On the credibility of Austrian economics

[lektrode]

Re: On the credibility of Austrian economics

All they need to do is enforce the laws that were already on the books, we dont need more regulation. More regulation is just what the government wants so they can control more information/money flow so that they can profit from it.

This is how most people think;

+1
and RE-ENFORCE some that arent (anymore):
http://biggovernment.com/ddtreece/20...lass-steagall/

its also what We get when congress is populated/run by a bunch of poly-sci/lawyer types = the more complicated, the better for them.. its the only thing that explains why/how the US Fed Code is, what, 140000 pages, the tax code of 70000 pages? (or whatevah # it is, noted elsewhere here in a piece the week b4 from the burningplatform)

I have a friend who is in sales. He claims to me that the sales people get paid way too much money and would do the same amount of work for half the sales commission. He says that once he gets to a management position (by virtue of being one of the top salesman) he is going to change the sales structure so that people get paid half of what they would have received when he was in sales.

hmmmm interesting strategy, eh?
now.. where have we heard that one before.... oh yeah:


The final 2001-2009 logo

He clearly sees the advantage he gets but wants to take it away from anyone else. This is how I think Warren Buffett thinks and many people in government think. Buffett now wants to change all the tax rules that favored him for 99% of his career so that no one can get to his lofty position.

methinks you onto something PoZ....

[ProdigyofZen]

Re: On the credibility of Austrian economics

He said his basis for economic analysis comes from Austrian economics. He has expanded on that and looked at other economists using their work etc. Basically it is his original framework.

[lektrode]

Re: On the credibility of Austrian economics

I agree, supply side economics by itself is fine until involves large decifit spending and poor enforcement of needed regulation.

+1
and a congress who uses it to buy their re-election rather than deal with the realities of the .gov that they have created

and i dont want to hear about how 'we' elected them, not when 2 or 3% of the electorate, like whoever is the most pissed-off - gets their undies all up in a bunch and comes foaming into the polls based upon the flat-out biased lamestream media's propaganda du jour, depending on who's ox is getting 'gored' (pun intended)

[ProdigyofZen]

Re: On the credibility of Austrian economics

Lektrode, to me once you have X amount of money your financial and political dealings are not a function of more money they are a function of power and influence. I love when left wing liberals or anyone for that matter say that so and so X did this because they are greedy and want more money.

Oh yeah the Koch brothers are really greedy and want more money! Or oh yea Warren Buffett is greedy and wants more money (wait they dont say anything about buffett because he is a democrat and "for the people")

It is all about power, influence and admiration at the medium to top level of the incomes. Buffett says what he does to gain admiration, he wants people to think him a genius and love him, that is what makes him tick not more money. In fact it may never have been money since he still lives in the same house and drives an old car. The people who arent in it for the money but for the power are the ones you have to watch out for.

At least the one who is in it for the money will go away at some point the one who is in it for the power wants to control and influence everyone. You see this with Qaddafi. Sure he had money but what he craved and loved the most was the attention and power he had.

I would guess that most people in government are there for the power and not for the money.

[c1ue]

Re: On the credibility of Austrian economics

He clearly sees the advantage he gets but wants to take it away from anyone else. This is how I think Warren Buffett thinks and many people in government think. Buffett now wants to change all the tax rules that favored him for 99% of his career so that no one can get to his lofty position.

I'd say that you are thoroughly ignorant on what Buffet does, and says.

Buffet's fortune arose from skillful management of reinsurance company float into profitable businesses, as well as a few specific cases of market timing.

Berkshire Hathaway provides a real product, albeit financial.

What Buffet does is a far cry from bankster hedge funds, repackaged crap mortgages into MBS's, mortgage fraud, and the like.

Nor has Buffet ever said anything inane like "doing God's work".

Lastly he has for nearly a decade been speaking in public against deficit spending - i.e. when times were good - as well as the iniquities of the taxation system.

So far as I can tell, and I've followed him closely for decades, he's never engaged in the types of white collar criminal practices used by Goldman Sachs and the like.

The only areas he's engaged in which were in any way questionable were his cleanup of Salomon Brothers after their spectacular blowup - and even then his presence was due to a late investment into that organization, thus his intervention could clearly be simple protection of assets.

Thus while you could blame him for not doing more to keep FIRE free of banksters, at the same time he's always done his job in a forthright and transparent manner - said job not being to police his far less scrupulous fellows.

[lektrode]

Re: On the credibility of Austrian economics

and thats a pretty fair/balanced review of ole warren, i would agree, mr c1ue.
he seems mostly uninterested in the petty politix as it distracts from the real issues, such as the out of control spending/deficits...
while he makes a mockery out of the twisted pretzel the tax code has become, brought to us by the special-interest infested political class (even if its been done to benefit him and his buddies, at least he objects/complains about it)
and hey! a guy's gotta make a buck, and i find it not the least slightly deliciously-ironic that he even managed to put GS over his barrel and tho he might get a whoopin by his BOA position, methinks warren does it for the right reasons, as an uncontrolled blowout of the retail banks _would_ be a problem, eh? (and perhaps they being HQ'd in NC is more to his liking?)