Tuesday, February 10, 2009

Best indicator yet that the stimulus will work 

After discerning the contours of economic history so perceptively in his 1999 book Dow 36,000, James K. Glassman keeps offering macro-economic advice to the American public. This time he tells us we need to be careful, because there aren't a lot of historical examples where fiscal stimulus actually worked.

Glassman is the guy who said that stocks would decline sharply if Clinton were reelected in 1996, and who confidently claimed in 1999 that the Dow was poised to triple (from 12,000) in the next three to ten years. He concludes his most recent commentary thusly:

Stimulus...is unnecessary and almost certainly harmful, a policy based on hubris and anxiety, rather than on history and good sense.... Americans now understand that the economic future is not so assured as they believed a couple of years ago, and it is time for decisions to be made-— in a manner careful, sensible, and unstimulated.

Wow. It certainly takes hubris to write "Americans now understand that the economic future is not so assured as they believed"... after being an unapologetic contributor to that false belief!

Here's what Glassman said to his fellow "Americans" in 1999:

What is dangerous is for Americans not to be in the market. We're going to reach a point where stocks are correctly priced, and we think that's 36,000 ... It's not a bubble. Far from it. The stock market is undervalued.

Then in 2006 he defended the book's premise, but instead of saying the Dow would triple by 2005, he "pushed the deadline out to 2021". Not wrong, just early, you see?

And who can forget this classic article that former New Orleanian Glassman published in his magazine titled (what else?) The American? Written two years ago by Thomas Bethell, it deals with the recovery of New Orleans. Try to savor this keen analysis:

Critics portrayed Nagin's reelection, in which he benefitted from absentee ballots cast by New Orleans refugees in places like Houston and Memphis, as the city's refusal to accept the need for change. Yet a case can be made that Nagin was the better choice, more attuned to exploiting the unforeseen opportunities that inevitably arise in a post-disaster period. Nagin is an improviser, not a planner, and that may be what is needed.

Mother of gawd, that's still such a bewildering and mind-bending statement. Not to mention just plain wrong.

Which leads to the question: on important matters, is Glassman and company ever right?

One should proceed cautiously, of course, but the evidence is scant.

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7 Comments:

Is Glassman your official economic nemesis?

By Blogger E, at 11:55 PM  

"Here's what Glassman said to his fellow "Americans" in 1999:

'What is dangerous is for Americans not to be in the market.' "

I might not have read that "book" or anything else that this dipshit's "written," but I smelled it on the air, and I knew it was a'comin'. Not too different from smelling rain, tornadoes or hurricanes, except it's way more subtle.

When I started seeing those seething, screaming, panicking-their-pinstriped-pansy-asses-off commercials, PUSHING THE WORKING CLASS AND MIDDLE CLASS INTO INVESTING IN SHIT THAT THEY HAVE NO FUCKING CLUE ABOUT (did I mention that the Fallen Uterus fell for it and bought into RAYTHEON?!??!?! Then I told her who Raytheon was, she sold short, and now she's SCREWED, 'cause Raytheon's yet to show a loss, the evil fucks.), I knew that the Olde Moneyed Fellows had already PULLED THE FUCK OUT.

Now those internet-broker and other scam-artist stock-market douches are back up to the full-time advertising schedules, so y'all KNOW that they have NO FUCKING INTENTION of putting that "Unca Dick's Bailout 4 Banks & Other Profiteering Muthafuckahs" money WHERE IT FUCKING BELONGS. Coke, whores, and private jets. Just wait. Definitely dominatrixes.

Three years ago, I started telling everybody to stock-up on canned goods, MREs, well, whatever they had left, considering what "natural" (ha) disaster they'd just survived and how many commodities that they had left. Three fucking years ago. And these cockbites still can't even fucking admit to the word "DEPRESSION." CheneyBushCorp STOLE EVERYFUCKINGTHING THAT WASN'T NAILED-DOWN, AND THAT INCLUDES THE FEDERAL RESERVE AND THE U.S. TREASURY, but oh, no, according to STOCK BROKERS and INVESTMENT BANKERS, ohhh, everything's FIIIIIIIINE. But when it's not "still" fine in two weeks, it'll be all Barry's fault. 'Member when incoming Dumbya, before the Surpremes even GAVE him the fucking election yet, started TALKING US INTO A "RECESSION"??? Don't tell me that this shit ain't fake and manipulated SOLELY to increase the coffers of motherfuckers like Cheney, who should be IN a COFFIN.

Fuckwads.

Thanks for the ref again, Erster. I reffed ya back, if that counts for anything. Always love the new company coming by to visit.

By Blogger Anntichrist S. Coulter, at 12:30 AM  

Annti: Love ya, and I'm always happy to link to Mark of the Beast and sure appreciate any links to YRHT.

E: we can go with that.

By Blogger oyster, at 1:21 AM  

Yeah, but on the other hand, Congress laughed at Geithner yesterday. He's become a laughingstock. After his speechifying, the market dropped like a rock.

Thanks, Timmy! We all enjoyed that.

By Blogger Pawpaw, at 5:45 AM  

Jindal opposed to all forms of stimulation:

http://www.wwltv.com/topstories/stories/wwl021009cbjindal.3f242ac.html

By Blogger Clay, at 7:10 AM  

Jindal: "I am opposed to all of that stuff that the great people all across this great country who are going to vote for me in my quest to be re-elected governor of Louisiana want me to be opposed to. And, also."

By Anonymous Puddinhead, at 10:43 AM  

"Yeah, but on the other hand, Congress laughed at Geithner yesterday."

Soooooo....who provokes more widespread laughter when they open their mouths--Geithner, or Congress?

By Anonymous Puddinhead, at 11:08 AM