MURDER, POLITICS, AND THE END OF THE JAZZ AGE
by Michael Wolraich
Order today at Barnes & Noble / Amazon / Books-A-Million / Bookshop
MURDER, POLITICS, AND THE END OF THE JAZZ AGE by Michael Wolraich Order today at Barnes & Noble / Amazon / Books-A-Million / Bookshop |
An excellent analysis of the case for/against Sanders by Elias Isquith at Salon
Comments
There is quite a fire storm going on in the different schools of economic thought the last few days over Sanders' proposals. Some real heavy weights in the field of economics has called to task the critics of Sanders's programs.
You have two dominate groups of thought on the left. Krugman is a New Keynesian Economist. In macroeconomics it is the marriage of Keynes and M. Friedman. The other group is Post Keynesian which has branched out to Modern Monetary Theory(MMT). MMT brings Keynesian economics into the 21th century updating the models based on the gold standard to the fiat monetary system we now have. This did not happen with our Monetary Policies after we switch from gold standard to fiat in 1970 but continued to use models designed for the gold standard. So our Monetary Policy Model has been flying by the seat of it's pants tweaked here and there with out dated gold standard rules.
In the late 1990's Dr. Stephanie Kelton published her work predicting the 2008 economic crash. She is one of the top experts in MMT economic thought. Let just say it was laughed at and ignored as magical thinking. The economy played out just as her models and numbers predicted. So the only ones that saw this coming was MMT Post Keynesian Economist.
Professor Gerald Friedmen of the University of Massachusetts using standard economic models crunched the numbers of Sanders' proposals that he is offering. His analysis showed that is was a very viable program and would create about 5% economical growth for 3 years in his published paper. Now remember Sanders' big ideas are suppose to be unicorns and fairy dust. I don't have a link on his paper but I am sure it reads like an a economical analysis with charts, formulas and everything that makes the rest of us wonder what all that means.
Then a letter from four economist that had worked for past Presidents wrote and open letter that came over my Wordpress feed to the Sanders' campaign and Prof. Friedman.
https://lettertosanders.wordpress.com/2016/02/17/open-letter-to-senator-sanders-and-professor-gerald-friedman-from-past-cea-chairs/
You need to read the letter so you will see who they were and how much they are involved in politics.
This came to the attention of Dr. Jamie Galbraith. He is the top expert in Post Keynesian Economics. He wrote them back a letter saying where is your counter argument of proof. Let see your analysis.
http://big.assets.huffingtonpost.com/ResponsetoCEA.pdf
You need to read this one as well because Dr. Galbraith rakes even Krugman over the coals for not doing due diligence.
Now we hear from Economist Dean Baker yesterday in a short article published in Hufpo.
http://www.huffingtonpost.com/dean-baker/the-four-economists-big-l_b_9275562.html
He is referring to the fact that the government economical policies did fail. If you have not read the article please do.
Dr. Kelton is working on Sanders' proposals as his consultant. She is flying into Washington on a regular basis and only teaching one day a week at Kansas University. My personal feelings is she is right up there on the same pedestal with Elisabeth Warren. She is one of the top people in her field so of coarse his economic plans are being well thought out and researched by her. I read some of her work years ago and have been a fan of hers before I knew who Warren was. If he becomes President I do hope he selects her as Treasury Secretary.
So when Blankfiend says Sanders is dangerous is because he is really worried. Wall St. won't be picking Sanders' Treasury Secretary.
This is my big reason for voting for Sanders. It has been from the beginning of his announcement because I knew Dr. Kelton was his advisor in the Senate before he announced. It is time to sweep Milton Friedman and the Chicago School of thought into the dust bin of history.
by trkingmomoe on Sat, 02/20/2016 - 4:00am
Mike, You asked me about Krugman a few weeks ago and I told you he wasn't quite there yet. I hope this clears up some of your questions you have about his support for baby steps.
by trkingmomoe on Sat, 02/20/2016 - 4:12am
2 links re: objections to Modern Monetary Theory - I get a sense of String Theory with all that printed money to burn, but maybe I'm just feeling snide:
http://jessescrossroadscafe.blogspot.cz/2015/01/the-great-fallacy-that-is-at-heart-of.html
http://jessescrossroadscafe.blogspot.cz/2015/01/a-further-response-on-weakness-in.html
by PeraclesPlease on Sat, 02/20/2016 - 4:03pm
Lemme help you out.
Step one: print money, give it to people.
Step two, people buy stuff, the wheels of commerce whir at supersonic speed
Step three, money begins to lose relative value, omigod!, INFLATION.
Step four (the crucial and "controversial" part) raise taxes ( oh noes!!), soak up money, restore its value, send it back out to people ( who spend it rather than hoard it).
Of course, this is redistribution on steroids, but oddly enough, it's the rising tide raising all boats of which you may have heard.
by jollyroger on Sat, 02/20/2016 - 4:55pm
Thanks JR, It really isn't that hard to understand.
Dr. Galbraith's letter is really spot on. He didn't mince words. He really schooled them on the fact they are economists, so behave like one, and stop with the political spin with out empirical evidence to back it up.
In other words, stick with the science and quit blowing smoke out of your butts. Mic drop.
by trkingmomoe on Sat, 02/20/2016 - 5:52pm
Here's someone . . .
Kenneth Thorpe has put forth hard numbers, although they strictly deal with single-payer...
Who is Kenneth E. Thorpe?
FEB. 15, 2016 - NYTimes
Left-Leaning Economists Question Cost of Bernie Sanders’s Plans
---snip---
.
The complete seven (7) page Thorpe analysis-->Here @ Scribd
The complete seven (7) page Thorpe analysis-->Here @ Scribd
Oh and... Before anyone attempts to try and direct me to the HuffPo piece by Himmelstein and Woolhandler, save it until they show their hard numbers and science to back up their political rhetoric.
~OGD~
by oldenGoldenDecoy on Wed, 02/24/2016 - 4:29am
Ducky,
He is a Health Care Administrator expert from the Clinton administration from 1993-95. He is not an economist. He was part of the design team for the failed health care program during the early years of President Clinton. Like the authors in the blog pointed out, that I sited, the mountain of authority they are standing on is not as large as it used to be.
I figure we can afford it any way. We blew up the Middle East and Bailed the world banking industry out to the tune of zillions of dollars. There is something wrong with a country that considers gun ownership a right but health care is a privilege. This is a moral issue when it comes to taking huge profits off of the sick. Canada did it and so can we.
It is time we see ourselves more then just tax payers but part of the bigger common good.
by trkingmomoe on Thu, 02/25/2016 - 12:19pm
Oh ... I have a better than average understanding...
Thanks for responding... I know the complete history of the growth of a national health care program from Teddy Roosevelt, through FDR, Truman, JFK, LBJ, Nixon, Reagan, Clinton, and to the current era.
I have been a vocal proponent of single-payer for all beginning in the mid 1960s. And the following is what I support and hope to see implemented in the future if I live to see it. I simply do NOT wish to see it kicked around like a political football in the middle of a presidential election season:
H.R.676 - Expanded & Improved Medicare For All Act 114th Congress (2015-2016) Complete Text
And now... To Kenneth Thorpe. Instead of me blithely pissing on a man's background, I'll simply allow their complete and entire record to speak for them. Thorpe is the type of knowledgeable individual we wish to have on our side.
That is all...
~OGD~
by oldenGoldenDecoy on Thu, 02/25/2016 - 4:36pm