If you don't know what you are talking about shut up

I read a lot of shit online mostly by conservative bloggers that that falls over itself in contradictions and rank stupidity. This one is in relation to a post I read about current aspects of the economy and the way the author has no clue about anything except their conclusions which will be reached no matter what the facts are.

An author of this particular post came to the conclusion that deregulation is no way responsible for anything in regards to the current economic fiscal crisis and there was too much government intervention. I will lucidly agree with him that certain agencies were set up to unrealistically create some sort of property value inflation bonanza that couldn't last and that some people over extended in regards to their credit. Ok sure. That sort of happened. (though he neglects to mention people were getting adjustable rate mortgages which didn't help matters. On top of that these banks were gambling these people would pay off their houses with unregulated swaps. Many times over. All do to deregulation).

But I can't really fault this person for his lack of insight when it comes to economic markets this fucking complex. I don't fully understand them. But there is a difference of not understanding the market and then saying something so contradictory on its face to adhere to some outdated form of ideology just so your brittle little world doesn't crumble down.

He goes on the write "That this bubble would eventually burst because of the over-extension of credit could have been predicted by anyone and this wasn't due to deregulation at all. Quite the contrary, this is a problem of too much government interference into the market, namely by central bankers who manipulated the money supply for their own interests. In other words, this economic crisis would have happened regardless of how many regulations we had in place."

First off I don't know how these bankers manipulated to money supply. Is he saying the Fed has printed off more or less money than they said they have. Have the bankers, in some secret cabal that meets at some secret Jew conference on George Soros's marching orders decide that dollar bills are now worth twenty two cents? No this is just a stupid thought that makes no sense when you sit down and actually analyze it. Sort of like System of a Down Lyrics.

Let's say the above was true though. Would this be able to happen because of deregulation? It's contradictory. It would be like me saying all those Woody Allen movies would be excellent if only Woody Allen wasn't in them. But the fact of the matter is that Woody Allen movies suck no matter which neurotic jew is in them and deregulation was responsible for the various loans (both predatory and subprime not to mention the transfer of these bad loans to other entities which meant even if these people were getting screwed they couldn't be held responsible) and the unregulated swapping of these derivatives all lead to the current state of our economy. Should it come as no surprise that this author is an idiot?

He quotes some author who probably writes whatever Jesus tells him (From Gods Lips to Peter Schiff's Pen) that says "Washington is telling us that our problems result from a lack of consumer spending. Therefore, the solution is for government spending to pick up the slack. However, if Americans are too broke to spend, then how can our government spend for us? The only money they have is taken from us through taxation. To postpone immediate tax hikes (adding interest for good measure), Washington plans to borrow more from abroad. However, if our foreign creditors refuse to pony up, much of the money will simply be printed instead."

You can make an argument against the stimulus as it was presented that would be respectable if you said something like "I'm worried about the debt." Sure it is short sided because the point is to stimulate the economy but I can see that as a viable concern. But this Schiff guy doesn't understand or maybe understands to well that his intended audience won't bother to critically analyze what he is saying. The government is putting money into the economy either by giving it right to the consumer (mostly through tax cuts which I find not as stimulative as other measures that could have been enacted) or to infrastructure or other projects that will create jobs. And isn't Obama planning on raising taxes on rich fucks? What is Schiff talking about here.

And why would anyone write that "Borrowing and spending too much got us into this problem, yet Obama's plan is to borrow and spend even more to get us out of this mess. Makes perfect sense from the Keynesian point of view. Too bad it doesn't work in reality." Whoa I thought the problem was government interference in the market Stay on fucking point. And what point of view is he coming from where this makes perfect sense?

For some reason Schiff gets quoted again " Many people assume that if government provides the funds we can spend our way back to prosperity. However, it's not money we lack but production. If the government simply prints money and doles it out, we will not be able to buy more stuff; we will simply pay higher prices. The only way to buy more is to produce more. It is production that creates purchasing power, not the printing press!"

I think I know a little bit about purchasing power since I took Econ 101 twice! There was a notion called supply and demand and it must have been important when it comes to the market since we had to learn how to graph it. Supply is dictated by demand and (according to wikipedia, I am cribbing here because remember I did take econ 101 twice) the main determinants of individual demand are: the price of the good, level of income, personal tastes, the population (number of people), the government policies, the price of substitute goods, and the price of complementary goods.

Maybe I am reading too much into what Schiff is saying. Maybe he does understand supply and demand and is stating that printing money will not actually stimulate demand. But again this Schiff loves to contradict himself.

"If the government simply prints money and doles it out, we will not be able to buy more stuff; we will simply pay higher prices. The only way to buy more is to produce more. It is production that creates purchasing power, not the printing press!"

I read this over and over and am baffled. You could almost say Schiff argues covertly for the need for a stimulus. You use the printing press to put money into circulation so there can be more production. That's the whole fucking point. Even if you don't give the money to companies for production you can give money to an individual in the form of unemployment checks. This person goes out and buys a Mrs Pac-Man machine. This brings money into Namco and they can maybe produce more Mrs. Pac-Man machines which gives people more jobs. These people then go buy stuff. This is how this shit works. Are people like Schiff are either naive or just fucking idiots.

It wouldn't be so infuriating if it wasn't so contradictory. I think that is what gets me more than the general stupidity behind the whole thing.