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Satans Mark/Cashless Title: The Spreading of Economic "Phallacy" The Spreading of Economic Fallacy Chuck Roger The world of academia provides a comfy home to progressives. And when one of the critters writes in Vanity Fair magazine, gems of "thought" tend to emerge. In a new Vanity Fair article, "Of the 1%, by the 1%, for the 1%," Columbia University economist Joseph Stiglitz writes:
It's no use pretending that what has obviously happened has not in fact happened. The upper 1 percent of Americans are now taking in nearly a quarter of the nation's income every year. In terms of wealth rather than income, the top 1 percent control 40 percent. Their lot in life has improved considerably.
Left-liberal economists gravitate to silly beliefs. In the arena of silliness, Stiglitz does not disappoint. The economist pushes three fallacies in only four sentences. In the first fallacy, Stiglitz foists up the concept of "the nation's income." The contention ignores reality. A "nation" has zero income. Likewise, a nation's government has no income. All income is traceable to individuals, just as all spending is traceable to individuals. When people earn more, they spend or invest the increases in ways that inject more money into the economies of nations, continents, and the planet. Many other people earn and spend more as a result. The second and third of Stiglitz's fallacies reveal more of the silly progressive narrative. Individuals do not "control" the percentages that their earnings represent in the income of all people as a group. People certainly have some control over their individual earning power, but can do little to stop other determined people from reaping the rewards that come with hard work. And finally, the contention that the top 1 percent of earners has "considerably" improved their "lot in life" is laughable. Once a gazillionaire owns two yachts, four homes, and ten cars, regularly eats $25,000-a-kilo Almas caviar, enjoys unlimited top-notch medical care, and travels around the world all year long, does gathering a-hundred gazillion dollars more to support ten yachts, a palace or two, a container ship full of Rolls-Royces, and every-Friday-night dinners at Central Park West's Jean-Georges Restaurant put yet a bigger smile on the gazillionaire's face or render said gazillionaire immune to death? Really, Professor Stiglitz, can't your immense, hay-wired, progressive brain do better? Poster Comment: Quote-"The world of academia provides a comfy home to progressives". Unquote Only the "self proclaimed" ones... Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 7. The sad irony is Owe-bama's dependence on liberal social theory in place of basic math and economics 101 is why he'll be a one term failure ala Carter. Coure he'll blame Bush, Boehner, and America - home of the racists (eyes rolling) for the rest of his life...kinda like Carter does, without the racism part.
#2. To: Badeye (#1) (Edited) Coure he'll blame Bush, Boehner, and America - home of the racists (eyes rolling) for the rest of his life...kinda like Carter does, without the racism part. Dude, if you are predicting Obama is a one-term President, he's just about guaranteed reelection.
As it stands right now, the "Democratic Party candidate to win 2012 Presidential Election" contract would cost you $6.25. This means that, according to Intrade.com, President Obama (assuming that he is the Democratic Presidential nominee in 2012) has a 62.5% chance of winning in 2012. Go ahead, put some money up, maybe it will work out better than your decision to get out of the stock market before it rose 2,000 points.
#3. To: go65 (#2) Course he'll blame Bush, Boehner, and America - home of the racists (eyes rolling) for the rest of his life...kinda like Carter does, without the racism part.
#4. To: Badeye (#3) Course he'll blame Bush, Boehner, and America - home of the racists (eyes rolling) for the rest of his life...kinda like Carter does, without the racism part. Doesn't Carter still blame Nixon and Ford to this day for all of "Those troubles" he inherited???
#5. To: CZ82 (#4) (Edited) Doesn't Carter still blame Nixon and Ford to this day for all of "Those troubles" he inherited??? And Reagan blamed Carter, Bush blamed Clinton and so on. You guys seem easily surprised by politics 101. Hell, Bush blamed Reagan and Clinton for the 9/11 attacks:
They looked at our response after the hostage crisis in Iran, the bombings of the Marine barracks in Lebanon, the first World Trade Center attack, the killing of American soldiers in Somalia, the destruction of two U.S. embassies in Africa, and the attack on the USS Cole. They concluded that free societies lacked the courage and character to defend themselves against a determined enemy… After September the 11th, 2001, we’ve taught the terrorists a very different lesson: America will not run in defeat and we will not forget our responsibilities.
#6. To: go65 (#5) You guys seem easily surprised by politics 101. No... just tired of the same old stupid shit... lying out the ass or being spineless.....
#7. To: CZ82 (#6) No... just tired of the same old stupid shit... lying out the ass or being spineless..... Then stop posting article authored by the uninformed and spineless. Joseph Stiglitz bona fides: Joseph Eugene Stiglitz, ForMemRS, FBA, (born February 9, 1943) is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is also the former Senior Vice President and Chief Economist of the World Bank. He is known for his critical view of the management of globalization, free-market economists (whom he calls "free market fundamentalists") and some international institutions like the International Monetary Fund and the World Bank.
In 2000, Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001, he has been a member of the Columbia faculty, and has been a University Professor since 2003. He also chairs the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences. Stiglitz is also an honorary professor at Tsinghua University School of Public Policy and Management. Stiglitz is one of the most frequently cited economists in the world.[2] Wikipedia
Perhaps you would post Chuck Roger's
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