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#140- Burning Down the Fourth Estate A Convesation with Matt Taibbi

 
mapadofu
 
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mapadofu
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18 October 2018 07:15
 

John, you’ve touted hypothetical “invisible benefits” from potential economic activity that is only loosely coupled to tax rates, I prefer visible direct benefits to government policies.

 
GAD
 
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GAD
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18 October 2018 08:09
 
mapadofu - 18 October 2018 07:08 AM

You guys realize that Vader is the bad guy, right?

He was only bad if he wasn’t on your side.

 
 
Twissel
 
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Twissel
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18 October 2018 08:11
 

Linton, I agree that ideology is completely irrelevant.

The issue of the Trump tax cuts, as well the Monetary Policy of most Central Banks is based on Supply-side economics.
Any economy requires a balance between supply and demand: too much of only one doesn’t work well.
An overabundance of investment capital just exacerbates boom and bust cycles. What the world economy needs now is a strengthening of demand. And that requires raising income to levels that allow for steady consumption as well as savings.

 
 
Jan_CAN
 
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Jan_CAN
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18 October 2018 08:37
 

Yes, this forum would indeed benefit from greater diversity, but not just in regards to how Americans tend to define the Left versus Right.  True diversity would not only include more Vaders, but also Lukes (youth), Leias (female), Chewbaccas (minorities) ...  And there is already a disturbance in the Force; much of it emanating from the all too powerful United States of America.

 
 
John V. Linton
 
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John V. Linton
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18 October 2018 08:38
 
mapadofu - 18 October 2018 07:15 AM

John, you’ve touted hypothetical “invisible benefits” from potential economic activity that is only loosely coupled to tax rates, I prefer visible direct benefits to government policies.

But certainly you would accede that a person making $X from a job might accrue various side benefits (esteem, self-worth, confidence, social capital) more ideally than the same exact $X from a government check?  (Not making any general argument about cutting off government checks, rather just emphasizing how important a job versus a jobless benefit can be.)

 
Cheshire Cat
 
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18 October 2018 13:37
 
mapadofu - 18 October 2018 07:08 AM

You guys realize that Vader is the bad guy, right?

No, they don’t.

Conservatives think that Mr. Potter in It’s a Wonderful Life was a level headed capitalist hero who was badly maligned by the unwashed masses.

 
 
mapadofu
 
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mapadofu
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18 October 2018 14:11
 

John,
Sure, it might be better for a person.  Then again it might not.  Still, this supposed potential psychic benefit seems a pretty nebulous basis on which to ground tax policy.

[ Edited: 18 October 2018 14:16 by mapadofu]
 
Antisocialdarwinist
 
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18 October 2018 16:04
 

The best part of this podcast comes at the end, with the discussion of the 2008 financial meltdown. You owe it to yourself to watch The Big Short if you haven’t already seen it.

Harris strikes me as naïve with his take on the Khashoggi killing. Like it’s unprecedented for the US to support murderous dictators. On this issue, Trump is aligned with the so-called “Deep State” and our intelligence agencies. Of course we’re not going to jeopardize an arms sale because of Khashoggi! That goes without saying. Trump’s mistake was saying it. And MbS’s mistake was, likewise, merely a lack of discretion.

 
 
Cheshire Cat
 
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18 October 2018 16:21
 

Sam had a great quote when he and Taibbi were talking about Trump’s uncanny television skills and the news media’s obsession with him in order to achieve higher ratings:

Human history is an episode of reality television.

 
 
TheAnal_lyticPhilosopher
 
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18 October 2018 16:24
 
Antisocialdarwinist - 18 October 2018 04:04 PM

The best part of this podcast comes at the end, with the discussion of the 2008 financial meltdown. You owe it to yourself to watch The Big Short if you haven’t already seen it.

Harris strikes me as naïve with his take on the Khashoggi killing. Like it’s unprecedented for the US to support murderous dictators. On this issue, Trump is aligned with the so-called “Deep State” and our intelligence agencies. Of course we’re not going to jeopardize an arms sale because of Khashoggi! That goes without saying. Trump’s mistake was saying it. And MbS’s mistake was, likewise, merely a lack of discretion.

Poor Brooksley Born.  She saw it first, back when the seeds were planted in 1998 (the LTCM crisis).  No one listened to her and no one learned.  Greenspan was such an imbecile about it he told her over lunch that even outright fraud would be self-corrected by the markets, so derivatives and their off-exchange markets—the instruments of the 2008 collapse—needed no oversight or regulation.  I bet she doesn’t even get a mention in the movie (but I’m definitely going to watch it anyway).

 
Antisocialdarwinist
 
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18 October 2018 16:54
 
TheAnal_lyticPhilosopher - 18 October 2018 04:24 PM
Antisocialdarwinist - 18 October 2018 04:04 PM

The best part of this podcast comes at the end, with the discussion of the 2008 financial meltdown. You owe it to yourself to watch The Big Short if you haven’t already seen it.

Harris strikes me as naïve with his take on the Khashoggi killing. Like it’s unprecedented for the US to support murderous dictators. On this issue, Trump is aligned with the so-called “Deep State” and our intelligence agencies. Of course we’re not going to jeopardize an arms sale because of Khashoggi! That goes without saying. Trump’s mistake was saying it. And MbS’s mistake was, likewise, merely a lack of discretion.

Poor Brooksley Born.  She saw it first, back when the seeds were planted in 1998 (the LTCM crisis).  No one listened to her and no one learned.  Greenspan was such an imbecile about it he told her over lunch that even outright fraud would be self-corrected by the markets, so derivatives and their off-exchange markets—the instruments of the 2008 collapse—needed no oversight or regulation.  I bet she doesn’t even get a mention in the movie (but I’m definitely going to watch it anyway).

I don’t recall her being mentioned. The people who figured out what was going to happen decided to game the system by shorting the overvalued collateralized debt obligations, or CDOs, that were central to the meltdown. They went to their bankers and asked if such an instrument could be created. First, the bankers said they were crazy because the CDOs weren’t overvalued. Then they revealed that such an instrument—a credit default swap—had already been created by the bankers so they could short the same CDOs they were selling to their own customers. It’s (almost) enough to make a commie out of a capitalist pig-dog.

 
 
Twissel
 
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Twissel
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19 October 2018 01:17
 
Antisocialdarwinist - 18 October 2018 04:04 PM

The best part of this podcast comes at the end, with the discussion of the 2008 financial meltdown. You owe it to yourself to watch The Big Short if you haven’t already seen it.

Harris strikes me as naïve with his take on the Khashoggi killing. Like it’s unprecedented for the US to support murderous dictators. On this issue, Trump is aligned with the so-called “Deep State” and our intelligence agencies. Of course we’re not going to jeopardize an arms sale because of Khashoggi! That goes without saying. Trump’s mistake was saying it. And MbS’s mistake was, likewise, merely a lack of discretion.

The Khashoggi killing is just the most obvious display of the internal power struggle Saudi Arabia is going through: MBS might have managed to steamroll his rivals in the country and taken their in-country wealth; but most of them have significant stakes in US companies and offshore accounts. No question they are seeking ways to get rid of MBS and get their power back.
Of particular interest for me is Lindsay Graham, who is clearly going against Kushner, and by extension Trump, in coming out so vocally against Riad. I have to assume that “his” Saudis aren’t “Trump’s” Saudis.

 
 
TheAnal_lyticPhilosopher
 
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TheAnal_lyticPhilosopher
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19 October 2018 03:19
 
Antisocialdarwinist - 18 October 2018 04:54 PM
TheAnal_lyticPhilosopher - 18 October 2018 04:24 PM
Antisocialdarwinist - 18 October 2018 04:04 PM

The best part of this podcast comes at the end, with the discussion of the 2008 financial meltdown. You owe it to yourself to watch The Big Short if you haven’t already seen it.

Harris strikes me as naïve with his take on the Khashoggi killing. Like it’s unprecedented for the US to support murderous dictators. On this issue, Trump is aligned with the so-called “Deep State” and our intelligence agencies. Of course we’re not going to jeopardize an arms sale because of Khashoggi! That goes without saying. Trump’s mistake was saying it. And MbS’s mistake was, likewise, merely a lack of discretion.

Poor Brooksley Born.  She saw it first, back when the seeds were planted in 1998 (the LTCM crisis).  No one listened to her and no one learned.  Greenspan was such an imbecile about it he told her over lunch that even outright fraud would be self-corrected by the markets, so derivatives and their off-exchange markets—the instruments of the 2008 collapse—needed no oversight or regulation.  I bet she doesn’t even get a mention in the movie (but I’m definitely going to watch it anyway).

I don’t recall her being mentioned. The people who figured out what was going to happen decided to game the system by shorting the overvalued collateralized debt obligations, or CDOs, that were central to the meltdown. They went to their bankers and asked if such an instrument could be created. First, the bankers said they were crazy because the CDOs weren’t overvalued. Then they revealed that such an instrument—a credit default swap—had already been created by the bankers so they could short the same CDOs they were selling to their own customers. It’s (almost) enough to make a commie out of a capitalist pig-dog.

I might have the mechanisms of the two crises confused here.  But in any case, the movie sounds great.  I can’t stream it, so I’m hoping Redbox still has it.

 

 
czrpb
 
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czrpb
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23 October 2018 06:34
 
TheAnal_lyticPhilosopher - 18 October 2018 02:21 AM

For my part, Mr. Linton, I would like to see more of you around here.  The political right is scarcely represented, and the one who’d go to bat for it consistently—dare I say invariably and intractably?—has apparently left.  You’ll find the reception cool (to speak optimistically) or even hostile (to anticipate the reactions of some).  But I for one would welcome a thorn in the otherwise overwhelmingly liberal side here.  Diversity of opinion is its own reward, in my book, and there’s not enough from the right to stir things up and bring some balance to the Force.  Its like the Jedi have overrun the place and we need a Vader.

This has got to be the *shadiest* defense of the marketplace of ideas ive read in some time! Love it!

[ Edited: 23 October 2018 06:50 by czrpb]
 
czrpb
 
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czrpb
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23 October 2018 06:47
 
John V. Linton - 18 October 2018 05:00 AM

I wasn’t aware that Nixon or Reagan doubled the debt ...

Nixon did not, Obama did not, GW Bush (doubled) & Reagan (>2.5x) did yes?

https://www.thebalance.com/us-debt-by-president-by-dollar-and-percent-3306296

 

 
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