Bailout Comedy Video HBO: Bill Maher interviews Texas Congressman Ron Paul
Update: One of the best Ron Paul interviews I've seen - Originally posted Feb. 21, 2009
This is an excellent 3-minute clip from Real Time with Bill Maher from last night (February 20). Among his guests were Tina Brown, Maxine (batshit crazy) Watters and Texas Congressman Ron Paul by satellite. This video is Bill Maher with Congressman Paul.
Paul says he would cut federal spending drastically and legalize all drugs but not tax them. He advocates the dismantling of the Federal Reserve and wants to save $1 trillion annually by closing overseas military bases and bringing troops home. It's a shame his presidential candidacy never caught fire as his supporters hoped. The change Ron Paul would bring to this nation makes establishment politicians quake in fear. He would move quickly to dismantle 75% of the federal government. Might be fun to watch Washington attempt to deal wth a downsizing of this sort.
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Reader Comments (20)
If that means no special taxes on drugs then I agree.
If that means that there should be no taxes on drugs while other products are taxed then I disagree.
I think that if we are going to have taxes then they should be equal across all products since the government should not encourage nor discourage one product over another. The saying the “Power to tax is the power to destroy” is true. However being able to tax one product or one activity or one person and not another is even worse power and even more likely to be abused.
BTW - this is a great site. I will be checking it out on a daily basis - these bailouts are outrageous!
Even Greenspan admits that he was wrong. Paul should probably rethink some of what he's saying too.
W
No, it doesn't, all that such history suggests is that in one particular period in American history, i.e. the Great Depression, high levels of government debt-financed spending *coincided* with a (very prolonged, drawn out) recovery from an economic collapse. There were plenty of other periods where cutbacks in spending and taxes coincided with recovery from deflationary contractions, including the highly comparable recession from 1920-1923. There is not any coherent theoretical basis, and even less empirical evidence, to suggest that the FDR administration's high levels of spending were, in isolation, the cause of the recovery from the Great Depression.
All that massive spending will do is ultimately cause our own government's debt to become distressed. The only damage it's going to mitigate will hopefully be in my own portfolio, if I manage to time my Treasury shorts well.
Oh, and Greenspan has been a deceitful manipulator for years and is continuing to act like one in blaming failure of "the free market" for his own inability and failure to technocratically manage risk out of the financial system. His idiocy is simply taking on new forms.
This pathetic video is just one more example of his extreme positions and campaigns of misinformation and misunderstanding. In a recent hearing in Congress he was very convincing in demonstrating he knows nothing about the powers granted to congress by the constitution. He is probably too old to go back to school and learn what he needs to know. But please, spare the rest of the educated world his uninformed dribble.
I would rather more special ops and counter-guerrilla teams be seeded throughout Afghanistan rather than the massive military buildup Obama is planning. I think this is the right path for future military spending, recruiting, training, and deployment. Way to keep the military-industrial complex gears greased for years Obama.
@DJF
"If that means that there should be no taxes on drugs while other products are taxed then I disagree."
I agree with you about the lack of equity in taxation of non-essential goods. However essential goods like food and water (and I would argue clothing) should never by taxed and in a protected category. Vitamins, minerals, and medically necessary drugs should be in a protected category as well.
"I think that if we are going to have taxes then they should be equal across all products since the government should not encourage nor discourage one product over another."
I believe government can and should serve a roll in encouraging and rewarding good behavior and discouraging and penalizing bad behavior. Taxation is a great tool for that, though it has generally been used to finance massive government expenditure like major wars. The good/bad behavior definition is up for debate and could change based on desired consequences.
I have three big practical problems with the special tax deal for special products, activities or people.
One is that it makes the tax system complex and usually only those with insider knowledge or the ability to hire people to manage their money can take advantage of a complex tax system. Many people in the US simply don’t have the financial knowledge or assets to take advantage of many of these tax breaks
Two is that it leaves the door wide open for corruption since anyone wanting a special tax break lobby’s or bribes or threatens until they get what they want. Usually with all sorts of justifications written up by their PR department. If you don’t want special interests running Washington or your State Capitol then you need to stop giving them the opportunity to get huge rewards for their lobbying.
Three, such special tax breaks often have unintended consequences. The housing bubble was helped along by the capitol gains tax break of $250,000 per person for housing after two years of ownership, but this simply allowed a two year flip to become popular.
SS: Then why don't you share your complete understanding of the monetary system?
"This pathetic video is just one more example of his extreme positions and campaigns of misinformation and misunderstanding. In a recent hearing in Congress he was very convincing in demonstrating he knows nothing about the powers granted to congress by the constitution. He is probably too old to go back to school and learn what he needs to know. But please, spare the rest of the educated world his uninformed dribble."
SS: Perhaps you can tell us, using examples, where he is incorrect and what the correct ideas would be? It's very simple to call someone wrong with confidence and quite another thing to refute them. I find it interesting that when one goes back toward more simplicity, more freedom, more constitutional gov't, that it is considered extreme--very funny.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHA (gasp) AHAHAHAHAHAHAHAHAHAHAHAHAHAHA.
Whew. I feel better now.
For the one babbling about him not understanding the monetary system - spoken like a true Keynesian, utter nonsense, your instructors were Keynesians. Almost all are.
For Waldo, I'd like to add to graphite's excellent response - you only need to see what has happened in Japan's completely Keynesian response to a similar situation(a real estate bubble and stock bubble) to question Keynesian central planning. The US will not have it as easy as Japan though because Japan was not a huge debtor nation.
http://www.youtube.com/watch?v=M5lb0l3sYBo
http://en.wikipedia.org/wiki/Rand_Paul#Abortion_and_bioethics
So white trash like them have the "freedom" to inbreed....nice
Why do you like them?