Kotlikoff: We are in "deep doodoo"
There are times when we have to let our kids grow up and learn from their own mistakes. For those of you who haven't experienced parenthood or taking care of/support another person, I realize this may seem like an odd introduction.
The truth is that at one point we become our parent's parents. At one point the responsibility we deferred or which was deferred on to us, becomes our own. No amount of wishing and textbook worship can make it any other way. Like it or not, the reality of life is ultimate and willful ignorance can only hide from inevitability for so long.
Today (like many before him) Laurence Kotlikoff attempts to sound the alarm bell on the patients of America's favorite mental affliction.
There is a 4 minute video in the link which I suggest everyone take a peek at. I'm a fan of the notion of "food for thought"...and consider the dynamic of interviewer/interviewee a meal capable of feeding an army. I love the smugness of stupidity. It reminds me of similar "debates" between a talking head and an active mind. The stump teaching the tree...about growth.
Years ago, another wise man spoke...and the Ostriches squawked...his wisdom was scorned and his character defamed...and then the darkness came.
May the Ad Hominem commence...
For dessert...a memory jog, whipped cream and hot fudge to be dispersed by appropriate government agency. There is nothing to fear, return to your cubicles.
"Where ignorance is bliss, 'Tis folly to be wise."
-Thomas Gray
thanks for this... im a total nerd for thinking its hysterical
my pleasure...and remember...
nerd=guy who does the hiring
Just a genuine, American boss.
Awesome... +1
I respect Schiff, but I do have one quibble with a clip from that video. He said something along the lines of, "We're not just going to have a few quarters of negative GDP growth, but years-and-years of negative growth." Someone correct me if I'm wrong, but I thought we did only end up with like 3 quarters of negative GDP growth.
Keep in mind that around this time, he was basically being trotted in front of the cameras to be made a fool of. It shouldn't be too hard to find the video where Ben Stein and 5 or 6 other jaggoffs are laughing at Schiff and calling him out for his "cowardice" and "stupidity". The guy was defending his rationale against pretty much the whole financial orthodoxy of the moment. I really don't think the negative GDP point you raised takes away from the overall value of the message...think about the costs we're paying to be able to say we have positive GDP growth.
I'm not denying that. He took a lot of heat, and has been vindicated. I guess I just wonder if the magnitude is a little off, i.e. maybe it won't be as bad as he thought. Again though, I'm really not trying to take away from him, because I respect Schiff, and he took a lot of unnecessary grief, and it makes me happy that he's having the last laugh.
It's all good, bro. I highly doubt we'll be seeing him on CNBC ever again.
He's running for Senate in Connecticut, btw. Thinking about him in Washington cracks me up.
I loved those videos. It amazes me how little respect these people show each other. I would like to have some pussy economist try blowing me up on national TV. Would be pretty uncomfortable running into him at a cocktail party.
What I really love is how Schiff basically pwned these guys.
Lmao I got some liberal idiots on yesterday's topic trying to debate me on communism...HILLaryclintonARIOUS.
Yeah man, you can seriously spend an entire day watching Schiff shit on all of them. He ought to get a show called "Shafting Ben Stein...no homo"
For
Tone.
Haha, yeah me too. Are we sure that those people were actually economists though?
Does that guy still come on CNBC? Id like to see people'ls faces when their on with him.
Haha, amazing. I made the same arguments in school. The "growth" from 2002 to 2007/2008 was all speculation.
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