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Stabilization Won’t Save Us
New York Times, by Nassim Nicholas Taleb

Original Article

Posted By:LittleHoodedMonk, 12/24/2012 7:26:01 PM

The fiscal cliff is not really a “cliff”; the entire country won’t fall into the ocean if we hit it. Some automatic tax cuts will expire; the government will be forced to cut some expenditures. The cliff is really just a red herring. Likewise, any last-minute deal to avoid the spending cuts and tax increases scheduled to go into effect on Jan. 1 isn’t likely to save us from economic turmoil. It would merely let us continue the policy mistakes we’ve been making for years, allowing us only to temporarily stabilize the economy rather than address its deep, systemic failures. Stabilization, of course, has long been

Comments:
I don´t like it when someone "attacks" the rich [I´m not], as capitalism is what made our Country the superpower that it is. While greed is not to be envied, it should be punished when the Federal government takes what is and should not be "their fair share." The size of government must be as minimal as possible, and not growing to keep people employed. I did not appreciate the slam at US having a war with Iraq. It is always the dRATS who want that military spending to go to unsustainable social welfare.

      


Post Reply  

Reply 1 - Posted by: Cardsfan, 12/24/2012 7:45:03 PM     (No. 9082497)

The author is right - stabilization is a politician´s euphemism for " let´s kick the can down the road until i´m out of office", or until I can get elected to a higher office where I can play kick the can longer and farther.

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Reply 2 - Posted by: woofwoofwoof, 12/24/2012 7:50:26 PM     (No. 9082502)

Pretty good article over all, actually. Yeah, he takes a shot at the war, but it was a questionable strategy from the start to finance the war off-budget. And I don´t think the author really understands even so, the problem is globalization, 10,000,000 jobs sent to China. No Fed policy or tax policy or budget policy matters, as long as that is the case.

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Reply 3 - Posted by: KTWO, 12/24/2012 7:53:34 PM     (No. 9082506)

Taleb is worth reading whether you agree with him or not.

And the first two paragraphs are on the mark.

i.e. More of the same, or even more of almost the same, won´t work. Policies must change.

I don´t give the Iraq war the importance that Taleb does. But I agree with what he says about skin in the game and decentralization. "Antifragile" is a curious word choice but his advice is right.

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Reply 4 - Posted by: horacer, 12/24/2012 8:01:18 PM     (No. 9082516)

If only he´d speak in plain english. It looks like he´s advocating state´s rights and the end of too big to fail.

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Reply 5 - Posted by: southron, 12/24/2012 8:27:53 PM     (No. 9082536)

A little surprising for The New York Times- it actually didn´t go all out with a Leftist, pro-Obama slant. I wonder when the NYT, Wapo, and the L.A. Times will actually be able to be critical of Obama?

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Reply 6 - Posted by: noproblems, 12/24/2012 8:35:39 PM     (No. 9082540)

if the Repugs wanted to gain back credibility they would tell the american people that the current tax rates wont sustain the current spending. we can either cut spending or raise taxes.

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Reply 7 - Posted by: Blue-Z-Anna, 12/24/2012 8:42:07 PM     (No. 9082546)

Common sense stuff.

NYT or not.

Should the fools on the left embrace fiscal conservatism you can bet they will insist that they invented it.

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Reply 8 - Posted by: M Stuart, 12/24/2012 9:19:00 PM     (No. 9082573)

BALANCE THE BUDGET!



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Reply 9 - Posted by: zaphod, 12/24/2012 9:57:45 PM     (No. 9082595)

Good Lord! The anti-Krugman has appeared in the NY Slimes.

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Reply 10 - Posted by: hoopsfan, 12/24/2012 10:20:30 PM     (No. 9082612)

Better than most economic commentary that appears in the NYT, but the author falls short on specific remedies.

Yeah, it was a short piece, but plenty long enough for him to gripe about the cost of the Iraq war.



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Reply 11 - Posted by: pearlyjo, 12/25/2012 12:27:37 AM     (No. 9082662)

To answer #5´s question: When Hilary begins campaigning for President.

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Reply 12 - Posted by: TXknitter, 12/25/2012 8:59:20 PM     (No. 9083521)

"Kicking the can down the road." Both Houses of Congress do this and media/most voters act as though its just the natural order of things. Try it at YOUR job. Let´s call it what it is - failing to do your job by choice.

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Below, you will find ...

Most Recent Articles posted by "LittleHoodedMonk"

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Most Active Articles (last 48 hours)




Most Recent Articles posted by "LittleHoodedMonk"



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Posted By: LittleHoodedMonk- 3/29/2014 12:47:15 AM     Post Reply
Lydia DePillis´ story last week about the imminent demise of low-cal liquor made me realize that I don´t spend a lot of time thinking about the calorie content of booze. This isn´t an accident - beer, wine and liquor manufacturers are held to very different labeling standards than other food and beverage makers, and those standards don´t require the familiar ´nutrition facts´ you see everywhere else. The history behind this is complicated and a little insane - after Prohibition, beer makers were actually forbidden from putting alcohol content information on their labels. They finally sued for the right to do so in 1987.

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Posted By: LittleHoodedMonk- 3/29/2014 12:36:59 AM     Post Reply
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Posted By: LittleHoodedMonk- 3/29/2014 12:16:12 AM     Post Reply
One of the companies most entwined in the natural gas business in Europe is the Italian oil giant ENI – and that has put it smack in the middle of the crisis between Russia and western nations. ENI is the biggest seller of natural gas in Europe, providing 22 percent of the market. It is also the biggest customer of the Russian gas monopoly Gazprom, worth about 10 billion euros a year, and it might join with Gazprom to build a new pipeline under the Black Sea. It has a deal with Russia’s biggest oil company,Rosneft, to explore in the Barents Sea. It also has rights to look for shale gas in Ukraine and plans to propose reworking some old neglected oil

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NBC Universal [New York], by Staff    Original Article
Posted By: LittleHoodedMonk- 3/29/2014 12:06:06 AM     Post Reply
A spokesman for the New York City company that manages 1 World Trade Center says the building´s head of security has resigned. The Durst Organization´s Jordan Barowitz confirms David Velazquez resigned Friday. The departure comes just days after the arrests of three skydiving enthusiasts who in September parachuted off the building, the nation´s tallest skyscraper. It comes about two weeks after authorities say a New Jersey teenager sneaked onto the site and climbed to the top of the 1,776-foot tower to take pictures. Barowitz says the company took over security of the tower in January.

   

 

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Breitbart´s Big Hollywood, by John Nolte    Original Article
Posted By: LittleHoodedMonk- 3/28/2014 11:53:50 PM     Post Reply
When atheist director and co-writer Darren Aronofsky promised that his epic "Noah" would be "the least biblical film ever made," that was not hyperbole. "Noah" is a brilliant, compelling, beautifully-mounted, beautifully-acted piece of storytelling conceived for the sinister purpose of leading people to believe that Christianity and Judaism are something they are not. (Snip) What does matter, though, is The Message. The Message is everything. And this is where Aronofsky is the snake in the garden. Using a $135 million, he and Paramount have brilliantly and deviously disguised the Pagan god Gaia as the God of the Old Testament … as THE God.

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Posted By: LittleHoodedMonk- 3/28/2014 11:43:29 PM     Post Reply
Riyadh, Saudi Arabia - President Obama is weighing whether to allow shoulder-launched anti-aircraft missiles to be shipped to moderate factions of the Syrian opposition, possibly with help from the Saudi government, a U.S. official said Friday. Obama is considering sending man-portable air defense systems, known as “manpads,” along with other supplies to help opposition groups fighting the brutal regime of Syrian President Bashar Assad, (Snip) The Saudi government has long wanted to provide such armaments to bolster the Syrian opposition. The U.S. has opposed the move out of concern that the weapons could fall into

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Los Angeles Times, by Patrick McGreevy    Original Article
Posted By: LittleHoodedMonk- 3/28/2014 11:31:49 PM     Post Reply
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Posted By: LittleHoodedMonk- 3/28/2014 6:19:17 PM     Post Reply
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General Motors recalls 824,000
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WXYZ-TV [Detroit, MI], by Staff    Original Article
Posted By: LittleHoodedMonk- 3/28/2014 6:10:17 PM     Post Reply
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Putin Calls Obama to Discuss
Diplomatic Resolution´ in Ukraine
Wall Street Journal, by Carol E. Lee & Julian E. Barnes    Original Article
Posted By: LittleHoodedMonk- 3/28/2014 6:03:06 PM     Post Reply
Riyadh, Saudi Arabia — The White House said Friday that Russian President Vladimir Putin called President Barack Obama on Friday to discuss a possible diplomatic resolution to the crisis in Ukraine. During the call, which came near the end of Mr. Obama´s overseas trip that has focused heavily on sanctions against Russia, the two leaders agreed that U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov would meet to discuss the diplomatic proposal the U.S. has been proposing for weeks, the White House said in a statement. "President Obama suggested that Russia put a concrete response in writing,

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Posted By: LittleHoodedMonk- 3/28/2014 5:38:34 PM     Post Reply
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Jake Silverstein of Texas Monthly
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Posted By: LittleHoodedMonk- 3/28/2014 4:41:50 PM     Post Reply
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