David Stockman understands budgets. So he is at his best, in this must view video, at a time like this. He understands much that is going on, but, don't mistake him for a libertarian, He is, for example, against all tax cuts--and at the same time he even sounds a bit Keynesian (when he talks about women buying Coach bags). These two positions disqualify him from the Austrian camp. It means he doesn't understand the business cycle and doesn't understand why money in the hands of taxpayers rather than the government is best for the economy. But he knows enough to realize that Ron Paul as chairman of the House subcommittee on monetary policy is a good thing.
Wenzel,
ReplyDeleteThe rest of his comments may be worthwhile for different reasons but the guy lost all credibility the moment he said, "The independent Fed was the Fed we had when I was in the government, Volcker was the head of it." The idea that the Fed was EVER independent, of anything or anyone, is a pipe dream. And you have to be a bit of a hack to assume the role of megalomaniac god-send to the people, where everything was virtuous and wholesome when YOU were around and went to hell shortly thereafter.
Wake up, David Stockman, you're being a clown and not a very funny one, at that.