realize that it well could have been "no" if uncle sam didn't step in.

During the Great Depression we sat on our hands and watched Rome burn ! Again, if you were president, would you REALLY risk doing nothing? Think of the guilt you would feel if things had taken a turn for the worse and TENS OF MILLIONS of people withered under your watch!

[chocomalk]

@rrrahu1

There is nothing that proves bailing out these banks did anything but give them bonuses and cause systemic failure in the smaller private banking sector. We only have the banks word that this averted a disaster(there is still a crisis regardless)

During the depression the gov did nothing BUT intervene, but with stupidity, burning crops to raise prices etc, only to "realize" later that there was just not enough money in circulation, it was a deflationary depression.

[rrrahu1]

@chocomalk You seem to be under the impression that TARP was a bunch of free cash thrown at the banks. Out of the $ 787 Billion that was LOANED to the banks, about $ 745 billion will be repaid in full. The government loses only $30 billion.

From that it follows that given that most top-tier banks no longer owe the government any more money, they are free to give out whatever bonuses they can under the law (which, by the way, has been changed quite a bit in the Financial Reform Bill).

[chocomalk]

@rrrahu1

TARP is just the tip of the iceberg. To say that it was only loaned misses the point. Money is created and loaned with interest, so the fed loaned money so the banks could buy treasuries. All the money no matter what, came from taxpayers. Normally that money would have been loaned to the private sector and should have been, instead they gave themselves bonuses, made cash, increased national and sovereign debt at the cost of the tax payer. All because they screwed up, great scam.

[rrrahu1]

Professor Blythe, as a former student of yours, I have to say that your conclusions about are as naive as they are parochial.

Firstly, the bottom 40%, WERE ABSOLUTELY NOT the people who paid for the bailouts. As far as i can remember, the richest 1% of americans pay around 25% o the federal government's total tax revenues.

[chocomalk]

@rrrahu1

The top 1% pays 25% of taxes because they have most of the money. In no way does quoting irrelevant statistics hide the fact that income and taxes are disproportionate.

[rrrahu1]

@chocomalk Mark Blyth claims that the poor man paid for the bailouts, and that the poor man will suffer because of spending cuts. This is a dishonest portrayal of the fact that it was actually the rich who, by and large, bailed out the banks simply because they account for the vast majority of federal tax revenues.

[chocomalk]

@rrrahu1

Most rich corps are offshore, most rich have tax breaks and shelters, and again, it does not hide the fact that the poor will pick up the final tab anyway.

And again, it only leads back to the fact that the rich have all the money yet the poor will be the ones that suffer and pay for it in the long run, maybe he is oversimplifying but it is a video to explain to the layman.

[bigalicat100]

I'd be interested to know what Mark's views on the correct step forward are? I don't mean an end game position I mean what tomorrow would he like to see happen in the global political economy (however that translates as action globally domestically locally etc) and why. Also are we essentially seeing a mix of pre Monetarism forms of state intervention, mixed with the neoliberal domestic prerogatives of maximising domestic diversity for the international market ?

[Triixcee]

this is ridiculous.

those who have no money should bail us out

lets just take the money from them via force =|

they can pay with their livelihoods.

[TagamiTKO]

This is a brilliant video.

[y0uG0tpwned1]

I have an idea for spoiled rotten liberals.

SPEND YOUR OWN DAMN MONEY!

Stupid people die.

Arrogant stupid people deserve starve.

There's soon going to be a dollar crisis you fools.

Survival for the fittest.

[F3dB3aR]

@y0uG0tpwned1 Do YOU believe there should have been no stimulus or TARP (begun, of course, by Bush). No auto-bailout (which turns out to have been oddly successful). No financial re-regulation? I think the case comes down to health insurance reform, which included the first ever cuts to Medicare, and according to the CBO will help reduce the deficit. All the issues you have with government were born REPUBLICANS, this has been well-documented like it or NOT!

[F3dB3aR]

@y0uG0tpwned1 you my friend are an anti-government lunatic, you'd rather this country slip into disorder and chaos, citing amendments that are beside the point that government has be systematically crippled by the people you love to support. Your anti-government bias prevents you from seeing past your Tea Party talking points! YOU EVER ASK YOURSELF THE QUESTION WHY YOU'RE MORE MAD AT THE PEOPLE WHO HAD NOTHING TO DO WITH THE CRASH (THE POOR) AND TAKE IT EASY ON THOSE WHO CAUSED IT (THE RICH)???

[F3dB3aR]

@y0uG0tpwned1 YOU ARE BEING HAD AND YOU DON'T SEE IT!

There be no bailout, no crisis, if it weren't for Reagan-era, Bush-era and W.-era deregulation you ASS WIPE, know your history.

[ssolitare]

@y0uG0tpwned1

Which means that the poor who are incredibly vast in numbers stampede the rich and steal all of their money. If the rich cannot afford their own personal military then so be it, they will die.

Survival of the fittest. No government protection.

[y0uG0tpwned1]

No taxation with sucky representation.

No taxes for anyone. We need to save. You dumb ass Americans spent/borrowed/printed us into this mess in the first place and all of a sudden think you have the solution?

Stupid people die.

Arrogant stupid people deserve starve.

There's soon going to be a dollar crisis you fools.

Survival for the fittest.

[icouldmakeitdecember]

Typical, the rich create the problem and then it's up to us to sort their shit out by getting hit with ridiculous spending cuts

[y0uG0tpwned1]

@icouldmakeitdecember

The federal reserve created the problem by setting interested rates to 0% or near 0%, and loaning credit that technically doesn't exist to get repaid.

By providing such cheap credit permits business to act reckless.

Congress is also to blame with the Community Investment act that forced banks to loan to people who weren't making enough to pay back.

By providing cheap credit, you permit business to act reckless, and kills incentive.

Solution, STOP BAILING OUT THE CROOKS!

[F3dB3aR]

What's really is problematic is that the US is slowly but surely becoming a Third World Fascist-Republic.

With Republicans refusing to raise taxes on the rich and systematically defunding government and it's services, we have been left with a HUGE whole in terms of DEBT. So quite frankly, what everyone is afraid to admit is, WE HAVE A REVENUE PROBLEM. For years we have been inappropriately taxing the middle and working class and have had laxed taxes on the rich.

THEY NEED TO PAY THEIR SHARE!

[y0uG0tpwned1]

@F3dB3aR

I thought democrats had the majority of both the house and the senate.

If mousolini said, and his words, fascism is when corporation teaming up with govt, why aren't you worried about obama buying gm?

No we don't have a revenue problem. We have a central banking problem.

This guy is bull shit.  If spending is what got us in the mess in the first place, apparently spending borrowed money is going to get us out of debt?

[y0uG0tpwned1]

@F3dB3aR

We don't have a revenue problem. We have a central banking problem.

If this clown is so smart, where was he in 2006 warning us in advance about the housin bubble.

Ever get a job from a poor guy? No.

Most of these departments are in violation of the 10th Amendment and bloat the govt with waste and inefficiency.

I have an idea, why don't you submit 100% of your income to the IRS : )

No taxation with sucky representation.

[y0uG0tpwned1]

@F3dB3aR

So what you're saying is, we're not buying enough.

Well if you (as in greedy Americans), like to keep spending other peoples money, you're going to have to eventually have to learn how to make the shit we buy.

Do you think china will support us forever?

We have such a great manufacturing capacity everything comes from other countries.

Don't be surprised if we have a dollar crises and we default to a gold standard combined with bartering.

[F3dB3aR]

What Tea Partiers and a large majority of Americans (angry white middle and working class families) fail to understand is that the Politics of Scarcity (competition for shrunken government resources) and the Economics of Austerity (policies which protect and promote the interests of the INVESTMENT ELITE - large banks, institutional investors, corporations and the super rich) have been at the FOREFRONT OF THE REPUBLICAN AGENDA for years (small gov't and tax breaks and credits for the RICH)!

[y0uG0tpwned1]

@F3dB3aR

Yeah but who beefs up the rich.

The federal reserve.

Democrats have been in charge for 2 years.

We're in more war, more debt, more unemployment.

All this talk about taxing the rich. What about taxing churches. Scientology alone pulls in billions. Church doesn't hire people or manufacture in the first place, tax them first.

It's not a revenue problem. Americans have a problem with spending china's money.

Well you all like to spend, learn how to manufacture.

Good luck USA.

[y0uG0tpwned1]

@F3dB3aR

That's not the gop Agenda. That's the founders Agenda. Read the constitution. The FEDERAL government wasn't designed to be this bloated. Read the 10th Amendment. Large govt comes at the expense of the people.

If we obeyed it we wouldn't be in this mess.

Taxing the rich, just because they're rich kills the incentive for getting rich.

It's not like it's the rich's fault the non rich are not rich.

We all deserve the fruits of our labors.

No taxation with shit representation.

[dixhuitstone]

@y0uG0tpwned1

"It's not like it's the rich's fault the non rich are not rich."

Do you actually understand how capitalism works?!

[y0uG0tpwned1]

@dixhuitstone

It's not your money mother fucker.

Stop taxing my boss, and learn to make an honest living yourself.

You don't need obama to be charitable. That's pathetic.

You don't need obama becuase you're such a great giver, but rather becuase you're a taker.

Go to college and get a real job.

You're the socialist, how many illegal immigrants have you invited over for dinner.

That's what I thought.

[gustaya]

I hope more people get a hold of you great message, thanks for taking the time to enlighten us , great job!!!!!!!!! We need that bad here in the "great USA"

[davepx]

The piece should have paid more attention to the downward spiral of spending, consumption, output, income, employment & revenue. Social justice arguments just aren't enough in societies depraved by 30 years of takng from the have-nots to benefit those at the top: just look at the demonisation of those driven out of work by the crisis. Those in the middle will feel the pain this time too while the super-rich keep laughing all the way to the bank that the rest of us paid billions to keep afloat.

[ninuxy]

@davepx Exactly. The people on food stamp who are barely making it through the month are being targeted viciously by the middle class for the all the ill that has happened to economy rather than looking up and say, "hey, you folks up there who actually 'devised' the scheme to get us into this, you are at fault."

[davepx]

@ninuxy Amazing isn't it how anger at the bankers (anyone remember Fred the Shred? Thought not) has turned into hatred of the very people hit hardest by a crisis that they alone didn't have a hand in. It's a sad and disgusting reflection on how low public opinion's sunk: this should have been the occasion to rein in those at the top whose wild speculation plunged us into this nightmare, but instead we get "Hey, let's cushion ourselves at the expense of those with least!" An utter obscenity.

[davepx]

@ninuxy Amazing isn't it how anger at the bankers (any Brits remember Fred the Shred? Thought not) has turned into hatred of the very people hit hardest by a crisis that they alone didn't have a hand in. It's a sad and disgusting reflection on how low public opinion's sunk: this should have been the occasion to rein in those at the top whose wild speculation plunged us into this nightmare, but instead we get "Hey, let's cushion ourselves at the expense of those with least!": an utter obscenity.

[davepx]

@ninuxy Amazing isn't it how anger at the bankers (any Brits remember Fred the Shred? Thought not) has turned into hatred of the very people hit hardest by a crisis that they alone didn't have a hand in. It's a sad and disgusting reflection on how low public opinion's sunk: this should have been the occasion to rein in those at the top whose wild speculation plunged us into this nightmare, but instead we get "Hey, let's cushion ourselves at the expense of those with least!": an utter obscenity.

[ninuxy]

@davepx That's because the lower class is an easier target to go after than the untouchable institutions. It's the prevailing mentality that inclines a middle class person to see all the society's ill as someone who has an economically lowered statues than he has.

[ninuxy]

I was reading a story of one couple with 4 kids who were joggling "3 jobs" between them but couldn't feed their children, one being disable, hence getting on food stamp. You have no idea the viciousness projected on this family for economical hardship because they'd dared to take food stamp which, according to the article, was "barely" feeding all of them.

These people have lost their fucking mind. They are acting like a pack of rabid dogs who don't know at which corpse to bark at.

[redcoat1000]

Left wing Keynsian rubbish

[dave00100]

@redcoat1000 Keep waiting for the trickle...it only looks like it went to Asia.

[mariannabosley]

American excuse for not doing the right thing

[y0uG0tpwned1]

@mariannabosley

The right thing would be to stop borrowing china's money,

If printing and borrowing got us into this mess in the first place, how is spending borrowed money or printing it going to get us out?

That doesn't even make sense.

I thought the stimulus was going to create jobs. Where are they?

Where are obama's shovel ready jobs?

[DeluxePenguin]

Interesting video. Keep 'em coming!