Oh S&L where are you? I thought you were taking over as moderator. lol
John we were in one giant bubble. We were living a lie built by people like
you supply siders who said we could have it all. It went bust.
John you cant possibly be this much of a dumbass can you.
Do you ever use logic or do research. Jeez.
"ONE OF THIS ERA'S DEFINING MOMENTS OCCURRED ON AUGUST 28, 2006, WHEN STOCK BROKER AND UC BERKELEY ALUMNUS PETER SCHIFF APPEARED ON CNBC AND PROCALIMED THAT BY 2008,
OUR ADDICTION TO DEBT-FINANCED CONSUMPTION AND THE COLLAPSE OF THE HOUSING BUBBLE WOULD PLUNGE THE COUNTRY INTO ONE OF THE DEEPEST RECESSIONS IT HAD EVER SEEN. SQUARING OFF AGAINST SCHIFF WAS NONE OTHER THAN ART LAFFER, FORMER ECONOMIC ADVISOR TO RONALD REAGAN AND THE GODFATHER OF SUPPLY-SIDE ECONOMICS. 'THE UNITED STATES ECONOMY HAS NEVER BEEN IN BETTER SHAPE,' ASSURED LAFFER, WHO EVEN WENT SO FAR AS TO BET SCHIFF A PENNY THAT THE ECONOMY WOULDNT CRASH. 'I'LL BET YOU A LOT MORE THAN A PENNY,' SCHIFF RETORTED.
John you big dumbass. Your hero bet that the "economy wouldnt crash". He was wrong you dummy. Get it into your thick ideologically head. You cant escape that FACT.
OUR economy was clearly a house of cards when Laffer made his remark. you can focus on one element- GDP all you want but the FACT IS THAT THE ECONOMY WAS ABOUT TO COLLAPSE WHEN Mr. Laffer (your economic hero) said:
"THE US ECONOMY HAS NEVER BEEN IN BETTER SHAPE" He was wrong. In fact it was about to collapse and many people knew it except of course Mr. Laffer, you, and other blind ideiologues, ASK Mr. Roubini, Mr. Schiff, Mr. Krugman and on and on.
HE WAS WRONG. He made a bet which he lost. Do you understand wrong? LOL.
The bet was that the economy was going to collapse by 2008. What do you not understand about the bet? You dumbass ideologue.