Art Laffer, Ben Stein, And Michael Norman—Dumb, Dumber and Dumbest?
Posted by: madisonclassicalliberal in Central Planning, Monetary PolicyIn a parallel universe near planet Earth exists a reality unlike ours. If one were to look at it from a telescope, one would see a bunch of clowns dressed in suits running around yelling something about how their “animal spirits” have revealed to them the source of all wealth. These clowns yell with loud obnoxious force that wealth is created by endless consumer spending on anything and everything (absolutely no discretion) financed by borrowing newly printed scraps of paper created hourly (without end) by one single magical machine stored in a central bank. Unfortunately, a lot of these kooky nuts from this parallel universe have traveled to planet Earth and taken up residence. The horrendous part is that these crazy clown aliens have taken up spots on national TV as guests and tell audiences that Earth is also guided by this wackaloon theory of wealth. Alas, there is one man, Peter Schiff, who continues to sniff out and repudiate these aliens. The video above shows this taking place over the last few years. The video is a series of guest appearances by Peter Schiff and these aliens on national TV in 2006 and early 2007. Both Schiff and the alien-clowns give their predictions of the economy (Earth’s economy) for late 2007 and throughout 2008. Schiff shines with brilliance as he uses tools previously discovered by humans that are essential for interpreting Earth’s economy—reason and understanding. The clown-like alien creatures speak in unintelligent blather muttering something that resembles an ancient barbaric anti-intellectual pseudo-logic to us but apparently is still in use in their parallel universe—Keynesianism (also known as the religion of Inflationism). Below I summarize the sane predictions of Peter Schiff (all of which turned out to be true) and then I reveal the names of the clown-like aliens and summarize their mutant predictions (all of which turned out to be false).
Remember these predictions come from 2006-2007.
Peter Schiff – (Human from planet Earth)
Schiff’s summary of problems in U.S. economy in 2007:
1. There is currently too much consumption
2. There is currently too much borrowing
3. There is currently not enough production and savings
Schiff’s predictions for 2008:
1. Consumers will stop consuming
2. Consumers will start rebuilding their savings – especially since home equity will evaporate
3. Current imbalances cannot be addressed without a recession
4. Financial stocks are toxic
5. Financial stocks are going to get hit hard and suffer big losses
Schiff’s tips and insights for humans for 2008:
1. Embrace the coming recession and don’t resist it
2. The disease is debt-financed consumption
3. The cure is that we stop consuming and start saving and producing
Art Laffer – (I wonder if he meant to spell his last name Laughter? This alien is really stupid but he gives me much to laugh at!)
Laffer’s comment:
1. Doesn’t believe any of what Schiff says above (Laffer says with laughter, but probably not laughing now!)
Laffer’s interpretation of Earth as he sees it with his alien eyes:
1. Wealth has risen dramatically
2. There will be NO tax increases over the next couple of years (Read his alien lips!)
3. Monetary policy is spectacular!!! (Hahaha, this is ridiculously stupid and funny!!!!)
4. We have freer trade than ever before
5. Peter is totally off-base (Actually Peter was correct now that 2008 has played out!)
6. There will NOT be a crash (Hahaha, this is also stupid and fills me full of laughter!!!)
Other miscellaneous clown-like aliens that showed their disgusting mugs in 2006-2007 to make ridiculously stupid predictions.
Michael Norman – (I thought Art Laffer was a moron until I heard this clown start jabbering his weak jaws. Does anyone still listen to Mike Norman after this pathetic showing of ignorance in 2007?)
Norman’s comments:
1. (Actually, Michael Norman just laughs at Schiff without much comment).
Ben Stein – (An alien that once studied the religion of Keynesianism and continues to use its barbaric theories to make likewise barbaric predictions which all turn out false)
Stein’s blathering predictions:
1. Stocks will be a heckuva lot higher in 2008 than 2006-2007
2. Merrill Lynch is a great buy in 2007!!! (Hahaha, maybe he meant it was a great buy for another company!!! Hahahaha!!!)
Stuart Varney – (Nothing like a clown-like alien with a British accent!)
Varney’s blarney:
1. The worst is over (He was talking about 2007 and implying 2008 would be great!)
2. Financial stocks are a great buy!!! (Hahaha!)
3. Central banks are going to save everyone (He apparently had visions of Bernanke dropping money from the Federal Reserve helicopter and putting out the infamous flames of underconsumption)
Entries (RSS)
“Schiff shines with brilliance as he uses tools previously discovered by humans that are essential for interpreting Earth’s economy—reason and understanding. The clown-like alien creatures speak in unintelligent blather muttering something that resembles an ancient barbaric anti-intellectual pseudo-logic to us but apparently is still in use in their parallel universe—Keynesianism (also known as the religion of Inflationism).”
You’re crazy. Keynes had it right. This Schiff guy is a total loon.
Our current economic situation is temporary. We’ll be out of it by late 2010. That’s what Krugman says, anyway.
Dammit, you knew it was me!!!
BAH!
I called your cell tonight, but you didn’t answer.
I guess I shouldn’t sign my comments w/ the ubiquitous “M.” when that’s how I sign all my emails. Next time, it’ll be something a bit more under the radar. Tho’, by now, you probably know how I structure my language and sentences, so I’m probably screwed no matter how much I try to incite you.
M.