In reality he's already in office as the long time Rep. in California (D-CA). I can see why his district has sent him back every 2 years since 1972 after seeing this great video of him with this annoying Right wing guy who was trying to play the typical Right wing game of gotcha.
I was made aware of this gem by Clonal- MMTer of course. Thanks a lot for the link! It really is priceless. It's the funniest thing since, since... Yves Smith's ongoing "Journey to the Libertarian Future."
http://www.nakedcapitalism.com/2011/12/journey-into-a-libertarian-future-part-v-%e2%80%93-dark-realities.html#comment-556223
That too is hilarious. But what it is was this guy Right wing interviewer Jan Helfeld tried to pigeonhole Pete in his office and the Congressman was having none of it. If you haven't seen it you have to.
http://www.youtube.com/watch?v=UjbPZAMked0
Helfield-who is a Righty, he is always after Democrats, constantly stalking Nancy Pelosi, et al, trying to make them look bad on camera and he was trying to trip Stark up in his office asking him how it was that more national debt equals more wealth. He used the typical Right wing tactic of repeating the same ill-conceived, ignorant question over and over again but refusing to listen to the answer.
This piece was put up by Helfield because he thinks he made Stark look bad, and the comments indicate most readers thought likewise but in truth Pete totally put him in his place. He basically said that Helfield's questions were very ignorant "well if debt is wealth why not do more lets go in more" and Stark explained to him that he should just be quiet if he actually wanted to learn something.
As Helfield wouldn't listen to reason-if you watch it he does try to explain but it's like talking to a brick wall-Pete tells him to get "the fuck out of my office or I'll throw you out the window." It seems bad if for Pete if you don't understand national debt issues-most Americans-but if you do you can see that Helfield was the one who came off looking bad not Stark. I appreciate that the former banker and long time liberal does not suffer fools gladly.
In reading a little more about Stark, he is the first openly atheist congressman and the third longest serving. I wish I could vote for him for something. But I'm in NY. But if you want my vote for anything study that video! LOL.
http://en.wikipedia.org/wiki/Pete_Stark
http://en.wikipedia.org/wiki/Pete_Stark
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Art are you in the wrong room?
ReplyDeleteI think that comment explains Trump's and Newt's wife's hair.
ReplyDeleteThat might explain it Nanute! How've you been friend? You ever hear of the MMTers-Modern Monetary Theorists? I've spent some time looking into them last few days.
ReplyDeleteTheir idea is that now that we're on a fiat money standard it requires a totally different monetary theory
Mike,
ReplyDeleteI've been lurking and following your posts. Just not commenting. I have to admit, I don't understand the theory. I've read this post at Sumner's http://www.themoneyillusion.com/?p=10238
and read most of the comment thread, and am more confused than before.
You're right about one thing: MMT folks can be a snarky/pretentious lot. See the comments here: http://www.winterspeak.com/2011/04/comments-on-interfluidity.html#links
ReplyDeleteMy friend Jazzbumpa makes an appearance.
Yeah, I don't disagree that the bedside manner can be off.
ReplyDelete"What crap. It's like the Pope saying to Gallileo, "if you were only nicer about this whole earth revolving around the sun the Church would listen to you more". MMT is rejected because it is heretical"
At Winterspeak that was said. Still I find the ideas themselves sort of interesting. I've had my ups and downs with Sumner too. Not sure what to make of him debating them. They both use different vocabuluaries
See Pete Stark video for my comments (dilbert_g) to Helfield.
ReplyDeleteWhen we get Sunlight and Heat, by accounting logic, the Sun is running a Deficit of Energy. Who is worried about where we can get the energy to "pay back" the Sun?
The point is, "deficit" is a real accounting concept that does not mean "shortfall", at least not for a sovereign currency ISSUER for a free-floating non-fixed currency.
If the US had a real debt in a foreign currency it did not control or create, THAT would be a problem. Weimar had to sell Marks on market to get Silver to pay WW One winners. Tough terms.
When Nixon ended Bretton Woods Agreement and "closed the gold window", holders of Dollars were not entitled to cash them in @ Treasury window for gold. Their choices were limited to (a) US T-Bonds or (b) cash reserves. Uncle Sam has the power to create both, a monopoly power. Anyone else is doing criminal counterfeiting.
What banks do when they "create money" is another longer MMT story. Alan Holmes of the Fed attempted to explain this to Milton Friedman crowd in 1969. Banks create loans by expanding their balance sheet, creating Loan Agreement (new asset) and Deposits (new liability) simultaneously. Then look for reserves TWO WEEKS (or four) in arrears, *IF* banks' lending activities causes them to fall short of required balance.