Niall Ferguson: Don't Trust Democrats to Fix Economy

[happinesson]

I respect your opinion. you foresee things in connection with what happen in the economy way back years ago. Let's all be positive that a good leader will listen to his member..

[1czelaya]

Don't understand the dislikes. I'm assuming it's from Democrats that are having a hard time coming to grips that spending is not feasible(there party, just like Republican party is responsible for our debt crises). Hey, I had a hard time realizing that Republican party has the same problem too. Matter of fact, I'm still trying to figure what differentiates either party now.

[DWWEnganacious]

He cut spending and kept the tax cuts, he's SOOOO leftist.

[toberses11]

turns out he does the complete opposite and fucks up the economy

[SDyerMinneapolis]

wâhnsînn_sûcht_mål_Nãch:_gelde­asy_åùf_gò0glÉ

[kblehman]

shinobi38,

That's quite an interesting thing to say considering the fact that what Mr. Ferguson said nearly 2-1/2 years ago is either true (the cubboard is bare--the money is already spent) or on the way to coming true (adding another great society-style program, ie obamacare) will take the economy backwards.

[shinobi38]

Niall Ferguson has nothing really insightful to say in my opinion. Other historians and acedemics have made the same observations as him but without coming to the same arrogant and imperialist conclusions, I fail to see anything informative, revealing or remarkable about this man.

[ph03n1xamb1t]

@shinobi38

I completely agree. He never has any insight.

[Aaronfred16]

The Primary reason for stagflation were the inflationary policies caused by the Vietnam war, which is not likely to happen now because we have deluded ourselves into thinking that we can push the funding for the current wars in Iraq and Afghanistan onto our children.

[ericclaptonismygod31]

And the socialists expanding the money supply drives down interest rates and stokes up inflation. Volker was great, but we are now doing the exact opposite of Volker and Reagan.

Ferguson is right on!

[jimberkt]

Why does no one ever suggest a wealth accumulation tax, where instead of taxing high income you tax people who are hoarding massive amounts of money. It would keep money flowing through the system and keep the marxists happy. Oh wait, i guess that's what QE is except it taxes anyone who saves any amount of money at all.

[nacaaswanacas]

very FOLLISH MAN

perhaps he should stop cheating on his wife and CHALLENGE himself intellectually to read some books from the other side of the spectrum ....

[ericclaptonismygod31]

Stagflation was the result of high oil and commodity prices in the context of an inefficient economy with high spending and inflation. A wage/price spiral added to this and lead to both high unemployment and inflation.

Welfare did it then and can do it again. Hopefully Obama is smart enough to realize.

[bonfirejovi]

@ericclaptonismygod31 the primary reason for stagflation was the increase of the money supply and volcker fixed that.

[pklocek]

He is a great historian and a fine economist too boot.

[astrophysicistCUboul]

Liberalism-a political philosophy based on belief in progress, the essential goodness of the human race, and the autonomy of the individual and standing for the protection of political and civil liberties.

Fascism- a political philosophy, movement, or regime (as that of the Fascisti) that exalts nation and often race above the individual and that stands for a centralized autocratic government

FAIL

[jkjl234]

@astrophysicistCUboul facism is also when corporations become the government, or control it in a powerful way.

[plpfctn2007]

8 of the last 9 US recessions occurred under a Republican president.

[oliverjamesbland]

This may be true, but that also implies that the democrats have sewn the seeds for the downturns previously.

This is exactly the same he in the UK, what happens is that a labour government opts for huge fiscal spending increases to fund welfare programs which become to costly to run and are inevitably shut down by the tory government which precreeds them, this is a trend which will exist as long as there is a left and right.

[tags714]

@plpfctn2007 it is not like it was a republicans fault... a big reason was the housing crisis, many people could not pay for larger mortgages (ie. they would only need $200,000 although they were asked to pay a $300,000 mortgage plus interest) so they defaulted... read up on what a C.D.O is

[regelemihai]

@plpfctn2007

Well how good to know that the latest recession, which is one of the biggest in US history, was caused by democrates.

[Northgrant]

I can tell by the rating of this video that the liberals (ie facists) are very upset about the truth about their cognitive retardation.

[sorrowsbitch]

I have read and a prepared a referee report in one of my grad econ courses for this guy's paper about empire effect. Total b.s.

[beancube2008]

Look if we don't crack down on militarism and turn them into our production and emergency resort. They are going to haunt us, our economy and education. We are not just draining away money, they are going to be used by some (who try to ignore explanation, who can produce shortcut policy) in many harmful ways to all of us.

[Twinhit]

IMHO, the current economic crises in the US has a lot to do with leaders from Nixon on down.

IMHO, this crises is really artificial in reality but having real consequences. How? It's like dodging a punch only to fall off the building.

I think from this point, it enters into the question, why? The Globalist Agenda has something in mind, up their sleeve. Problem - Reaction - Solution. The problem is real, the reaction, sure, but what is the solution? Restructure the global system?

[heyazzhole]

funny how people who voted Obama hate bush and how the house and senate got us in this mess and yet the obama is going to do to the economy 10 fold what Bush started,, Boy you liberals are stupid

[eatandtravel]

I thought Obama was going to be a trailblazer. However, he is an uber leftist who wants to spend and spend.

Obama is scaring the crap out of me.

[TheProgressistViewer]

@eatandtravel I tought he was gonna end the influence of lobyists... lol I rly believed him....

[shinobi38]

@eatandtravel He's not at all left-wing, that is a deeply inaccurate statement. Sending drones to Pakinstan to bomb hundreds of people is not left-wing, neither is a part privitisation of the healthcare system or indeed a close relationship with the Israeli state.

[ph03n1xamb1t]

@eatandtravel

You are an idiot.

[modonaut]

@eatandtravel

Leftist? He's been more giving to the Right then any previous Democrat.

[threepeice]

Totally agree mate.

[lygophile]

but i'd like the 70s...

[CosmicFork]

Between 2002 and 2006, the wealthiest 10 percent of households in the U.S. saw more than 95 percent of the gains in income. Even at that level, the gains tended to be concentrated at the very top. According to one study, the nation's 15,000 richest families DOUBLED their annual income, from $15 million to $30 million. In the same time corporate profits shot up by 68 percent, over five times the growth seen in the overall economy. Meanwhile there are 19 percent more families in poverty. Damn Bush

[hardsofty123]

citations plz

[CosmicFork]

Sources: Department of Health and Human Services, Census Bureau, Bureau of Economic Analysis, Federal Reserve, Department of the Treasury, and the Internal Revenue Service. All figures are adjusted to 2007 dollars.

[theforeigner85]

Good for them. Jealous?

I know people imagine in their minds when they think of these rich folk, monocled, fat men in suits, sitting on bags of money, smoking expensive cigars. Sometimes they're actually rags-to-riches, family men who want to secure their families future and are innovative and necessary for the national and global economy. Don't you just hate that?

[CosmicFork]

Only a little 23 year old nube, would think in terms of "Jealous?" Damn, That's High School. If you want to defend the indefensible, go right ahead. But, count me out! I printed the figures, and the source.

[regelemihai]

@CosmicFork

Those families also pay(ed) the biggest chunk of taxes. The poor pay almost no taxes whatsoever. So what's your point? Their money should be taken away from them altogether? Corporate profits shot up--ooo, scary.

[ourearthhome]

The wealthy since the 1980s have focused their investments on stocks and real estate. and not on capital expenditure that creates jobs resulting in useless asset bubbles and the grotesque rise of the financial sector whose genius has got us into this risis. Ferguson seems to be saying that we should just let this continue. That is not going to fly in this climate. If he wanted to do anything more than nay say, he could recommend tax breaks for investment in the real economy in this country.

[bktikiri]

B.S. is very charitable. What do you expect of an institution named after that loser president HOOVER ? Do we need to say more?

[DelinquentFaith]

God forbid we tax the rich. Maybe we should just not tax them at all. The economy is so much better when all the burden is on the rest of us poor ass folk.

[regelemihai]

@DelinquentFaith

They are taxed. Almost the entire tax burden is on them. those who earn more than 150k a year pay 80% of the nations taxes. Maybe the entire tax burden should be put on the top income earners--that's how a free nation promotes productivity.

Honestly.

[humanist7117]

B.S.

[Redfingers]

Ha ha ha ha.

He calls people making over 250,000 a year "entrepreneurs."

[discojoe3]

Ha ha ha ha.

Have fun pretending to understand economics.

[Redfingers]

You showed me.

[LeGioNoFZioN]

excellent video, top notch, highly suggest viewing the whole 45 minute video for context.

[FattKidd]

this guy is postulating that the stagflation of the '70s was the result of high taxes on the wealthy? where's the proof? the tax rate on the rich had been much, much higher in the 40s, 50s, &60s ( I think it was lowered from around 70% to around 50% in the 70s but I'd have to double check that) and we didn't have stagflation then? Where is his correlation?

I'm calling total Bullshit.

[LeGioNoFZioN]

watch the video in its entirety on FORA TV. you are watching a picture of a movie and judgeing the whole thing on the one shot you saw. It's a lot more enlightened.

[FattKidd]

will do

[kingfish196]

FattKidd- You're totally wrong about 70's tax rates. Top tax rates were lowered from 91% to 70% in the early 60's and remained there until the Reagan tax cuts of '81. Bad tax policy by Johnson, Nixon/Ford, Carter, and the Democrat Congresses of the period were a major factor in 70's stagflation.

[FattKidd]

Well, I might have been wrong on my dates but you've pretty much reinforced my argument that tax rates had nothing to do with stagflation. If the tax rates in the '40s/'50s were over 90% ( a period of great expansion), 70% in the 60s/70s, 50% in the '80s, it could not have caused stagflation. We've had stagflation for the past 4 yrs at least & the tax rate is much, much lower than it was then. What causes stagflation is the Federal Reserve w/ their monetary policy.

[FattKidd]

The oil embargo of the 70s caused stagflation. The Fed's lending rates in the 70s caused stagflation. Lowering taxes on the rich from 91% to 70% caused stagflation? I don't think so. That argument is counter-intuitive. What this man is saying is that lowering the tax rate by 20% on the rich caused stagflation? If that is the case, then maybe we should raise it back to 91% like it was in the 40s & 50s when the middle class was actually created.

[xXdmrusXx]

@FattKidd nobody paid those taxes in 60s

[imangrynow]

Didn't do em much gud did u niall sorry!

[elsantaklaus]

Fear, fear, fear.

Can´t you offer anything else, Republicans?

Why don´t you just shut up and get lost?

[merdufer]

There's an inflation of fear thanks to them. Fear isn't worth a dime nowadays.