But even if the bailouts were investment (which they weren't) they would have been a bad one at best because they went into failed banks...
Government spending is NOT investment though, even if its in infrastructure.
That's why they are separated.
Investment is done privately without government.
No they aren't.
I may be wrong, but I do believe the S&L crisis would be an example of this....
"but I refuse to take a presupposition in the light of the lack of evidence to support the position taken by this video."
He provided evidence, in this video, and in others.
No, it was caused by the Fed pumping too much many into the system.
"The scale is also different than the S&L crisis."
Why does this matter?
"bad evidence is not good evidence."
What evidence are you referring to?
Bad investments are ENCOURAGED by the Fed's inflationary bubbles. That's how it works! The increase in the Supply of Loanable Funds results in a drop in interest rates, which makes banks and investors less risk-averse. It's been shown over and over and over again.
Yes, I would use the free banking era as evidence. You were trying to imply that our current economic crisis was not due to monetary policy. I pointed you to an example where such monetary policy wasn't present, and the result was not malinvestment.
Get over it. Our monetary policy led to this recession. It enabled, encouraged, and protected the malinvestment that caused it. To deny this is akin to denying evolution or gravity.
And quite a few economists DO share our position. Ignorance is not a valid defense.
It wasn't a matter of brains. It was a matter of looking at the latest comments you had made, keeping the subject of the video in question, and replying. Don't blame me for the fact that Youtube's comment system is screwed up.
Milton Friedman, Adam Smith (the man whose writings inspired Darwin's T.O.S.), Peter Schiff... (cont.)
Argument from authority? Is that all you have now?
You've asserted that these recessions would happen whether or not monetary policy was changed. This has been proven false.
You've asserted that we blame all economic problems on our monetary policy. This has been proven false.
You've asserted that our opinions are only held by a minority of "crackpot" economists. This is demonstrably false.
Virgil0211 (4 hours ago) Show Hide Ludwig Von Mises, Friedrich Von Hayek (Who, like Friedman, won a nobel prize in economics), Joseph Schumpeter, Henry Hazlitt, Murray Rothbard.
Von Mises and Milton Friedman both warned about the Great Depression some years before it happened, and Peter Schiff warned about our current recession when other economists were predicting that such a recession couldn't happen.
These are NOT obscure economists. These are brilliant men whose boots you are not worthy to kiss. Your fallacy is revealed.
I apologize. I misinterpreted the conversation. However, replace "our current economic crisis" with "the dot-bomb" and it still applies. So, no, my original statement will not be retracted. Simply modified. Happy?
kintarocrab (3 hours ago) Show Hide
Secondly, we never said all economic problems were caused by our current monetary policy. We stated that our monetary policy has a specific effect on our economy that leads to this cycle of expansion and recession.
Minority, maybe. Obscure, definitely not. We also have 100+ years of economic papers and several accurate predictions under our belts.
It wasn't an argument from authority. You said it was held by an obscure minority. The names were in response to that. You challenged the authority itself.
Whatever the case, the fact that the theory predicted these circumstances vindicates it beyond the edit wars of wikipedia.
An objectivist may follow the austrian school, but one who ascribes to the austrian school may not be an objectivist.
The point is why they thought the economy would tank. The keynesian economists basically predicted that so long as the government kept spending, our economy would do well. Schiff predicted that if we kept up our monetary policy, we'd experience a recession. Guess who was right.
You're behaving almost exactly like a creationist, right down to throwing insults as you leave in disgrace.
I wish you well. I hope you one day learn to apply reason to economics as well as science.