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Bill O’ Reilly, Please Meet John Maynard Keynes

Posted by Larry Doyle on June 15, 2011 2:50 PM |


I panned the liberal wing of our media the other day for wasting its time, effort, and money on pillaging through Sarah Palin’s e-mail.

Today I am happy to call out the other wing of our media for being truly pathetic.

I would have hardly believed what I learned if somebody merely told me but upon viewing this I am left no other choice than to state that Fox News’ Bill O’ Reilly is an economic mental midget.

I state this as one who is a registered Independent, typically leans right on the political spectrum, and finds most commentators at MSNBC and CNN to be merely insufferable.

I thank a new follower of Sense on Cents who shares this video and some amusingly appropriate editorial commentary along with it. You can not make this stuff up but it certainly strikes me as further reason for reading Sense on Cents. Our reader writes,

This is the shot that OUGHT to be heard around the world.

Bill O’Reilly, the biggest mouth in media, though on some things I AGREE with him on, they are NEVER economic things, because I could see a LONG time ago he does not know ANYTHING about economics, but when I saw this, I dropped my dentures.  Bill O’ Reilly did NOT know, and NEVER heard of Keynesian Economics until John Stossel gave him a very brief explanation.

It is the kind of ECONOMIC SYSTEM we have, and have had since 1934.  And we really took off with it IMMEDIATELY AFTER WWII.

It is simply put, Socialism applied to capitalism. It eventually grows in to Fascism, and it is a Ponzi Scheme truly. It is UNSUSTAINABLE.

Until EVERY AMERICAN KNOWS what it is, nothing will be fixed. Keynesian Economics is the BASIS for Social Security, Medi-Care, Medic-Aide, all of the “entitlements”  It is the “LICENSE” to print counterfeit money in to infinity!! LOOK, ITS TRUE!

Keynes came up with, “You must spend yourself in to prosperity”.  Both political parties practice it, the Demopublicans, so HOW can ANYTHING CHANGE???  We only have the choice of those two ignoramus parties!!!!

Please pass this on to EVERYONE you can, this should be the shot heard around the world for O’Reilly.  HOW can a man that ignorant have the position he has???  And make the money he makes???  How can an idiot be so successful???  How can so many people hardly wait to hear what he has to say???

Only in America, We DESERVE to be BROKE!!!!  You know, Will Rodgers said back in the 30’s “The United States will be the only country in history to DRIVE to the POORHOUSE in an automobile”  Yep he said that and then he was killed in a plane crash.  If he were alive today who could watch everyone go to the poorhouse carrying a laptop and watching Bill O’Reilly on YOU TUBE.  Damn what a joke!!

For Bill’s benefit and that of others who may not be familiar with the thought process and economic theory of one of the greatest economic giants of all time, I humbly submit Sense on Cents/John Maynard Keynes.

What does it say about our country when the lead commentator in prime time is not aware of one John Maynard Keynes? Do not tell me that Billo was play acting. No wonder why the media has been relegated to an after thought.

I thank the reader for bringing this to our attention.

Navigate accordingly.

Larry Doyle

Isn’t it time to subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook?

Please get your friends and colleagues to do the same. Thanks!!

I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

 

  • Bob B.

    http://youtu.be/W_pmsRP311c

    Here is another short video I think everyone should watch. It is just one of many on youtube. It is just a simple and elementary but pretty clear little picture, without a LOT of detail of how we got here to this mess. This young man admits in this thing by simply telling the tale that Keynesian Economics has NEVER WORKED.

    As soon as Roosevelt withdrew the stimulus, the thing fell flat again, and in fact it never really took off. The money just got spent. The gold got confiscated, rights got suspended, ridiculous programs got started that we are SADDLED with today. Listen to what he says about 1937. Then listen to what he says about 1940 and 1941.

    I would like to mention the USA had a bad crash in 1920 I believe but the government didn’t try to fix it and it was over pretty quickly. We have had MANY economic ups and downs, it is SUPPOSED to be cyclical, my god, why do people vote for politicians that pretend we are NEVER supposed to have a recession??? You know, when the Depression imploded in 1929 somebody asked President Herbert Hoover, “What are you going to do about this economic situation Mr. Hoover??”, to which he replied, “Why NOTHING, the government should never get involved with the market system, that will cause a catastrophe!!” The voters ran him out of town on a rail.

    The USA was lifted out of the Depression when the Battle of Britain Started in 1940. Since Roosevelt already had the money printing machine running, that made it easy to swing it in to HIGH GEAR for the War effort. However, WWII was TOTALLY PREVENTABLE, Britain and France did not enforce the Treaty of Versailles. The treaty was too harsh on Germany overall, BUT they should have pounced on Hitler the very minute he started re-arming Germany. They did NOT do it so they will forever have blood on their hands for that. That is a different subject, BUT the Keynesian Pandora’s Box was OPENED!!!!!! And it worked kinda sorta BECAUSE after WWII Europe and Asia were in dire straits. China had been occupied by the Japanese since 1931 and Japan wasn’t in such good shape after their defeat. General George Patton said when he flew over Germany and Austria, “It looked like HELL from the top!” So we had it pretty easy for awhile. The Keynesian thing APPEARED to be working in the 50’s and 60’s. Nobody questioned it much, Lyndon Johnson turned up the heat on the Keynesian Machine though with his Great Society and the escalation of the Viet Nam Conflict. That shifted it in to high gear.

    The fact is this, Keynesian Economics is like a drug. You could compare it to cocaine. The first time a person uses cocaine they become euphoric, they feel GREAT, they have boundless energy and enthusiasm, and it relieves pain. Wow, it’s a WONDER DRUG!!!! Yeah, just keep using it and see what happens. First of all, it takes ever more and more and MORE of the drug to have the same effect. Then, after awhile of regular use the body gets a nearly TOTAL TOLERANCE of it and no matter HOW MUCH the user uses, it will NOT produce the effect it did in the beginning. HOWEVER, this is even WORSE. It takes that MASSIVE DOSAGE just to achieve a perceived normalcy. In other words the user is to the point, massive toxic doses do not get the desired effect, but the immediate abstinence of the drug causes a withdrawal that can be FATAL.

    That is what Keynesian Economics are, that theory is the COCAINE of economic policy and this country has actually developed an ADDICTION and NOW a TOLERANCE, this is called the Keynesian Endpoint, a term that was just coined last year.

    That is where we are. We started using the Cocaine of Economics in 1934. It financed WWII. We had quite a party through the 50’s and 60’s. But even in the 70’s the effects of the drug were taking hold. Nixon pulled us totally off the Gold Standard in 1971 aka “Nixon Shock”, though it is my belief a total Gold Standard is unworkable anymore anyway, the fact is, we were already showing the signs a drug addict shows in the 70’s. Take a look at the 80’s on up until today.

    Now, the country, the politicians, Wall Street, really the World, because remember we print the worlds currency, WE have been the LEADER, they are all crawling around on the carpet trying to find some of the drug they may have dropped to hold themselves together until the “Dealer” (the Federal Reserve) can feed them some more of the drug which is phony fiat currency which is really counterfeit money. The two parties, the Demopublicans are brain dead. The drug has destroyed their brains. They don’t know any other behavior. They have no clue what caused the problem in the first place. They cannot remember where they were when they got on the bus they are so high.

    The Republicans will tell you they are the “Party of Fiscal Responsibility” that is one of their slogans. How can they be??? They practice Keynesian Economics. Keynesian Economics is NOT fiscally responsible, its just not!!!! That Policy is the OPPOSITE of that!! And then the Democrats don’t even pretend to be fiscally responsible. So, in the final analysis they are ONE in the SAME, the DEMOPUBLICANS I would not vote for either one. I have been a REPUBLICAN all of my life, but no more. I see them for what they are, just a bunch of lost drug addicts.

    So does anybody REALLY expect any change from the Demopublicans???? They are behaving just like the addicts they are, they are in denial, they don’t have a clue what the problem is, they are too sick to see they are sick, but STILL people listen to them and THINK politician so and so will be the savior. Just like ANY Addict all he wants is another temporary fix. And he will say or do anything to get it.

    We NEED a THIRD Party to rise up and kick the crap out of the other two. Until that happens, nothing will change, we will just continue our ride on the runaway train with the engineer in the Party Car trying to get another temporary fix.

    Of course WE have Prostituted Keynesian Economics to a level John Maynard Keynes or his father John Neville Keynes would have NEVER envisioned in a MILLION YEARS!!!! Maynard died in 1946 and his father Neville outlived him, he died in 1948. I wish they were still around so we could LYNCH them. You know, its not really their fault. NO, they just came up with a bad theory, WE FOLLOWED it. Roosevelt signed us up for it, but you can tell from this little video he had his doubts about it. I believe he knew in his heart he was playing with fire, his actions indicate that. Of course Congress followed him, they didn’t have a clue either, then as now, THAT hasn’t changed.

    The Banksters and the government have tried to induce at least TWO phony suburban housing build outs since the 80’s and have probably dealt us a death blow with the last one. With the fraudulent lending practices, and the ridiculous NON – enforcement of the rules of the game, FRAUD has now become an accepted economic tool. Nobody will SAY that, but words don’t matter that much, the ACTIONS that have occurred support this. How many crooked Bankers, loan officers or real estate appraisers have gone to jail??? I do not know of a single one. Not a one. So it appears to me FRAUD is CONDONED in the name of the “Economy”. Well, that is some more drug addict behavior. You know, you cannot trust an addict. They will lie, cheat, steal, sleep with anyone, even kill to get their fix. I see our government doing all of this.

    I can predict one thing, getting out of this ain’t gonna be fun. It is pay up time. The Keynesian “Spend yourself in to Prosperity” and the “use debt for money party” and the “anything goes lets get this loan closed” PARTY is OVER. Any attempt to extend it, will just bring more pain later, and will bring the country and the world’s MONETARY system closer to possible death. I believe it is that bad.

    Right now, Uncle Ben Bernanke is the world’s drug dealer and his “addicts” are US really. Its OUR fault, we voted for the people that have done this to us, so we have done it to ourselves.

    • Paul

      It’s scary what passes for “centrist” these days – misrepresentation of words like “Keynesian” and “Socialist” seems to be the usual, in vogue, thing.

      Did Keynes recommend spending during hard times? Why yes he did. But the “Spending yourself to prosperity” comment above is selective enough to, together with the bizarre socialism reference (I assume the writer is using the common definition of socialist as “Anything involving the government”) mislead people into thinking Keynes only recommended spending, spending all the time.

      Keynes’ work stands for itself, but it’s best summarized as “Save during the good times, use those savings and any necessary loans to get yourself out of slumps.” It’s not hard to understand, and actually it’s pretty much commonsense. You can’t create jobs by reducing growth, and you can’t grow unless money is circulating throughout the economy. Having the governments and central banks inject funds when necessary ought to be uncontroversial, as should paying off deficits when you can afford to do so.

      For a writer to protest that Mr O’Reilly “doesn’t know what Keynesian means” and then submit such a bizarre characterization of it is fairly unfortunate.

      “Classic” Keynesian economics was the default in the US and Britain until the seventies, but the governments of Carter/Reagan, and Thatcher, switched over to the related, but not the same, system of monetarism in the late seventies and early eighties, after one real flaw was found in regular Keynesian strategies, that it didn’t cope well with stagflation (and might even cause it.) Monetarism, with its hands off, let the banks rule the world, philosophy may appeal to people who see any government action is negative, but it’s turned out to be a complete disaster, with growth since 1980 being far less, despite the exponential improvements in technology, than prior.

      Keynesianism worked. Our major problem is ideologues like Mr Doyle have made it politically impossible to make a full switch back to Keynesianism. We don’t stimulate the economy to the degree necessary, while what stimulus we do implement increases a debt that, by rights, wouldn’t exist if we’d run surplusses and saved when we could afford to do so, and our ability to implement proper stimuli in the near future will be hampered by our increasing debt and decreasing ability to borrow.

      Mr O’Reilly may not know what Keynesian economics are, but at least he’s honest about it, and doesn’t simply treat it as another “bad word” to label any policy he disagrees with.

      • fred

        So Paul what your saying is Keynesian Economics works if the tools of Keynesianism are implemented properly and at the right time.

        Past surpluses offset future deficits, private sector spending picks up as gov’t spending is withdrawn. As the gov’t reduces spending, surpluses are then accumulated until the next recession. Sounds good!

        The problem is politics.

        One example, the President’s job is to get re-elected or see to it that the batton is passed to a member of his/her own party. The presidential cycle and it’s inherent spending patterns quite often are in direct conflict with Keynesian micro management policy.

        Paul, it is only because we don’t live in an ideal world and that effective political leadership comes and goes that I believe in the ingenuity of free markets, the practicality of less government and the irrepressibility of the profit motive to provide for long term growth.

        Politics guarantees that a reliance on government ensures one thing, bigger government. As night follows day, bigger gov’t “crowds out” the private sector, particularly small business, and turns a large portion of the citizenry into a nation of dependents.

        Longer term, wouldn’t it be better for our government to promote self reliance rather than dependence?

  • Bill

    No one watches Bill for Bill. It’s the people he has on that are much smarter than him. Much smarter. When he says he is a “simple man”, he’s not kidding. He knows about the current ratings of his show, but he knows nothing about technology, economics, and life in the U.S.

  • Bob Burnitt

    Keynes coined the phrase, “You must spend yourself in to prosperity.”
    Winston Churchill who knew Keynes said, “Spending ones self in to prosperity is like a man standing in a bucket and trying to lift himself up by the bail (handle)”. Government spending on “busy work” social programs is socialism. The country is BROKE, Keynesian Economics has broken us. Anyone that has studied the slightest amount of economics should at least know who Keynes was. BB

  • Joe

    Not surprised he hadn’t heard of Keynes. Year ago or so heard him argue with a fellow in the energy markets that “oil prices are set by ONE man, who is it?”

    The guy was incredulous, couldn’t get it through O’Reilly’s skull that no one person does set prices or could set prices.”

    His mouth is so much larger than his knowledge base it seems.

  • Old Bill

    I realized O’Reilly knew nothing of finance and economics when I heard him make the incredible statement that the government bureaucrats should have foreseen the crash. I rarely watch O’R any more. He tends to have knowledgeable people on his show, but you don’t get to hear them, as he does most of the talking, many times using them as a sound board, especially if he disagrees with their positions.

    Note: I call myself Old Bill because I was the first Bill awhile back on the site.

    • LD

      Bill, “you are not getting older, you are only getting wiser and better!!”

      Hope you are doing well.






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