Principles of Economics, translated

[Anna]

From a self-described stand-up economist. I found it pretty hilarious.

Youtube linky.

[cabinetman]

I had to watch the video to see how funny he was. Thanks for the early AM laugh. BTW, was he a politician that turned to comedy?
.

[jhart]

Pretty funny. I always marvel at how wrong the Economists always are. Almost as bad as weather forecasters

[Anna]

I had to watch the video to see how funny he was. Thanks for the early AM laugh. BTW, was he a politician that turned to comedy?
.

I think he's just an econ PhD who really wanted to be a comedian. Although nowadays, who can really tell the difference anymore?

Pretty funny. I always marvel at how wrong the Economists always are. Almost as bad as weather forecasters

I loved that line where he said "As proof the macroeconomists have predicted nine of the last five recessions." Heh. If you keep saying the economy will crash, one of these years you're bound to be right, too.


Added: Just to drive the point (about how wrong econ people can be), here's Jim Cramer a few days before Bear Sterns was bought out for $2 a share.

[Black wallnut]

Principles of Econ.... sounds like the same text I used way back in the early 80's. Thanks Anna for posting this!

[BobSch]

Basic economics — The rich get richer, the rest of us pay taxes.

Just a joke. Not trying to start any election-year furballs here.

[JR]

Added: Just to drive the point (about how wrong econ people can be), here's Jim Cramer a few days before Bear Sterns was bought out for $2 a share.

Hey! No bagging on my man Cramer!

Two things:
!. He's a stock picker, not an economist.
2. He was absolutely right about Bear Stearns. Anyone using their brokerage services was not at risk. Anyone owning their their stock found a home, as opposed it going worthless.

JR,
No sense of humor in SoCal today.

[Anna]

Basic economics — The rich get richer, the rest of us pay taxes.

Oh, c'mon. You don't think you'll get away with that on an economics thread, did you?

1. Exxon paid $30B in taxes last year (that's a 42.5% tax rate on taxable income). In 2004, the bottom 50% of individual taxpayers (that's 65,000,000 tax returns) paid an aggregate amount of $27B, at a rate of 3% of adjusted gross income.

2. From the Wall Street Journal (can't find the link right now):

the top 1% of income earners pay 37% of total income taxes
the top 10% of income earners pay 71% of total income taxes
the top 40% of income earners pay 99% of total income taxes

And from the Christian Science Monitor:

"Slightly over half of all Americans - 52.6 percent - now receive significant income from government programs.... If the trend continues, the percentage could rise within ten years to pass 55 percent...."

That's more than half of the population keeping the other half in bondage, living off the working half's efforts and productivity. I know that in some circles that's called marriage, but that's not what I'm talking about here.

Hey! No bagging on my man Cramer!

Two things:
!. He's a stock picker, not an economist.
2. He was absolutely right about Bear Stearns. Anyone using their brokerage services was not at risk. Anyone owning their their stock found a home, as opposed it going worthless.

JR,
No sense of humor in SoCal today.

Point taken. But I didn't say he's an economist, I referred to him as one of the "econ people." They're the "experts" who tell people which stocks to pick, what to buy, etc. In a later clip, he did clarify that he meant those who have money in their brokerage should keep their money there ("I couldn't say take your money out of X bank; I'll cause a run on that bank!") but he also said that the stocks are worthless. Too bad he wasn't clearer when his show first came out on Tuesday because lots of people took him to mean "keep your Bear Sterns stocks." In any case, this is going to hurt him some.

[JR]

In any case, this is going to hurt him some.

True enough. I hadn't seen the original clip, but I did see his comments yesterday. He was ALL fired up.

Good thing CNBC puts up a huge disclaimer around Cramer's comments, whether on his program or when he appears on other programs.

JR

[jackellis]

Very good Anna, and precisely on target.

Economists are really psychologists in disguise. Their mission in life is to explain how and why we spend money.

Many of the economists I work with on a day-to-day basis (I'm an engineer) do not understand the rule about incentives. If they ever do, I'll be out of a job!

[Bruce Cohen]

Anna,

And all the above "stuff" just reinforces the reason I got a Masters in Fine Arts.

It's safe and you really can't do too much damage.

Bruce

[cabinetman]

Anna - Wow, your coffee must have kicked in. This was like kick starting an old Harley. The first kick or two ya get a plunketa, plunketa. Then maybe on the third kick...VAROOM.
.

[MilDoc]

Anna: Try this link for the truth about taxes. As someone once said, there are lies, da*m lies, and statistics.

http://www.askquestions.org/articles/taxes/

[Anna]

Anna - Wow, your coffee must have kicked in. This was like kick starting an old Harley. The first kick or two ya get a plunketa, plunketa. Then maybe on the third kick...VAROOM.
.

I really just wanted to share a video that I thought was hilarious.

[Anna]

Anna: Try this link for the truth about taxes. As someone once said, there are lies, da*m lies, and statistics.

http://www.askquestions.org/articles/taxes/

Paul, thanks for the link. I'm familiar with a lot of what it says, and what it doesn't say.