Economy was no.1 issue for elections.

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Economy was no.1 issue for elections.

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2012 Nov 8, 1:04pm 4,862 views 9 comments

by chanakya4773 ➕follow (1) 💰tip ignore

Almost all economists agree that economic booms and busts are independent of what presidents do during their tenure.I agree that there is "long term" effect on countries growth due to economic policies/wars but nobody can show even one example of short term economic growth in recent years due to white house.
Why do we then keep banging our head on the economy during presidential elections ?
The only org which can remotely effect economy is the FED and even that is not under govt control. I looked back at all recessions and could not find even one recession which was caused by the "ruling" president at that time.Almost all were the result of excess money, speculation and lax regulations.

should we not focus on long term economic policies during elections rather than whats going on today.

#elections

Comments 1 - 9 of 9 Search these comments

1 mell 2012 Nov 8, 2:01pm

What?? How about congress and the prez get the wheels in motion to strip the FED of all their powers AKA printing press and put them behind bars for counterfeiting? That's how govt could "effect" the economy for the better and put the country back on track by starting to reduce the deficit (the principal that is, not just its growth).

2 thomaswong.1986 2012 Nov 8, 2:49pm

chanakya4773 says

Economy was no.1 issue for elections.

well.. yes.. "was" is the operative word here...

but it turned out more about contraceptives, you tube videos, someones tax return, and big bird.. things that sell well over TV.

3 mell 2012 Nov 8, 3:07pm

chanakya4773 says

mell says

What?? How about congress and the prez get the wheels in motion to strip the FED of all their powers AKA printing press and put them behind bars for counterfeiting? That's how govt could "effect" the economy for the better and put the country back on track by starting to reduce the deficit (the principal that is, not just its growth).

The power to FED was given many decades back ( in 50's). no change there after

True, so we should start taking that power back and abolish any forms of counterfeiting, such as printing money/injecting credit and fractional reserve lending.

4 mell 2012 Nov 8, 3:32pm

chanakya4773 says

I agree that fractional reserve system comes with its evil but it also has its own merits. if gold is the only reserve currency , who ever holds gold will hold the capital (which is even worst). today, atleast the super wealthy cannot hold capital as hostage since i can always get money from the bank for cheap.imagine if all the gold is hoarded during a crisis, what will happen to common man. Also if somebody wants to start a bussiness , they are at the mercy of the gold holder.

Yeah, doesn't have to be the gold standard for the reasons you mentioned although I am not sure how real that threat is if anybody is free to amass gold. But how about every dollar lent must be backed by 1 dollar of asset capital, no (further) leverage allowed?

Bellingham Bill 2012 Nov 9, 12:08am

why should asset values "collapse" in a well-regulated system.

Part of that regulation has to be eliminating speculation on borrowed money, especially in land.

I don't particularly care how this would be accomplished, but I think the land value tax would be pretty good at that, since theoretically it pushes (tax-burdened) land values to zero, LOL.

Bellingham Bill 2012 Nov 9, 1:38am

Also, there's this:

http://research.stlouisfed.org/fred2/graph/?g=cEN

showing the deficit is 10% of personal income.

Taxes have to be doubled in this country, and the current House majority remembers what happened to the House majority in 1994 after they raised taxes again in 1993 . . .

Bellingham Bill 2012 Nov 9, 1:39am

chanakya4773 says