Mercury Rising 鳯女

Politics, life, and other things that matter

Posts Tagged ‘brad delong’

Paul Ryan Snookers The Press: TPM Edition

Posted by Phoenix Woman on August 15, 2012

And now, in the continuing tradition of US media figures taking what known Republican liars like Paul Ryan say at face value, I give you this.

Team Ryan managed to shut down a media examination of the 58 individual-stock trades, 27 of them in large money-center banks, that Ryan made during the crisis of 2008 — and where he moved money back and forth between teetering banks like Wachovia and Citi and (drum roll, please) Goldman Sachs, this last of which was of course being propped up by Bush’s Treasury Secretary (and former Goldman Sachs CEO) Henry Paulson. Per Benjy Sarlin of Talking Points Memo:

It had the makings of a scandal: Paul Ryan traded banking stocks during the financial crisis the same day as a meeting with top Treasury Department officials, a Virginia blog wrote Monday. But the rumor, which spread rapidly across the Internet, doesn’t hold up to scrutiny.

[…]

The Romney campaign said Ryan had nothing to do with the trades in the first place. They were part of a Russell 1000 index fund that automatically traded stocks as part of a pre-set formula. Ryan’s disclosure forms include several similar trade patterns at various points throughout the year.

Sarlin also notes that the meeting happened outside of normal New York Stock Exchange trading hours, which for him means no trading was possible. The SEC begs to differ:

The New York Stock Exchange and the Nasdaq Stock Market—the highest volume market centers in the U.S. today—have traditionally been open for business from 9:30 a.m. to 4:00 p.m. Eastern Time. Although trading outside that window—or “after-hours” trading—has occurred for some time, it used to be limited mostly to high net worth investors and institutional investors.

But that changed by the end of the last century. Some smaller exchanges now offer extended hours. And, with the rise of
Electronic Communications Networks, or ECNs, everyday individual investors can gain access to the after-hours markets. 
Before you decide to trade after-hours, you need to educate yourself about the differences between regular and extended trading hours, especially the risks. You should consult your broker and read any disclosure documents on this option. Check your broker’s website for available information on trading after-hours. As with trading during regular hours, the services offered by brokers during extended hours vary. You should therefore shop around to find the firm that best suits your trading needs.

Another entity that begs to differ is Fidelity Investments, which executes after-hours trades — and after hours, not waiting until the next business day.

But that’s only part of what’s wrong with Sarlin’s attempt at debunking. Here’s Brad DeLong: Read the rest of this entry »

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Budget Arsonist Posing As Fireman: Greg Mankiw Spews Nonsense, Again

Posted by Phoenix Woman on January 2, 2011

If anyone to the left of Ben Nelson was this stupid in print, they’d be keelhauled. But since it’s Greggie Mancow, and since (like Lindsey Graham) he advocates starving Grandma so he can get an even bigger house in Wellesley, he’s welcomed in the pension-hating NYT with open arms so he can spew his Obama-must-be-even-more-of-a-pushover spiel:

STOP TRYING TO SPREAD THE WEALTH Ever since your famous exchange with Joe the Plumber, it has been clear that you believe that the redistribution of income is a crucial function of government. A long philosophical tradition supports your view. It includes John Rawls’s treatise “A Theory of Justice,” which concludes that the main goal of public policy should be to transfer resources to those at the bottom of the economic ladder.

Many Republicans, however, reject this view of the state. From their perspective, it is not the proper role of government to fix the income distribution in an attempt to achieve some utopian vision of fairness. They believe, instead, that in a free society, people make money when they produce goods and services that others value, and that, as a result, what they earn is rightfully theirs.

First of all, Mancow is lying when he accuses Obama of “trying to spread the wealth”. If anything, Obama has bent over backwards to appease the people in Mancow’s tax bracket so they’ll donate to him in 2012 — even though we’ve already seen the big-bucks folks at Big Health betray Obama after he’d killed the public option for them.

Secondly, as Blue Texan points out, Republicans like Teddy Roosevelt had this to say about the kind of taxation that makes Mancow’s lazy Randroid ass pucker in disdain and fear:

A heavy progressive tax upon a very large fortune is in no way such a tax upon thrift or industry as a like would be on a small fortune. No advantage comes either to the country as a whole or to the individuals inheriting the money by permitting the transmission in their entirety of the enormous fortunes which would be affected by such a tax; and as an incident to its function of revenue raising, such a tax would help to preserve a measurable equality of opportunity for the people of the generations growing to manhood.

As BT says:

But the worst part of Mankiw’s suggestion that Obama embrace a flat tax is that we’re living in a time of record inequality — the top 1% have a greater net worth than the bottom 90%. That inequality is having a corrosive effect on our democracy and our society. And to suggest that we exacerbate this further by cutting taxes even more for billionaires is just disgusting, offensive, morally repugnant.

Remember: Mankiw is not some wingnut radio host in Tuscaloosa. He’s a Harvard professor and a former advisor to George W. Bush, and he’s looking at the deficit and massive wealth inequality and saying, “more please.” This is where the right is in 2011.

Furthermore, Brad DeLong notes that Mancow’s track record on budgets is horrible:

Let the record show that when Greg Mankiw was chair of the President’s Council of Economic Advisers he worked for a president, George W. Bush, who took less than zero regard for the long-term fiscal stability of the United States. And let the record show that Mankiw did not put his or his staff’s credibility on the line in an attempt to reverse either of the five big budget-busting decisions–the 2001 abandonment of congressional PAYGO, the 2003 shift of taxes from the present into the future, the 2003 decision not to raise taxes to pay for any portion of the war in Iraq, and the 2003 decision not to find a revenue source to cover any part of the expense of Medicare Part D–of the George W. Bush administration.

[…]

And let the record show that there have been four big moves on the long-term budget in the past year: (1) the inclusion in the Affordable Care Act of the IPAB to slow the growth rate of Medicare spending (good for long-run fiscal stability, and which the Republicans have sworn to repeal), (2) the inclusion in the Affordable Care Act of the tax on high-cost health plans (good for fiscal stability, and which the Republicans have sworn to repeal), (3) the late 2010 Obama-McConnell deal on extending the shift of taxes from the present to the future (bad for fiscal stability, which the Republicans supported), and (4) the abandonment of PAYGO by the Republican House majority (bad for fiscal stability). Let the record show that Greg Mankiw has not endorsed (1) or (2), and has not lamented (3) or (4).

DeLong likens Mancow to an arsonist wearing a fire chief’s hat. Sounds about right.

Posted in 'starving the beast', (Rich) Taxpayers League, 2010, 2012 | Tagged: , , , , , , , | 2 Comments »

 
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