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Tom Woods on Glenn Beck Today (Must See!)
Tweet Topic Started: Feb 10 2009, 12:26 AM (76 Views)
Old_School Feb 10 2009, 12:26 AM Post #1
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Lars, I'm creating this topic with you in mind. Tom Woods is an economist of the Austrian persuasion (Cattman, Phil, or any of the other guys that visit mises.org or lewrockwell.com may recognize his name) who has recently authored a new book called Meltdown: A Free Market Look at Why the Stock Market Crashed, the Economy Tanked, and Government Bailouts Will Make Things Worse] which is already #14 on Amazon's top book list even though it was just released. You obviously know who Glenn Beck is.



Any comments?

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BoilerNLA Feb 10 2009, 12:58 AM Post #2
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I'll comment on the scrolling message at the bottom... talking about 4 more US Soldier deaths today ... and how much per month are we paying for this war/occupation?
Edited by BoilerNLA, Feb 10 2009, 12:59 AM.
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HoosierLars Feb 10 2009, 01:25 AM Post #3
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I'm confused, OldSchool, how did we get out of the 1920 recession so fast with the Fed already in business? Could it be that its policy makers were making good decisions?

The problems in the 30's were caused by excessive government spending, not the Federal Reserve.

I agree that interest rates were artificially deflated for too long, and that helped fuel the current housing bubble/bust. Most people think in terms of their monthly payment, and if you cut interest rates from 8 to 4 percent, you nearly double what they can afford, inflating home prices.
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thePhilosopher Feb 10 2009, 08:18 AM Post #4
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Tom Woods was fantastic on Glenn's radio and TV show yesterday. Truly a breath of fresh air in the media. I like Glenn quite a bit, though he tends to be completely wrong about the War on Terror-related issues, I think he's genuine and he's starting to read more of the Austrian folks (Hayak in particular) as well as the Founding Fathers.

Woods might even educate Glenn on von Mises! If we can get just one Austrian MSM figure (I think Glenn could be that guy, and he's already entrenched as a fixture), that'd be a long way in turning the tide against the Keynesian bullshit you find in the media everywhere. :cheers:
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IUCOLTFAN Feb 10 2009, 11:50 AM Post #5
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BoilerNLA
Feb 10 2009, 12:58 AM
I'll comment on the scrolling message at the bottom... talking about 4 more US Soldier deaths today ... and how much per month are we paying for this war/occupation?
840 billion bollars/ 3.7 million jobs "created" = $300,000 investment/job created

What a great investment for our country..............Obama is a dumbfuck
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Old_School Feb 11 2009, 02:50 PM Post #6
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HoosierLars
Feb 10 2009, 01:25 AM
I'm confused, OldSchool, how did we get out of the 1920 recession so fast with the Fed already in business? Could it be that its policy makers were making good decisions?

The problems in the 30's were caused by excessive government spending, not the Federal Reserve.

I agree that interest rates were artificially deflated for too long, and that helped fuel the current housing bubble/bust. Most people think in terms of their monthly payment, and if you cut interest rates from 8 to 4 percent, you nearly double what they can afford, inflating home prices.
Uhh....

The Fed is directly responsible for booms due to setting interest rates at an artificially low level. This creates an orgy of seemingly profitable, but actually unsustainable, business ventures and borrowing. When it is realized en masse that these business ventures were a bad idea, companies begin failing or liquidating the malinvestments. They certainly don't begin embarking upon more business ventures. The Fed causes the booms, but the market ALWAYS wins out, resulting in a bust. Only through state intervention can these relatively minor recessions turn into massive, decade+ long depressions.

The Fed's policies cause the booms and busts, the state has the potential to exacerbate the situation. Sometimes its interventions to delay the unavoidable "work", but in reality they just put off the problem at the cost of having to face a much more serious problem in the future. See the Fed's insane policies during and after 2001 for example. We should have had a bust/recession then, but they lowered the interest rates to damn near 0%. Now look where we are, we're staring the greatest depression in history dead in the face (due to the machinations of both the Fed and the government).

The reason we didn't have a "depression" (in modern terminology) in 1819, 1837, 1921, etc. is because the government took a relatively laissez faire approach to the problem and didn't spend us into oblivion.

I have a feeling you're starting to come around, though. Am I right?
The poster formerly known as mybracketownsyou.
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Old_School Feb 11 2009, 02:51 PM Post #7
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thePhilosopher
Feb 10 2009, 08:18 AM
Tom Woods was fantastic on Glenn's radio and TV show yesterday. Truly a breath of fresh air in the media. I like Glenn quite a bit, though he tends to be completely wrong about the War on Terror-related issues, I think he's genuine and he's starting to read more of the Austrian folks (Hayak in particular) as well as the Founding Fathers.

Woods might even educate Glenn on von Mises! If we can get just one Austrian MSM figure (I think Glenn could be that guy, and he's already entrenched as a fixture), that'd be a long way in turning the tide against the Keynesian bullshit you find in the media everywhere. :cheers:
Peter Schiff and Jim Rogers are both "Austrians". Granted, they don't have their own TV shows, but they've both been featured heavily lately, as has Ron Paul.
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HoosierLars Feb 11 2009, 05:46 PM Post #8
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Old_School
Feb 11 2009, 02:50 PM
HoosierLars
Feb 10 2009, 01:25 AM
I'm confused, OldSchool, how did we get out of the 1920 recession so fast with the Fed already in business? Could it be that its policy makers were making good decisions?

The problems in the 30's were caused by excessive government spending, not the Federal Reserve.

I agree that interest rates were artificially deflated for too long, and that helped fuel the current housing bubble/bust. Most people think in terms of their monthly payment, and if you cut interest rates from 8 to 4 percent, you nearly double what they can afford, inflating home prices.
Uhh....

The Fed is directly responsible for booms due to setting interest rates at an artificially low level. This creates an orgy of seemingly profitable, but actually unsustainable, business ventures and borrowing. When it is realized en masse that these business ventures were a bad idea, companies begin failing or liquidating the malinvestments. They certainly don't begin embarking upon more business ventures. The Fed causes the booms, but the market ALWAYS wins out, resulting in a bust. Only through state intervention can these relatively minor recessions turn into massive, decade+ long depressions.

The Fed's policies cause the booms and busts, the state has the potential to exacerbate the situation. Sometimes its interventions to delay the unavoidable "work", but in reality they just put off the problem at the cost of having to face a much more serious problem in the future. See the Fed's insane policies during and after 2001 for example. We should have had a bust/recession then, but they lowered the interest rates to damn near 0%. Now look where we are, we're staring the greatest depression in history dead in the face (due to the machinations of both the Fed and the government).

The reason we didn't have a "depression" (in modern terminology) in 1819, 1837, 1921, etc. is because the government took a relatively laissez faire approach to the problem and didn't spend us into oblivion.

I have a feeling you're starting to come around, though. Am I right?
"I have a feeling you're starting to come around, though. Am I right?"

I haven't changed my positions very much. I have studied the Federal Reserve and our banking system more over the last year. You just admitted that the correct Fed policy can be ok if we're not spending too much. That's what I've been saying the last few months.

I do agree that setting interest rates too low can lead to a bust.
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Old_School Feb 11 2009, 11:46 PM Post #9
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HoosierLars
Feb 11 2009, 05:46 PM
Old_School
Feb 11 2009, 02:50 PM
HoosierLars
Feb 10 2009, 01:25 AM
I'm confused, OldSchool, how did we get out of the 1920 recession so fast with the Fed already in business? Could it be that its policy makers were making good decisions?

The problems in the 30's were caused by excessive government spending, not the Federal Reserve.

I agree that interest rates were artificially deflated for too long, and that helped fuel the current housing bubble/bust. Most people think in terms of their monthly payment, and if you cut interest rates from 8 to 4 percent, you nearly double what they can afford, inflating home prices.
Uhh....

The Fed is directly responsible for booms due to setting interest rates at an artificially low level. This creates an orgy of seemingly profitable, but actually unsustainable, business ventures and borrowing. When it is realized en masse that these business ventures were a bad idea, companies begin failing or liquidating the malinvestments. They certainly don't begin embarking upon more business ventures. The Fed causes the booms, but the market ALWAYS wins out, resulting in a bust. Only through state intervention can these relatively minor recessions turn into massive, decade+ long depressions.

The Fed's policies cause the booms and busts, the state has the potential to exacerbate the situation. Sometimes its interventions to delay the unavoidable "work", but in reality they just put off the problem at the cost of having to face a much more serious problem in the future. See the Fed's insane policies during and after 2001 for example. We should have had a bust/recession then, but they lowered the interest rates to damn near 0%. Now look where we are, we're staring the greatest depression in history dead in the face (due to the machinations of both the Fed and the government).

The reason we didn't have a "depression" (in modern terminology) in 1819, 1837, 1921, etc. is because the government took a relatively laissez faire approach to the problem and didn't spend us into oblivion.

I have a feeling you're starting to come around, though. Am I right?
"I have a feeling you're starting to come around, though. Am I right?"

I haven't changed my positions very much. I have studied the Federal Reserve and our banking system more over the last year. You just admitted that the correct Fed policy can be ok if we're not spending too much. That's what I've been saying the last few months.

I do agree that setting interest rates too low can lead to a bust.
"You just admitted that the correct Fed policy can be ok if we're not spending too much."

Could you point out that exact passage for me, please?
The poster formerly known as mybracketownsyou.
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