Video: They’re still not listening to Rick Santelli

posted at 10:05 am on August 5, 2011 by Ed Morrissey

Want to see a microcosm of everything that’s been wrong with American economic policy over the last couple of years?  Watch this exchange between Ezra Klein and Rick Santelli from earlier today on MSNBC’s Morning Joe.  Santelli, whose February 2009 on-air rant over fiscal and economic mismanagement inspired the start of the Tea Party, gets exasperated with Klein after the Washington Post columnist talks about money moving around “unfairly”:

The entire problem with this economy is the notion that some people have of “unfairness” in markets. In fact, that’s how we got here in the first place. Government intervened to correct what was seen as “unfairness” in the housing market by guaranteeing risky loans, which set off a housing bubble that left the economic system in ruins. We got Obamanomics as the end result of that, which is all about “fairness,” and which has utterly failed to produce growth thanks to the arbitrary and punitive ways it treats investors.

Furthermore, despite Klein’s citation of two authors he claims has done “the best work” on this crisis, Klein is advocating for a policy which has already failed. He wants the Fed to intervene by creating inflation, which is exactly what they did with their two rounds of quantitative easing.  Not only has that failed to produce actual growth, as the latest GDP numbers show, it threatens to escalate a global debt crisis while weakening the value of assets for most Americans.   The Fed has no more options to play.

We’re not seeing growth because of the hostile environment for investors, and a lack of consumer demand related to high unemployment.  We could solve those tomorrow by reducing regulation (especially the arbitrary ObamaCare legislation that makes risk calculation nearly impossible), unfettering American energy exploration and extraction to create jobs and lower energy costs, and reform the tax system to put all investors on an even playing field and reduce the corporatism that drags down small-business creation and innovation.  We don’t need social engineers tinkering with the economic system to achieve their notion of “fairness” — we need actual economic growth, which the social engineers have proven completely incompetent at delivering.

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“Life is unfair,” John F. Kennedy.

Akzed on August 5, 2011 at 10:09 AM

Ezra is the smart one of the left, wonky, isn’t that term. Well I suspect Wonk for democrats mean who can message the best using left wing studies to prove freedom bad, central planning good.

rob verdi on August 5, 2011 at 10:10 AM

Does Rick Santelli understand that, without TARP and the bailouts – WE’D HAVE GONE INTO A DEEP RECESSION?

Seriously – this is what I’ve been saying all along. We should have taken that risk and braced for that meltdown rather than monkey with the delicate fabric of capitalism – which today, in this nation, is all off kilter.

Instead – we’ve spent TRILLIONS of dollars we don’t have to keep this boat afloat and, in the end – it’s going to fail anyway. We’re going to drown – and do it broke.

You can apply the same rationale to the debt default deal. We’d have been much better off “going there”.

HondaV65 on August 5, 2011 at 10:12 AM

As Eric Cantor discovered, Obama’s understanding of economics goes no deeper than what seems “fair.” He has all the analytic powers of a junior high schooler in this area. His intellectual shortcomings, combined with his massive undeserved confidence in his own brilliance, guarantee that he’ll never do anything that will create a positive environment for job growth.

Cicero43 on August 5, 2011 at 10:12 AM

Gosh darn it, can’t we just share misery equally?

WashJeff on August 5, 2011 at 10:14 AM

Marcia, Marcia, Marcia
-ezra

cmsinaz on August 5, 2011 at 10:14 AM

Great summary ED!

tim c on August 5, 2011 at 10:15 AM

Go Rick go!

cmsinaz on August 5, 2011 at 10:16 AM

And fannie is asking for more monies to boot

cmsinaz on August 5, 2011 at 10:17 AM

Poor Santelli. Watching Ezra Klein discuss economics on Morning Joe must be something like a religious historian reading The Da Vinci Code – utterly infuriating.

KingGold on August 5, 2011 at 10:17 AM

Rick Santelli versus Dick Durbin in 2014?

Unfortunately, IL seems incapable of electing a person with common sense to a state-wide office.

WashJeff on August 5, 2011 at 10:18 AM

And the DOW is down 58 pts from yesterday’s abysmal close. That’s just not fair.

Akzed on August 5, 2011 at 10:18 AM

Isn’t Ezra Klein too young to rent a car? How on Earth has has risen from blogger to the columnist of a supposedly respected national newspaper to frontman columnist of a supposedly respected national newspaper?

It certainly isn’t the piquance of his prose, or wisdom beyond his years. If I had known that prestigious outfits would be that hard up to be hep to the young’ins, I would have become a liberal.

HitNRun on August 5, 2011 at 10:20 AM

Contessa Brewer wants to know if Santelli has a degree in economics.

BacaDog on August 5, 2011 at 10:20 AM

KingGold on August 5, 2011 at 10:17 AM

An apt comparison. In both cases the material in question is complete and utter bullsh!t.

Unfortunately, in Santelli’s case, his half-baked blather is causing untold suffering nationwide.

Uncle Sams Nephew on August 5, 2011 at 10:21 AM

Rick needs to smack little Ezra’s baby bottom!

Seriously though, who listens to Ezra Klein? WHO???

johnnyboy on August 5, 2011 at 10:21 AM

Santelli’s BOOM STICK goes off again.

Go back to high school, Ezra.

Good Lt on August 5, 2011 at 10:22 AM

Ludwig von Mises in Human Action:

But if the government finances its spending program by inflation—by an increase in the quantity of money and by credit expansion—it causes a general cash induced rise in the prices of all commodities and services.

Which, as he points out later on, brings about a drop in real wage rates. Would Klein consider that “unfair”?

RedRedRice on August 5, 2011 at 10:23 AM

One of two things will signal the long term market bottom:

1. The Treasury admits failure, and stops intervention.

2. The market realizes that we will have a new president effective January 2013.

Vashta.Nerada on August 5, 2011 at 10:24 AM

rob verdi on August 5, 2011 at 10:10 AM

And he’s fresh out of college, to boot. Which means he’s so deep in the bubble, he hasn’t seen its edge yet.

Sekhmet on August 5, 2011 at 10:24 AM

So very sorry, confused Ezra Klein with Rick Santelli! Should not post when I’m this tired.

Uncle Sams Nephew on August 5, 2011 at 10:25 AM

Too big to fail. Unfair. Only government can stop the collapse.

All of it Dem dogma.

All of it completely false.

Major companies have failed before. A lot of little companies as well. Anybody purchase a new Maxwell or Cord lately? How’s Ryan Aircraft doing these days?

Had we allowed the market to work back in 2008, we’d be well on our way out of this recession already.

coldwarrior on August 5, 2011 at 10:25 AM

Every one here at HA should listen to Ezra and stop shifting their money around unfairly, and start shifting it fairly by wiring $100 each to:

BANK OF AMERICA
ABB Routing No. 113000023
FBO: TXUS

Now, you can feel better about yourselves.

TXUS on August 5, 2011 at 10:25 AM

I really love this guy. He is great. He had it right from the begining. If Washington just kept it big fat nose out of the economy, things would have worked themselves out. But no, we had to “stimulate” the economy, whatever the h*ll that means.

Bush and Obama were two sides of the same coin on stimulous policies–and both were dead wrong…

What we need now is Calvin Cooliage…but Mitch Daniels isn’t running…

RedSoxNation on August 5, 2011 at 10:25 AM

Headline… Dow opens sharply higher after strong jobs report

Riiiiiiiiight

sandee on August 5, 2011 at 10:27 AM

How do people this incredibly dumb get into positions to write for major publications, and appear on television? I could understand if Ezra was on some local cable access channel. Has MSNBC become the equal to the local cable access channel, some one should compare the numbers. I have often thought that Santelli was a bright man, but Ezra makes him look like a genius.

Dr Evil on August 5, 2011 at 10:27 AM

But, how would Marxists ever grow businesses when they are intent on destroying capitalism?

faraway on August 5, 2011 at 10:27 AM

Does Rick Santelli understand that, without TARP and the bailouts – WE’D HAVE GONE INTO A DEEP RECESSION?

HondaV65 on August 5, 2011 at 10:12 AM

Yup, we had the choice between a “V” or an “L” shaped recovery. McCain and Obama went for the “L”… and we are paying the price.

Fallon on August 5, 2011 at 10:27 AM

Man, Klein is smarmy. He reads two guys he proclaims as “doing the best work”, decides that he’s now an expert and condescends to people who disagree with him. He needs to get out into the real world for awhile and let life knock some sense into him.

Carter’s inflation was just a thrill a moment, can’t tell you how much enjoyment people got out skyrocketing expenses, 20% interest rates and labor market participation around 60%.

obladioblada on August 5, 2011 at 10:28 AM

“money moving around unfairly.”

How Orwellian of him.

mankai on August 5, 2011 at 10:29 AM

Yup, we had the choice between a “V” or an “L” shaped recovery. McCain and Obama went for the “L”… and we are paying the price.

Fallon on August 5, 2011 at 10:27 AM

It’s more of a “\” Slash Recovery

faraway on August 5, 2011 at 10:29 AM

We’re not seeing growth because of the hostile environment for investors . . .

Why would anyone invest in a business after seeing what the Obama administration did to bondholders in the GM bailout. As bondholders these investors held the most secure equity position, and it was taken away and given to the Unions. After seeing what happened in that “bankruptcy” procedure, why would anyone invest in a corporation or business? Managing business risk is one thing, but how does one manage the risk that the government might come in and steal your equity?
This is the side of the business decline that few seem to want to talk about. The government, instead of upholding contract law, has encouraged and participated in violation of that law. How does one run or invest in a business under that cloud?

rlyle on August 5, 2011 at 10:30 AM

There is no “too big to fail”. That’s stupid.

Cindy Munford on August 5, 2011 at 10:33 AM

Obama could even get Keynes right.

The real problem with the Obama Stimulus was that he invested in temp jobs – one year of teacher pay, one time construction projects that led to no future jobs – instead of permanent recurring jobs.

faraway on August 5, 2011 at 10:33 AM

Excellent analysis, Ed! I watched this live this morning, and it was most enjoyable! Santelli just smacked the snot out of that lithpy little nanthy-boy.

Naturally Curly on August 5, 2011 at 10:34 AM

Ezra Klein – Marxist

PatriotRider on August 5, 2011 at 10:34 AM

I think Klien is funny when he starts name dropping and insisting that “everybody” agrees with those named. Apparently not.

Cindy Munford on August 5, 2011 at 10:35 AM

A free market is the closest thing to truth serum there is. People lie, but they don’t bet their life savings, or their company, on a lie.

RBMN on August 5, 2011 at 10:35 AM

Just speaking with collegue (whom I would consider to the left of me, actually a vegan) and they were agreeing that the spending is ridiculous and that it needs to be brought under control and cut back on taxes and privatizing govt entities like the post office and amtrak.

If people that I would consider slightly liberal are thinking this, obama is in big trouble!

ConservativePartyNow on August 5, 2011 at 10:36 AM

All anyone needs to know about Ezra, he’s got a BA in political science tell us again how financial markets should work Ezra SNARK. Ann Coulter, quotes Le Bon, in her latest book, Demonic. Le Bon describes the Mob as feminine. I think we should update the description of the Mob, to reflect today’s generation- metro sexual.

In February 2007 Klein created a Google Groups forum called “JournoList” for discussing politics and the news media. The forum’s membership was controlled by Klein and limited to “several hundred left-leaning bloggers, political reporters, magazine writers, policy wonks and academics.”

Dr Evil on August 5, 2011 at 10:36 AM

We’re not seeing growth because of the hostile environment for investors, and a lack of consumer demand related to high unemployment. We could solve those tomorrow by reducing regulation (especially the arbitrary ObamaCare legislation that makes risk calculation nearly impossible), unfettering American energy exploration and extraction to create jobs and lower energy costs, and reform the tax system to put all investors on an even playing field and reduce the corporatism that drags down small-business creation and innovation. We don’t need social engineers tinkering with the economic system to achieve their notion of “fairness” — we need actual economic growth, which the social engineers have proven completely incompetent at delivering.

Nicely summarized, Ed. It deserves repeating.

onlineanalyst on August 5, 2011 at 10:37 AM

faraway on August 5, 2011 at 10:33 AM

The real problem with the Obama Stimulus was that it consisted of taking hundreds of billions of dollars in taxpayer obligation and borrowing to prop it up. Money the Nation did not have to spend and money we will be paying interest on for decades to come.

Unless there is a cash payoff for the “job” i.e., some product or service that makes a profit for the investor and the job holder, it is an overall burden on the population.

coldwarrior on August 5, 2011 at 10:38 AM

You know what’s unfair? That a “lithpy little nanthy-boy”* gets paid a lot of money to go on tv and act smart, and I’m stuck commenting on Hot Air.

“What do we want?”
“Equitable airtime!”
“When do we want it?”
“Now!”

“This is what sophistry looks like!”

*(ht:Naturally Curly on August 5, 2011 at 10:34 AM)

Abby Adams on August 5, 2011 at 10:39 AM

The entire problem with this economy is the notion that some people have of “unfairness” in markets.

Looks like you didn’t watch the video, Ed, any more than Santelli listened before speaking. If the government intentionally induces inflation, then it does cause money to move around in ways that are unfair. Creditors get screwed, people with savings and fixed-return investments get screwed, and debtors make off like bandits. Any conservative or libertarian economics textbook or economist will tell you that this is unfair, and it is progressives who have argued historically in favor of a policy like this specifically to screw the rich.

What Klein was saying was unfair (and this is kind of amazing, for Klein) is not the market, but government intervention in the market.

hicsuget on August 5, 2011 at 10:40 AM

Father Jonathan Morris is on Fox Business News Varney and Company right now.

He’s addressing people’s spiritual needs during economic turmoil.

Adults know that life isn’t fair.

Dr Evil on August 5, 2011 at 10:41 AM

There must be some way to grow the economy and still keep people from making too much money. Keep hope alive, Ezra!

Jim Treacher on August 5, 2011 at 10:41 AM

Seems that central planners won’t eat their peas.

booter on August 5, 2011 at 10:42 AM

So as Japan devalues their currency against the dollar – these brainiacs want to increase the money printed, while driving up inflation.

Apparently Greece is the word.

Odie1941 on August 5, 2011 at 10:42 AM

Who is Ezra Klein?

“But over time, I found that I enjoy writing far more. More to the point, I think that the creation of a media environment that can sustain and propel progressivism is more important than any single elected official. ”

In February 2007 Klein created a Google Groups forum called “JournoList”

faraway on August 5, 2011 at 10:43 AM

Dr Evil on August 5, 2011 at 10:36 AM

And, you know, Pelosi’s “double-secret plan” for winning back power was shared with Lefty bloggers. In the article, however, they are repeatedly referred to as journalists.

onlineanalyst on August 5, 2011 at 10:44 AM

Reminds me of a conversation I saw on t.v. the other day between some guy trying to defend Pennsylvania’s new “free” cell-phones-for-the-poor program, and a critic. The guy defending the program insisted that it does not penalize taxpayers, because the money to fund the program (which provides new cell phones plus 250 “free” minutes per month) comes from a government-mandated “fund” set up by the cell phone companies. He seemed to think this “fund” just materialized out of thin air (sort of like Obama’s “stash”).

The critic pointed out that that “fund” is paid for by a tax added onto the phone companies’ (paying) customers’ bills, and that the phone companies also deduct the cost of maintaining the fund on their tax returns, which means all taxpayers (even those who don’t own cell phones) also pay for part of it. The guy defending the program just started stammering about “fairness” and about how having a “free” cell phone (and 250 minutes per month to use it) is essential to help the unemployed find a job!

It’s this kind of cluelessness about economics that has gotten us into the mess we’re in now.

AZCoyote on August 5, 2011 at 10:44 AM

Why is it called industrials average with Disney and AA. Not industrials.

andy85719 on August 5, 2011 at 10:46 AM

Isn’t “Ezra” a girl’s name?

barrythrowslikeagirl on August 5, 2011 at 10:47 AM

I watched this today with my wife who is a financial expert. We both laughed at how Ezra is trying to school Santilli on economics. It was embarassing for Ezra.

Vincenzo on August 5, 2011 at 10:49 AM

Jim Treacher on August 5, 2011 at 10:41 AM

Accepting a paycheck and feeling guilty works for Mr. Klien.

Cindy Munford on August 5, 2011 at 10:50 AM

Ezra Klein is a Marxists bred elite who is too young to know WTF he’s talking about. Watching him spout his Marxists crap rhetoric to someone as experienced and bright as Rick Santelli, makes me want to jump through the screen and slap him upside his head!

katy on August 5, 2011 at 10:50 AM

The guy defending the program just started stammering about “fairness” and about how having a “free” cell phone (and 250 minutes per month to use it) is essential to help the unemployed find a job!

AZCoyote on August 5, 2011 at 10:44 AM

Speaking from experience, the recipients of these free phones almost never use them to search for employment.

90% of the useage is to sweet-talk their f*ck-buddy-of-the-week, help each other evade law enforcement, and endlessly talk in ghettobabble about the most pointless nonsense. And usually in a rather high volume, to boot.

Uncle Sams Nephew on August 5, 2011 at 10:52 AM

Doesn’t Ezra remind you of Rush Limbaugh’s stereotypical liberal know it all?

But Misther Limbaugh! Misther Limbaugh!!

Marcus on August 5, 2011 at 10:53 AM

Good stuff…

golfmann on August 5, 2011 at 10:53 AM

onlineanalyst on August 5, 2011 at 10:44 AM

The economy is in the shape it is today, because academia, has been put in positions of governance and leadership. Book learning doesn’t substitute for real world experience. That’s what I got out of the video. Klein a snot nosed kid, thinks he is the equal of someone, he doesn’t even share the same educational back ground with. Klein’s degree isn’t in economics. Compare to Santelli who has real world experience and a back ground in the topic the economy. This passes for intelligent discussion on MSNBC?

Dr Evil on August 5, 2011 at 10:54 AM

Ezra Klein is the New Castrati.

either orr on August 5, 2011 at 11:01 AM

Ezra can’t pay any attention to a guy like Santelli. Santelli’s, like, over 50 years old.

mchristian on August 5, 2011 at 11:01 AM

This passes for intelligent discussion on MSNBC?

Dr Evil on August 5, 2011 at 10:54 AM

Compared to Ed Schultz and Chris Matthews, this was like sitting in on one of Plato’s symposiums.

Naturally Curly on August 5, 2011 at 11:02 AM

Ezra Klein is insane. The LAST thing this economy needs is more inflation and uncertainty.

QE3 is the absolute worst policy the Fed could pursue. The dollar is collapsing – we need investment and savings, capital accumulation that can lead to real, sustainable economic growth. Instead, the Fed has continually debased the dollar, punishing savers and retarding sustainable recovery and growth.

Ron Paul is right, we need to allow competition in currency to curtail the power of the Federal Reserve. And people like Mr. Klein need to stop pretending they know the first thing about how an economy grows.

Inkblots on August 5, 2011 at 11:03 AM

Naturally Curly on August 5, 2011 at 11:02 AM

LOL!!!

Cindy Munford on August 5, 2011 at 11:04 AM

Compared to Ed Schultz and Chris Matthews, this was like sitting in on one of Plato’s symposiums.

Naturally Curly on August 5, 2011 at 11:02 AM

L-O-freaking-L! Too true!

You could normally get more intelligent material from a Calvin & Hobbes comic book.

Uncle Sams Nephew on August 5, 2011 at 11:04 AM

Can the GOP run Sanetlli for President. He at least understands the economy and has the guts to tell the truth about what is wrong with this country. He is the founder of the Tea Party.

flytier on August 5, 2011 at 11:04 AM

Compared to Ed Schultz and Chris Matthews,

Naturally Curly on August 5, 2011 at 11:02 AM

You left out that guy, what’s his name…on in the evening…Maddow, or something?

coldwarrior on August 5, 2011 at 11:05 AM

Looks like you didn’t watch the video, Ed, any more than Santelli listened before speaking. If the government intentionally induces inflation, then it does cause money to move around in ways that are unfair. Creditors get screwed, people with savings and fixed-return investments get screwed, and debtors make off like bandits. Any conservative or libertarian economics textbook or economist will tell you that this is unfair, and it is progressives who have argued historically in favor of a policy like this specifically to screw the rich.

What Klein was saying was unfair (and this is kind of amazing, for Klein) is not the market, but government intervention in the market.

hicsuget on August 5, 2011 at 10:40 AM

“Fairness” still doesn’t have anything to do with it.
Also, I don’t think you listened to Santelli – he was saying at the end that if we’d cut out government intervention and allowed the market to experience the pain of decisions that people participating in it had made then “intervention” wouldn’t be necessary. Free markets correct themselves.

gwelf on August 5, 2011 at 11:05 AM

Ezra Klein has an undergraduate degree in political science and has never had a real private sector job. Tell me again why he is deemed to have special understanding of economics and the business cycle?

halfastro on August 5, 2011 at 11:06 AM

halfastro on August 5, 2011 at 11:06 AM

For the same reason that Barry Obama’s undergrad courses in international relations were deemed sufficient to qualify him to direct the nation’s foreign policy. IOW, because more than half of this country’s electorate is insane.

AZCoyote on August 5, 2011 at 11:10 AM

That clip is priceless. Everybody’s talking over Santelli, who is the only one in the exchange who knows what’s going on.

They’re looking for credibility on their ideas by trying to goad it out of somebody who actually has credibility. When he doesn’t agree with them, they disrespect and discount what he has to say.

Why is it that people think Ezra Klein is smart? Further, why do people think Obama is smart? I don’t think the folks who say these things have much credibility.

Pablo Snooze on August 5, 2011 at 11:10 AM

Now that he is over at Bloomberg too, Ezra thinks he knows about Econonomics. Welcome to your beat down.

reddevil on August 5, 2011 at 11:11 AM

halfastro on August 5, 2011 at 11:06 AM

Because he’s a liberal!

flytier on August 5, 2011 at 11:11 AM

Klein is dumb as sh*t.

Somehow this moron is a national spokeman for liberalism.

tetriskid on August 5, 2011 at 11:18 AM

Dow is at minus 117….

coldwarrior on August 5, 2011 at 11:20 AM

Santelli schools the little kid who’s not ready for his big boy pants.

PackerBronco on August 5, 2011 at 11:21 AM

We would all benefit if Ezra Klein’s views were given wider distribution.

I can’t imagine anyone this side of Huffpo listening to this fool for five minutes and not realizing that Santelli is correct. Klein and Obama, whose policies he defends, haven’t got a clue. Santelli has wisdom derived from observation and practical experience. Klein and Obama have gut instincts that reflect their personal beliefs, which they confuse with Revealed Truth.

Unfortunately, their beliefs do not reflect truth or reality. The probability that Obama will conjure an effective economic policy that encourages growth is nil. Obama is trying to redistribute wealth and save the planet, and if he understands that his actions and his policies are driving down the economy, which I doubt, he doesn’t care.

Klein would be the perfect messenger. A few exposures to that sanctimonious silliness, particularly if seasoned with common sense Santelli-style, would do much to consolidate independents to the Right.

novaculus on August 5, 2011 at 11:21 AM

We’re not seeing growth because of the hostile environment for investors, and a lack of consumer demand related to high unemployment. We could solve those tomorrow by reducing regulation (especially the arbitrary ObamaCare legislation that makes risk calculation nearly impossible), unfettering American energy exploration and extraction to create jobs and lower energy costs, and reform the tax system to put all investors on an even playing field and reduce the corporatism that drags down small-business creation and innovation. We don’t need social engineers tinkering with the economic system to achieve their notion of “fairness” — we need actual economic growth, which the social engineers have proven completely incompetent at delivering.

From your blog to the GOP/s ears, Ed. Let’s hope a good candidate reads this and takes it on the road.

Vince on August 5, 2011 at 11:25 AM

Why is it that people think Ezra Klein is smart? Further, why do people think Obama is smart? I don’t think the folks who say these things have much credibility.

Pablo Snooze on August 5, 2011 at 11:10 AM

Because they’re credentialled. So we have an economic team of credentialled morons who hav never run so much as a lemonade stand but think they can run a national economy because of a few books they read on the subject.

I haven’t seen such a great beat-down of an pretentious idiot since the bar scene in “Good Will Hunting”.

PackerBronco on August 5, 2011 at 11:28 AM

Why exactly did they have him on, just to talk over him?

If you want your words repeated back to you, get a parrot!

barnone on August 5, 2011 at 11:30 AM

Does Rick Santelli understand that, without TARP and the bailouts – WE’D HAVE GONE INTO A DEEP RECESSION?

You mean we didn’t?
Without TARP and the bailouts we would have gone through a deep and painful contraction that was short lived and the economy would be recovering by now.
Kind of like what we’re going through now, except we aren’t getting the short lived and recovering part.
TARP and the bailouts (+ Obamacare) started with a very bad situation and made it much, much worse.

single stack on August 5, 2011 at 11:32 AM

You can apply the same rationale to the debt default deal. We’d have been much better off “going there”.

HondaV65 on August 5, 2011 at 10:12 AM

No you can’t.

I agree, we should have let the big Corps. fail. We let Lehman fail and no one had the stomach to let other big companies fail after what happened in the markets. Obama and McCain made it a campaign issue and here we are.

We couldn’t do that with the debt ceiling play because of many factors the main one being the media.

It is what it is and there is no use arguing about it now. I think the GOP is viewed more favorably now but we need a good candidate to start taking these issues to the people. Believe it or not, of the declared candidates, Pawlenty would be the most believable.

Vince on August 5, 2011 at 11:35 AM

Inkblots,
he did say more inflation didn’t he?

rob verdi on August 5, 2011 at 11:37 AM

Why is it called industrials average with Disney and AA. Not industrials.

andy85719 on August 5, 2011 at 10:46 AM

Whoa! You haven’t been around long have you? The Dow Jones Industrial Average (DJIA) Has been a benchmark for decades and decades. It has changed the 30 companies that make up the DJIA over time to try to reflect how business has evolved from a manufacturing economy.

Vince on August 5, 2011 at 11:46 AM

What does Scarborough do when Santelli starts to school the little socialist?

Scarborough cuts him off. Scarborough, I would bet, gets called into the office after every show and gets threatened with his paycheck.

Marcus on August 5, 2011 at 11:51 AM

Ezra Klein is credentialed? Let’s not get ahead of ourselves.

But I think I may be with hicsuget on this one. Santelli clearly doesn’t like him and probably can barely hear him anyway, and inflation does screw over creditors.

I need to look up what Rogoff thinks is going on with the $1.5 trillion in cash the banks are currently sitting on…

DrSteve on August 5, 2011 at 11:53 AM

I just love it when liberals trot out their 20 something year old “experts” who quote a single source as if it’s gosel and who talk with such authority of knowledge while holding liberal arts or political science degrees. Ezra hasn’t worked a day in his life other than as a talking head. Pansy UCLA grad…

PatriotPete on August 5, 2011 at 11:54 AM

Ezra Klein, Stop worrying, I know how to grow the economy, I just traded my cash cow for some majic beans.

Dr Evil on August 5, 2011 at 11:59 AM

But I think I may be with hicsuget on this one. Santelli clearly doesn’t like him and probably can barely hear him anyway, and inflation does screw over creditors.

How? Inflation and the Fed’s actions are one of the risks of lending money. They aren’t getting screwed and they have hedged those bets anyway.

All businesses have risks including being a lender of money. they need to lend to credit worthy individuals or entities and work to keep the govt. out of their business.

Vince on August 5, 2011 at 12:03 PM

Kill the big banks.

All the Too Big To Fail firms need to fail ASAP.

It’s really simply. BigGov enables BigBiz which then become TBTFBiz, all while TBTFBiz pumps stolen money into the pockets of BigGov. This is enabled by the Fed and the votes of teh Free Sh&t Army who votes in the corrupt BigGov poli-theives.

Really. It’s not at all hard to understand.

These people are evil.

j_galt on August 5, 2011 at 12:10 PM

they have hedged those bets anyway.

Most likely, yes, you’re correct. At a cost in real resources. Hedging inflation risk is a cost of doing business, but from a policy perspective we have a choice — do we want those costs higher or lower?

You’re not saying you want them to inflate, are you?

DrSteve on August 5, 2011 at 12:12 PM

Why is it that people think Ezra Klein is smart?

Pablo Snooze on August 5, 2011 at 11:10 AM

Um, didn’t you see the glasses? Didn’t you hear the condescending tone? Duh!

Jim Treacher on August 5, 2011 at 12:13 PM

The DJIA will break into the 10,000 territory today, have no doubt.

j_galt on August 5, 2011 at 12:16 PM

Amazing how stupid liberals are when it comes to economics.

jawkneemusic on August 5, 2011 at 12:18 PM

This is just infuriating beyond words.

Ezra Klein basically reads Krugman and a few lefty blogs and thinks he is an economics expert. He is too young to have lived through the Great Inflation of the 1970s so he has no idea how destructive that period was. Anyone who actually is calling for inflation as the way out of this Depression is nuts. It’s a classic liberal policy solution, but as with all other liberal policy solutions, IT. DOES. NOT. WORK.

Inflation is also the wrong cure for the disease that has infected our economy. To continue to pile on to our businesses more regulation, uncertainty about health care costs, high energy prices, high taxation, and then say we can just inflate our way out of the resulting low growth is ridiculous.

rockmom on August 5, 2011 at 12:20 PM

Inkblots,
he did say more inflation didn’t he?

rob verdi on August 5, 2011 at 11:37 AM

Klein? Yes, he called for more inflation. I’m not sure what you’re getting at, here.

Inkblots on August 5, 2011 at 12:24 PM

All businesses have risks including being a lender of money. they need to lend to credit worthy individuals or entities and work to keep the govt. out of their business.

Vince on August 5, 2011 at 12:03 PM

Inflation is a tax on EVERYBODY who hold assets denominated in dollars. That includes your savings account, your retirement account, your checking account, etc.

When will people, especially Liberals, get it through their heads that “businesses” and “corporations” are NOTHING MORE THAN GROUPS OF ORDINARY PEOPLE????

Demonizing businesses is just as foolish and unproductive as demonizing your neighbor or a family member. And it is silly to say that it’s OK for the government to pile risk and obstacles onto businesses just because they are businesses: these “businesses” are YOU!!!

landlines on August 5, 2011 at 12:25 PM

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