Nixon "persuaded" Fed Chair Burns to slash the prime in the run up to his second term. Burns complied, the economy was juiced--and Nixon won re-election. And we paid for it with a decade of high inflation, recession and high unemployment.
This really can’t be repeated often enough, but most Americans have no idea how much suffering was caused by Nixon’s actions during that period. They also don’t know how much trouble his minions continue to cause.
It’s always the same! Republicans mess up the economy and then Democrats have to come in and fix it.
Overall, the record is clear: Since 1949, annual real GDP growth is 1.2% faster during Democratic administrations than during Republican administrations.
Total job growth has averaged 2.5% annually under Democrats, while it’s barely over 1% annually under Republicans.
Business investment is higher during Democratic administrations, with investment growth more than double the rate of Republican ones.
Families in the lowest 20% of income experience 188% faster income growth during Democratic administrations.
All five recessions since 1980 have begun under the GOP. The 1929 and 2008 depressions both happened with incompetent, anti-tax, anti-regulatory Republican presidents leading the nation over the cliffs.
Trump in his first term was the only president on record to have lost jobs, with 2.7 million fewer American jobs when he left office than when he entered.
By contrast, the USA added 16 million jobs under the Biden administration, with the lowest average unemployment rate of any administration in five decades.
Of the 51 million new American jobs since 1989, 50 million of them have been created under Democratic administrations. That's 98%!
Bottom line: Republican presidents are lousy for the economy, and have been nowhere near as beneficial as Democratic presidents. And now it’s more of the same with Trump making things disastrously worse. When will voters learn?
I have always understood the War in Vietnam to be a major cause of the inflation. "The Vietnam War is widely credited with triggering the "Great Inflation", a period of rising prices that began in the mid-1960s and lasted until the early 1980s."
Every nominee should asked that as well as was J6 about attempt to overthrow the results of a fair and free election. If the answers aren't Joe Biden and Yes the nominee has disqualified himself.
So, follow-up question, "Did he win legitimately". And then a sequence of questions after that, if necessary. A script, followed strictly by Democrats on the committee. As if it were a prosecution or deposition. Adopted by all Congressional Democrats, no debiations no freelancing, no egos or personal grandstanding.
No evasions allowed, if the interviewee evades or refuses to answer, the implication is stated clearly, for example "X refuses to confirm that Biden legitimately won the 2020 election. This places him/her in the category of election deniers and partisan operatives, and means that he/she is unfit to impartially perform the duties of the office sought".
"Adopted by all Congressional Democrats, no debiations (sic) no freelancing, no egos or personal grandstanding.
Excellent suggestion...
Regrettably each alone, let alone in combination, is a requirement which demands self-discipline of which Congressional Democrats have displayed no evidence of once recording mobile phones or lights and cameras are turned in their direction.
Stupid question? Here’s another stupid question: why has Trump seized 2020 ballots from Fulton county in Georgia? Why is he ‘making jokes’ about canceling mid term elections altogether?
It’s like he didn’t even try to stay. He just walked across the lawn and got into a helicopter.
On January 6th, everyone saw on TV how a protest turned into a riot that interfered with U.S. law. The most common charges were unlawful entry and disorderly conduct. Less common were charges for disrupting the Electoral College certification (they delayed it). The hardcore cases involved assault on federal officers, and in a handful of cases, seditious conspiracy.
What they were not charged with was insurrection. If you think that’s wrong, then say you take issue with Biden’s DOJ.
By that standard, some of the anti-ICE protesters could face the same charges. If they had not been shot and killed, how would Renee Good not be charged with assaulting an officer with a car, or Pretti not charged with destroying property and fighting with federal officers?
You're missing the point. Trump expects, even demands, that people who work for him declare that he was the winner of the 2020 election.
If you don't say Trump won, he won't support you. But if you do say that Trump won, then it's a public declaration that you cannot be trusted should the Senate confirm you.
It's only a stupid question if you genuinely don't care who does what in Washington.
Your reasoning is correct and logical. Unfortunately, millions of people still believe Trump did win and was forced to leave due to a 'rigged election'. Logic and facts just go right over their heads.
It seems like a waste of time since you can't audit absentee ballots to see if they are authentic. I think the democrats would object to having personal identification on ballots. However, without out them you can't really say if the votes are real or not.
And just like the envelopes in many states. Unfortunately in Georgia the envelopes were separated from the ballots, so the audit seems pointless. I see it as water under the bridge.
The trouble is, Trump is still saying he won, and all of his allies are still saying he won. Trump is basing a lot of his decisions re: elections on his 'belief' (not sure what he actually does believe) that the 2020 election was rigged. So no, sadly, it's not a stupid question. An unbelievable number of people still think that Trump actually won and was cheated due to a 'rigged election'.
So what. Hillary is still saying the election that she lost was stolen from her. Millions of democrats are on her side. Al Gore claimed that he won the election that he lost, and so did some of John Kerry's people. In this country you get to challenge an election result. It is part of the process. Again, so what. Trump failed to prove that the election was stolen so I left office on January 20th 2021.
All of the people you mention conceded the elections, prioritized the peaceful transfer of power, and don't continue to litigate the results. Your examples are irrelevant.
Great! Then it'll be the easiest question Warsh is asked. Aaron. I've got a hundred bucks that says if he's asked that question directly he doesn't answer with any clarity at all. He'll say something like, "Well, Donald left the White House," or something similarly mealy. Not your clear, concise statement. He will NOT say "Biden".
Well the guy will be outnumbered on the fed board, so there's hope in that. I'm tired, I'm tired at the firehose news of crap. I'm tired of all the oxygen being suckedout of the room by these lunatics where we can't address the real issues that weand the rest of the world face. I'm tired, but everytime I see the folks who stand up I have more courage and stamina.
It sucks up all the oxygen because the press is driven by advertising revenue, not any requirement to keep the public informed. Compounding this is the incompetence of the Dem's at honing a message and making sure it is always in front of the public. The press is going to make a fortune, up until they don't, blathering on about the admins lies, while not systematically covering the corruption. A very large fraction of the voters have no idea what's going on, as they follow no news sources at all.
It's still sane-washing. Short of hanging pictures of Hitler and Goebbels on the DHS walls, there's not much more the DHS upper management could do to "virtue signal" which team they're on. Miller is putting out material that would make Himmler proud, and the NYT is still treating it as an affront to polite society, as opposed to a direct contradiction of everything the US stands for. Eventually, Miller will have the Statue of Liberty melted down and turned into truncheons for ICE goons. The NYT will express concern.
I do like NYT's increased scrutiny on SCOTUS. If only MAGAts would see Ken Klippenstein's most recent posts on "leader of antifa"...would they catch a clue as to how this administration considers them as gullible as morons from the McCarthy era?! A comment to that post asked why FOX never mentions such former leaders of antifa, such as Eisenhower.,...and that British rabble-rouser Churchill!
I think a number of problems would be solved if these “alleged” pedos were arrested and tried and jailed for decades (life) and their assets seized to compensate these victims, let alone the raiding of the people’s treasury. Raise the tax rates on all of them too and get this country back on track.
Yes. Accountability is a great disinfectant. We could use a bit of a clean up to say the least. I'm not all that hopeful given our fiasco of a governing fiasco body we have.
The point of this administration is to throw the “mudsill” population into chaos, while the mob of Trump sycophants pick the vaults clean. What better way to do this than to place weak like minded individuals into places of power. This is class warfare.
Call me old fashioned but being a child rapist is disqualified from holding any position other than an inmate in prison for the rest of his miserable life!!!
I agree but the Wall Street Journal, which was renown for great reporting but has
had a bonkers editorial page going as far back as the 90s when it was pushing the “Vince Foster was murdered by the Clintons” conspiracy theory, is one of the hardest hitting against Trump’s insanity. Meanwhile Fox News is still normalizing what he has been doing.
Hell, I worked at a company in the late '70's that passed around copies of the WSJ every day - and the editorial page was bonkers then. I remember there was a lot of Ayn Rand and Galt's Gulch and "poor people are just leeches that are sucking the sustenance out of us 'producers.'"
Professor Krugman: so ... are you starting taekwondo lessons in preparation for the next economic meeting that you attend?
i'm astonished that this economic weathervane is serving as the Shepard Family Distinguished Visiting Fellow in Economics at Stanford University's Hoover Institution -- whoa! all this prestige AND WARSH IS A CHILD RAPIST TOO! who coulda known?
anywho ... the claim is that he does economic "research" which, considering what little of his track record i already know about, is a frightening claim. is america doomed?
"Based on the search results, there is no information indicating that Kevin Warsh, the former Federal Reserve governor and nominee for Fed chair, is a child rapist."
Paul, it would be interesting to hear about the effects of the ICE surges on local economies. This is an important and overlooked component of the destruction brought on by the Trump administration. A quick search shows that small businesses in the heart of Minneapolis/St Paul are suffering... and that has ripple effects. Probably this pattern is repeated in every city with a large ICE operation.
That’s a shame. Kevin Hassett seemed like the ultimate sycophant and (not knowing anything about Warsh) I was relieved when he wasn’t chosen. Sounds like Warsh is just a better-looking, smoother-talking version of the same thing.
On a Bulwark video, Rampell said (or at least heavily implied) that Warsh was either a political hack or the worst forecaster in Federal Reserve history. So, I would infer that you are interpreting her NYT remarks correctly.
Are we being too harsh on Warsh? My TrumpCoin reserves are doing as well as can be expected, and my Melania NFTs, well, they're just waiting for the right move by Warsh!
Meanwhile, Trump & Co kleptocratic coruption is rolls along. The Trump family crypto firm World Liberty Financial filed an application January 9 with the Office of the Comptroller of the Currency or OCC to charter a “trust bank” that will be called World Liberty Trust Company. A trust bank is a bank that doesn’t accept deposits or issue loans. The purpose of the bank would be to manage USD1…
When a proposed trust bank is linked to the president of the US that president is liable to pressure the OCC to approve a charter. In a January 13 letter to the comptroller of the currency, Senator Warren said “We have never seen financial conflicts or corruption of this magnitude” & that fear of precisely such a scenario prompted her to vote against the GENIUS Act.
Resist MAGA gangster, grifter authoritarianism! Vote Sane #VoteBlue!
At his confirmation hearing, someone must ask him: Who won the 2020 presidential election? It's a test of whether loyalty trumps truth.
You are right, that question is his loyalty test and should be asked of everyone before every committee for the next 20 years.
Get everyone on the record right away whether they are for Trump or America.
It will be interesting, at least, to see how he gets around it. If he says Biden he won’t get confirmed.
Which is why he'll say "Trump."
Nixon "persuaded" Fed Chair Burns to slash the prime in the run up to his second term. Burns complied, the economy was juiced--and Nixon won re-election. And we paid for it with a decade of high inflation, recession and high unemployment.
🎯
This really can’t be repeated often enough, but most Americans have no idea how much suffering was caused by Nixon’s actions during that period. They also don’t know how much trouble his minions continue to cause.
Again, I can't like this. In fact, I hate this, but it is true. Thanks for pointing this out.
It’s always the same! Republicans mess up the economy and then Democrats have to come in and fix it.
Overall, the record is clear: Since 1949, annual real GDP growth is 1.2% faster during Democratic administrations than during Republican administrations.
Total job growth has averaged 2.5% annually under Democrats, while it’s barely over 1% annually under Republicans.
Business investment is higher during Democratic administrations, with investment growth more than double the rate of Republican ones.
Families in the lowest 20% of income experience 188% faster income growth during Democratic administrations.
All five recessions since 1980 have begun under the GOP. The 1929 and 2008 depressions both happened with incompetent, anti-tax, anti-regulatory Republican presidents leading the nation over the cliffs.
Trump in his first term was the only president on record to have lost jobs, with 2.7 million fewer American jobs when he left office than when he entered.
By contrast, the USA added 16 million jobs under the Biden administration, with the lowest average unemployment rate of any administration in five decades.
Of the 51 million new American jobs since 1989, 50 million of them have been created under Democratic administrations. That's 98%!
Bottom line: Republican presidents are lousy for the economy, and have been nowhere near as beneficial as Democratic presidents. And now it’s more of the same with Trump making things disastrously worse. When will voters learn?
I can't like this. In fact, I hate this, but it is true. Thanks for pointing this out.
I have always understood the War in Vietnam to be a major cause of the inflation. "The Vietnam War is widely credited with triggering the "Great Inflation", a period of rising prices that began in the mid-1960s and lasted until the early 1980s."
If he lies during the hearing he will lie once confirmed. It's disqualifying. If the Rs don't like it let them vote against him.
Every nominee should asked that as well as was J6 about attempt to overthrow the results of a fair and free election. If the answers aren't Joe Biden and Yes the nominee has disqualified himself.
He would probably give the standard line about how all elections have their irregularities or perhaps stating that Biden was declared the winner.
So, follow-up question, "Did he win legitimately". And then a sequence of questions after that, if necessary. A script, followed strictly by Democrats on the committee. As if it were a prosecution or deposition. Adopted by all Congressional Democrats, no debiations no freelancing, no egos or personal grandstanding.
No evasions allowed, if the interviewee evades or refuses to answer, the implication is stated clearly, for example "X refuses to confirm that Biden legitimately won the 2020 election. This places him/her in the category of election deniers and partisan operatives, and means that he/she is unfit to impartially perform the duties of the office sought".
"Adopted by all Congressional Democrats, no debiations (sic) no freelancing, no egos or personal grandstanding.
Excellent suggestion...
Regrettably each alone, let alone in combination, is a requirement which demands self-discipline of which Congressional Democrats have displayed no evidence of once recording mobile phones or lights and cameras are turned in their direction.
I wouldn't say they have no discipline, not at all. But I would say they need more.
Totally agree with you! Perhaps he will answer without equivocating or being evasive. Is that too much to expect?
Time to get every one of them on video re 2020.
8th graders holding the mic wld be a powerful image. Start with the whole Cabinet, where each chair sits on a trap door.
(Above the shark tank)
When we finally DTox, don’t let them off the hook.
It’s on your Permanent Record, folks.
DTox! Clever, Robert.
I got you babe. Feels like groundhog day all over again … cuz it is!
Biden won. It is a stupid question.
Stupid question? Here’s another stupid question: why has Trump seized 2020 ballots from Fulton county in Georgia? Why is he ‘making jokes’ about canceling mid term elections altogether?
Aaron is a troll.
YES! Would that it were a stupid question.
It is a stupid question because Trump moved out on January 20, 2021 and Biden moved in. Does anyone think that Trump would have moved out had he won.
It’s not like he didn’t try to stay. He only moved out after his attempt at a violent insurrection failed. We all saw it live on TV.
It’s like he didn’t even try to stay. He just walked across the lawn and got into a helicopter.
On January 6th, everyone saw on TV how a protest turned into a riot that interfered with U.S. law. The most common charges were unlawful entry and disorderly conduct. Less common were charges for disrupting the Electoral College certification (they delayed it). The hardcore cases involved assault on federal officers, and in a handful of cases, seditious conspiracy.
What they were not charged with was insurrection. If you think that’s wrong, then say you take issue with Biden’s DOJ.
By that standard, some of the anti-ICE protesters could face the same charges. If they had not been shot and killed, how would Renee Good not be charged with assaulting an officer with a car, or Pretti not charged with destroying property and fighting with federal officers?
why don't you move out troll like trump did
I have not lost.
You're missing the point. Trump expects, even demands, that people who work for him declare that he was the winner of the 2020 election.
If you don't say Trump won, he won't support you. But if you do say that Trump won, then it's a public declaration that you cannot be trusted should the Senate confirm you.
It's only a stupid question if you genuinely don't care who does what in Washington.
Your reasoning is correct and logical. Unfortunately, millions of people still believe Trump did win and was forced to leave due to a 'rigged election'. Logic and facts just go right over their heads.
Absolutely. B/c leaving voluntarily was better than being filmed with the Secret Service, ummmm, "escorting" him out. Stupid hypothetical.
I have to respond. I can't like this. In fact, I hate this, but it is true. Thanks for pointing this out.
It seems like a waste of time since you can't audit absentee ballots to see if they are authentic. I think the democrats would object to having personal identification on ballots. However, without out them you can't really say if the votes are real or not.
Ballots are bar-coded … just like groceries
And just like the envelopes in many states. Unfortunately in Georgia the envelopes were separated from the ballots, so the audit seems pointless. I see it as water under the bridge.
He’s acting outside of the law
The trouble is, Trump is still saying he won, and all of his allies are still saying he won. Trump is basing a lot of his decisions re: elections on his 'belief' (not sure what he actually does believe) that the 2020 election was rigged. So no, sadly, it's not a stupid question. An unbelievable number of people still think that Trump actually won and was cheated due to a 'rigged election'.
So what. Hillary is still saying the election that she lost was stolen from her. Millions of democrats are on her side. Al Gore claimed that he won the election that he lost, and so did some of John Kerry's people. In this country you get to challenge an election result. It is part of the process. Again, so what. Trump failed to prove that the election was stolen so I left office on January 20th 2021.
All of the people you mention conceded the elections, prioritized the peaceful transfer of power, and don't continue to litigate the results. Your examples are irrelevant.
She "lost" that election by obtaining 3 million more votes than her opponent, I'll remind you.
Also - what office did you leave on January 20, 2021? Was it an elected position?
stupid like trump and his minions
Great! Then it'll be the easiest question Warsh is asked. Aaron. I've got a hundred bucks that says if he's asked that question directly he doesn't answer with any clarity at all. He'll say something like, "Well, Donald left the White House," or something similarly mealy. Not your clear, concise statement. He will NOT say "Biden".
Its not a loyalty test.
Walsh's answer to "Who won in 2020?" would predictably be "Joe Biden won in 2020" .
SNAP!
So he'll answer like all the sycophants answered.... the correct answer to pass the hurdle.
Well the guy will be outnumbered on the fed board, so there's hope in that. I'm tired, I'm tired at the firehose news of crap. I'm tired of all the oxygen being suckedout of the room by these lunatics where we can't address the real issues that weand the rest of the world face. I'm tired, but everytime I see the folks who stand up I have more courage and stamina.
I know. Trump keeps creating drama and it sucks up all the oxygen.
It sucks up all the oxygen because the press is driven by advertising revenue, not any requirement to keep the public informed. Compounding this is the incompetence of the Dem's at honing a message and making sure it is always in front of the public. The press is going to make a fortune, up until they don't, blathering on about the admins lies, while not systematically covering the corruption. A very large fraction of the voters have no idea what's going on, as they follow no news sources at all.
The NYT has somewhat improved, doing a piece on white nationalist imagery in DHS advertising. I’d seen it elsewhere before but better late than never.
It's still sane-washing. Short of hanging pictures of Hitler and Goebbels on the DHS walls, there's not much more the DHS upper management could do to "virtue signal" which team they're on. Miller is putting out material that would make Himmler proud, and the NYT is still treating it as an affront to polite society, as opposed to a direct contradiction of everything the US stands for. Eventually, Miller will have the Statue of Liberty melted down and turned into truncheons for ICE goons. The NYT will express concern.
I do like NYT's increased scrutiny on SCOTUS. If only MAGAts would see Ken Klippenstein's most recent posts on "leader of antifa"...would they catch a clue as to how this administration considers them as gullible as morons from the McCarthy era?! A comment to that post asked why FOX never mentions such former leaders of antifa, such as Eisenhower.,...and that British rabble-rouser Churchill!
I’ll check that out.
I think a number of problems would be solved if these “alleged” pedos were arrested and tried and jailed for decades (life) and their assets seized to compensate these victims, let alone the raiding of the people’s treasury. Raise the tax rates on all of them too and get this country back on track.
Yes. Accountability is a great disinfectant. We could use a bit of a clean up to say the least. I'm not all that hopeful given our fiasco of a governing fiasco body we have.
I hope we will both be surprised.
The point of this administration is to throw the “mudsill” population into chaos, while the mob of Trump sycophants pick the vaults clean. What better way to do this than to place weak like minded individuals into places of power. This is class warfare.
Brack Stoval, Thank you! It’s just as you so clearly put it.
Call me old fashioned but being a child rapist is disqualified from holding any position other than an inmate in prison for the rest of his miserable life!!!
You would like to think.
/www.hoover.org/research/fed-has-hurt-business-investment
Just in case one wants to read that mess Warsh penned in 2015 and can't get past the WSJ firewall, Hoover lets you read his nonsense.
Thanks. I vowed some years ago to never, ever subscribe to a Murdoch rag, even a hoity toity one.
I agree but the Wall Street Journal, which was renown for great reporting but has
had a bonkers editorial page going as far back as the 90s when it was pushing the “Vince Foster was murdered by the Clintons” conspiracy theory, is one of the hardest hitting against Trump’s insanity. Meanwhile Fox News is still normalizing what he has been doing.
Hell, I worked at a company in the late '70's that passed around copies of the WSJ every day - and the editorial page was bonkers then. I remember there was a lot of Ayn Rand and Galt's Gulch and "poor people are just leeches that are sucking the sustenance out of us 'producers.'"
Professor Krugman: so ... are you starting taekwondo lessons in preparation for the next economic meeting that you attend?
i'm astonished that this economic weathervane is serving as the Shepard Family Distinguished Visiting Fellow in Economics at Stanford University's Hoover Institution -- whoa! all this prestige AND WARSH IS A CHILD RAPIST TOO! who coulda known?
anywho ... the claim is that he does economic "research" which, considering what little of his track record i already know about, is a frightening claim. is america doomed?
"Based on the search results, there is no information indicating that Kevin Warsh, the former Federal Reserve governor and nominee for Fed chair, is a child rapist."
Paul, it would be interesting to hear about the effects of the ICE surges on local economies. This is an important and overlooked component of the destruction brought on by the Trump administration. A quick search shows that small businesses in the heart of Minneapolis/St Paul are suffering... and that has ripple effects. Probably this pattern is repeated in every city with a large ICE operation.
I've read that growth is down by about 10% i think in NYT. Not enough time in the day to keep up with all of this news & commentary.
A hack not a hawk. Why would we expect him to be any more of a competent technocrat than any other Administration appointee?
You know we’re in A LOT of trouble when your only options are bad, worse, extremely bad and catastrophic!
I’m just trying to figure out how far off we have to go to get from extremely bad to catastrophic! Just saying!..:)
That’s a shame. Kevin Hassett seemed like the ultimate sycophant and (not knowing anything about Warsh) I was relieved when he wasn’t chosen. Sounds like Warsh is just a better-looking, smoother-talking version of the same thing.
On a Bulwark video, Rampell said (or at least heavily implied) that Warsh was either a political hack or the worst forecaster in Federal Reserve history. So, I would infer that you are interpreting her NYT remarks correctly.
Are we being too harsh on Warsh? My TrumpCoin reserves are doing as well as can be expected, and my Melania NFTs, well, they're just waiting for the right move by Warsh!
/s
Your NFT’s value will shoot up as soon as all those millions of people watch Melana’s amazing documentary. It’s sure to be a hit.
They are probably already paying people to go sit thru the dreaded movie...
I might do it for $1000 - pay this month's gas bill!
Prof.Krugman you will be able to hold your head higher than many of those seeking incentives. ✌️
Weathercocking is one of the basic attribute for any success in the political realm. Not far from corruptability I may add. Lol
If he needs lessons, he can talk to Coward Hawley.
Nope, he is going to do his masters bidding, just another synchophant, nothing to see here.
Trump claims inflation is down, gas is ~$1.98, & affordability is a Dem hoax while enriching Trump & Co. https://www.youtube.com/watch?v=73yzxZLM4k4 https://www.youtube.com/watch?v=73yzxZLM4k4
Meanwhile, Trump & Co kleptocratic coruption is rolls along. The Trump family crypto firm World Liberty Financial filed an application January 9 with the Office of the Comptroller of the Currency or OCC to charter a “trust bank” that will be called World Liberty Trust Company. A trust bank is a bank that doesn’t accept deposits or issue loans. The purpose of the bank would be to manage USD1…
When a proposed trust bank is linked to the president of the US that president is liable to pressure the OCC to approve a charter. In a January 13 letter to the comptroller of the currency, Senator Warren said “We have never seen financial conflicts or corruption of this magnitude” & that fear of precisely such a scenario prompted her to vote against the GENIUS Act.
Resist MAGA gangster, grifter authoritarianism! Vote Sane #VoteBlue!