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Sorry, Senator Paul: he is not risen
Pure genius from presumed presidential contender and devotee of Austrian school economics, Sen. Rand Paul:
Who would your ideal Fed chairman be?
Hayek would be good, but he’s deceased.

Nondead Fed chairman.
Friedman would probably be pretty good, too, and he’s not an Austrian, but he would be better than what we have.

Dead, too.
Yeah. Let’s just go with dead, because then you probably really wouldn’t have much of a functioning Federal Reserve.

Milton Friedman, of course, was one of the pioneers and foremost proponents of the laissez-faire economic theory collectively known as the Chicago School. According to Friedman's biography at the website of the CATO institute, Friedman passed away in November of 2006.

For such a devotee of the neoclassical Austrian/Chicago economic theory as Sen. Rand Paul purports to be, the passing of Milton Friedman would have been as the passing of Ronald Reagan to a prominent Republican politician. It would be the passing of an icon, something not easily forgotten. Yet somehow, Sen. Paul let that minor detail slip from his brain. And we haven't even gotten into the part where if Friedman were alive, he would have recently celebrated his 101st birthday. Or the fact that Friedman thought that Chile under Pinochet was a "miracle."

All minor details in the long run.

Sign our petition requesting that President Obama not appoint Larry Summers as Federal Reserve chair, and consider instead appointing a more qualified woman, such as Deputy Chair Janet Yellen.

Originally posted to Dante Atkins: the author formerly known as hekebolos on Thu Aug 08, 2013 at 01:29 PM PDT.

Also republished by My Old Kentucky Kos and Daily Kos.

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Comment Preferences

  •  Talking about how dumb this guy is (15+ / 0-)

    is just so unsatisfying. It's like talking about how wet water is. You reach a certain threshold of obviousness.

  •  If still alive in Rand's heart, you're immortal. (7+ / 0-)

    Living the austerity dream.

    by jwinIL14 on Thu Aug 08, 2013 at 01:45:55 PM PDT

  •  He'd still be a better choice than Larry Summers (10+ / 0-)

    maybe Rand Paul is onto something

    And was Greenspan really 'alive'? Maybe technically

  •  Well, he and his plutocratic allies have made (6+ / 0-)

    every effort to resurrect pretty much every failed theory, belief or convention from the past except for a couple...maybe..., so that would be fairly consistent.  In fact, that's probably the only broad consistency that binds them all.

  •  bawhahahahahahahahahaha (6+ / 0-)

    ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
    ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
    ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
    ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
    ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
    ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
    ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
    ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
    (((gasp}}} I desperately needed that laugh...

    what a dumb ass Rand has turned out to be....  

    "It is horrifying that we have to fight our own government to save the environment." *Ansel Adams* ."Even if you are on the right track, you'll get run over if you just sit there."*Will Rogers*

    by Statusquomustgo on Thu Aug 08, 2013 at 01:49:46 PM PDT

  •  minor details in the long run where we're all dead (4+ / 0-)

    I suspect he wouldn't pick Keynes, though.

  •  Just leave all the positions empty (4+ / 0-)
    Recommended by:
    kmfmstar, Bob Love, pvasileff, Oh Mary Oh

    and then it will be obvious that we don't need no *** government, and then once the position is vacant for 6 months you can eliminate it like they're trying to do to the DC Circuit Court of Appeals.

    If Congress just turned out the lights, locked the doors, and went home for a year, would anyone notice?

  •  Wasn't Glenn Greenwald connected to the Cato (0+ / 0-)

    institute?

  •  little Kentucky (0+ / 0-)

    Kentucky is the 26th most populous state in the US, and though 37th in land mass, deserves two senators as much as the 24 less populated states (not to excuse the selections made by citizens therein).  Does New Hampshire (smaller than KY in population and area) deserve a primary?

    de fin able 1: able to be defined

    by paperscissors on Thu Aug 08, 2013 at 04:59:53 PM PDT

  •  Yeah, dig up Zombie Uncle Miltie (1+ / 0-)
    Recommended by:
    Oh Mary Oh

    Warning - some snark may be above‽ (-9.50; -7.03)‽ eState4Column5©2013 "I’m not the strapping young Muslim socialist that I used to be" - Barack Obama 04/27/2013

    by annieli on Thu Aug 08, 2013 at 05:40:13 PM PDT

  •  Rand Paul thinks Friedman's in Galt's Gulch. . . (0+ / 0-)

    That Friedman will emerge from Ayn Rand-land in the mountains of Colorado with Francisco D'Antonia and Dagney Taggert to spread more do-nothing-ness and call it greatness.

  •  At the time of Friedman's death, (0+ / 0-)

    Rand was worshipping Aqua Buddha.

    With the Decision Points Theater, the George W. Bush Presidential Library becomes the very first Presidential Library to feature a Fiction Section.

    by Its the Supreme Court Stupid on Fri Aug 09, 2013 at 08:06:23 AM PDT

  •  rand into dah ditch should read Harris (0+ / 1-)
    Recommended by:
    Hidden by:
    smileycreek

    THE PROFIT SYSTEMS EXCESSES
    HOW CAN CAPITAL PREACH incessantly that profit is the main driving force of society, and the expect labor to act otherwise? It seems to me that capitalism has been hoist with its own petard (here goggle petard), philosophically and practically.
    Workman don't care about the quality of their work. Laborers goof off from their jobs. All they care about is getting more for doing less. The ultimate survivability of the company doesn't interest them.
    These are all charges made by capital against labor, and they are in large part true. But why are they true? What has happened to the "old virtues" of reliability, loyalty, craftsmanship, scrupulosity?
    What has happened is that the workmen have been thoroughly indoctrinated with the philosophy of profit about all, profit here and now, and damn the consequences. They are just practicing what has been preached to them from the other side of the hall.
    Capitalism IS AN ECOMOMIC SYSTEM (caps on purpose here) that works well within carefully defined limits. It is not a social system. It is not a philosophy of life. It is not a gospel. It is simply an arrangement of working, owning and producing; and like any other human arrangement, it has its own built-in flaws that must continually be corrected and rectified.
    But if you convince people that profit, that the desire to get more and have more, takes precedence over any other set of motivations-and if you elevate this to a principle of life, not just an economic doctrine- then it is hard to blame them for acting on that principle.
    If getting the most you can is what counts, labor will try to get the most it can. If buying low and selling dear is the first axiom of capital, then pulling down the highest wages for the smallest expenditure of effort becomes the first axiom of labor.
    It is ironic that most American businessmen are much closer to Marx than they know. Marxism is a purely materialistic philosophy, holding that economic considerations dominate human history. If capitalists agree with this view (as most of them seem to), then they have capitulated to a doctrine that will ultimately destroy them.
    Our nation was founded on the belief that man is a social and moral creature, and not just the victim of his appetites; on the belief that justice and honor and fidelity and common welfare are more important than gain. When the profit motive becomes the mainspring of our society, it signals an ideological triumph for Marx, even though it goes by the name of capitalism.
    THE BEST OF SYDNEY J. HARRIS Houghton Mifflin Company Boston 1975 (the truth is timeless)

  •  Forehead slap (1+ / 0-)
    Recommended by:
    wonderful world

    and that guy is getting a fake name and a phone number with six digits

    by chicago minx on Sat Aug 10, 2013 at 07:03:27 PM PDT

  •  Randy's such a phony. (4+ / 0-)

    Acts like an intellectual and everybody on the right buys it, but in the real world he couldn't even get certified in his chosen profession.

  •  I have said it before.............. (4+ / 0-)

    and I will say it again, "Lil' Randy is very long on EGO and very, very short on intellect."

    The mass of men lead lives of quiet desperation--HDT

    by cazcee on Sat Aug 10, 2013 at 07:12:09 PM PDT

  •  Lest we forget: (0+ / 0-)

    Milton Friedman, I hear, was a fierce advocate FOR QUANTITATIVE EASING for Japan's decades-long recession beginning in the '90s.

    I know. It's too weird to even contemplate. Complicated and involved, figuring that one out. One nutshell explanation is that QE is okay and even important in a FIAT MONEY SYSTEM like the Federal Reserve.

    No explaining THAT to the Teabaggers...

    "I feel a lot safer already."--Emil Sitka

    by DaddyO on Sat Aug 10, 2013 at 07:16:47 PM PDT

  •  Friedman also supported a Negative Income Tax. (1+ / 0-)
    Recommended by:
    DaddyO

    It's an important piece of laissez-faire and conspicuous consumption.

    No family should have less than a certain amount of money.

    I don't agree with his arguments here, but I just wanted people to know that he supported giving poor people money, and wanted an income floor below which no one could fall.

    The conservative nonsense in that video disgusts me frankly, but even Friedman recognized market failure to produce appropriate income levels.

    An Fhirinn an aghaidh an t'Saoghail. (The truth against the world.) Is treasa tuath na tighearna. (The common people are mightier than the lords.)

    by OllieGarkey on Sat Aug 10, 2013 at 07:28:44 PM PDT

  •  How about we consider someone who isn't (0+ / 0-)

    an economist?

    If there is an academic discipline more thoroughly discredited by the intersection of every theory it has ever come up with and reality, I can't think of it.

    Maybe phlogiston chemistry, or Lamarckian evolution... but I doubt it... at least those guys were trying to incorporate data from the real world in their theorizing. Economists go about it the other way.

    And yes, I include Keynes in this.

    There has never been an economist who was more accurate than a coin toss.

    Not one.

    Ever.

    And most of them have been less.

    As the Oxford don was reputed to have said in reference to theology, (to which economics has an unsettling resemblance,)... "I'm not convinced it's even a subject."

    --Shannon

    "It is better to die on your feet than to live on your knees." -- Emiliano Zapata Salazar
    "Dissent is patriotic. Blind obedience is treason." --me

    by Leftie Gunner on Sat Aug 10, 2013 at 07:30:55 PM PDT

  •  he's certainly on a roll, isn't he? first, he (2+ / 0-)
    Recommended by:
    gffish, Stude Dude

    thought he'd try his tp shit on christie & christie smacked him good, & now this. wow.

    glad i've got plenty of popcorn :)

  •  Nothing says laissez faire (4+ / 0-)
    Recommended by:
    gffish, Lying eyes, DaddyO, Val

    like choosing a dead guy to run the Fed.

    You can put your shoes in the oven, but it won't make them biscuits.

    by quetzalmom on Sat Aug 10, 2013 at 07:37:58 PM PDT

  •  What I want to know is... (0+ / 0-)

    Why do we act like who chairs the fed matters?

    Do people actually believe that a banking organization made up from a group of the most powerful companies it then deals with, would have different philosophies and actions based on who their 'face' is?

    I am not sure if people still really believe this or its just another case of people taking the bait of the media pushing a non story controversy to capture peoples attentions and distract them.from real news.

    Either way the fact we are treating it as meaningful around here I find a little worrisome.

    The greatest shortcoming of the human race is our inability to understand the exponential function [Albert A. Bartlett]

    by fToRrEeEsSt on Sat Aug 10, 2013 at 07:43:09 PM PDT

  •  Not dumb (1+ / 0-)
    Recommended by:
    gffish

    He's just willfully simpleminded. ie an ideologue.

  •  Imagine if Sarah Palin was the one (1+ / 0-)
    Recommended by:
    gffish

    being asked: Well, that's a gotcha question, now isn't it! Yup!

    "I'll have my sixth double martini now" may not look like a tongue twister but it usually is very hard to say.

    by iyou on Sat Aug 10, 2013 at 07:50:41 PM PDT

  •  Rand Paul: More out of touch than you know (3+ / 0-)
    Recommended by:
    Ender, gffish, begone

    Funny reading this right after Paul Krugman writes two blog posts (here and here) about how Milton Friedman is now considered too far left for today's GOP. Here's Krugman, summarized:

    Friedman was an avid free-market advocate, who insisted that the market, left to itself, could solve almost any problem. Yet he was also a macroeconomic realist, who recognized that the market definitely did not solve the problem of recessions and depressions... Yes, he in effect admitted, we do need stabilization policy... (But) as American conservatism moved ever further right, it had no room for any kind of interventionism, not even the sterilized, clean-room interventionism of Friedman’s monetarism. So Friedman has vanished from the policy scene.
    It isn't just that Friedman is dead; unlike Hayek and Rand's namesake Ayn, he hasn't even been reanimated as a zombie economist.
  •  Arrrrgh (3+ / 0-)
    Recommended by:
    Back of Bourke, DaddyO, Val
    You’re a big reader of Austrian economists such as Friedrich Hayek and Ludwig von Mises, who don’t believe in stimulus and say the economy can return to health only through austerity.
    Jesus H. Fucklepuppet.

    Every glibertarian name drops Friedrich Hayek and Ludwig von Mises like horses drop bucketloads of steaming horseflop on the farm.

    Dear Bloomberg, if he doesn't know the guy is dead, he's probably not living and breathing Hayek simply because he says so. Maybe he likes austerity because of who it hurts and who it makes happy? If he says he likes to translate the Bible from modern English to ancient Greek for fun, as a hobby... have him fucking prove it, please, before you identify him as an serious devote of language and an expert in translating ancient writings.

    So. The man is dead.

    Caught not knowing what the fuck he is talking about, he goes for the ejection seat button marked Derp.

    Yeah. Let’s just go with dead, because then you probably really wouldn’t have much of a functioning Federal Reserve.
    We don't live in a world where Rand Paul's fuckwitted fantasies about how things would work if we all lived in Reason Magazine's unicorn and pixie farm or his daddy's magic rock candy mountainland don't have consequences that hurt real people.

    So fucking stupid. It's like a goddamned game.

    He's not sixteen years old in the dark somewhere guzzling the crappy beer that he stole from his clueless parents or toking on the weed he stole from his older brother or sister, he's a Senator. He's not talking stupid nonsense in between the giggle-fits and cookie monster-esque consumed Cheetos about how awesome AWESOME Aw-aw-summmm it would be if there was no police or fire department with a few of his equally baked and fuckwitted pals. He proposes laws that could, God help us, be put on the books with a few bad election cycles.

    Would somebody with a (D) next to his or her name please just kick his ass by calling him out on his babble.  

    Politically kick his ass.

    Every time he says something stupid or idiotic, he should be on the hook for it. Since Rachel Maddow had him stammering and sputtering about being against the civil rights act I can't recall the last time he's truly had to pay a price for opening his mouth and letting the moths and bees fly out. He's just begging for a good-old fashioned political ass-kicking when he opens his mouth.

    He doesn't know what he is talking about.
    So. He just blazes a trail forward with stupidity and derp.

    At this rate, I'm afraid that he's going to have to actually set something important on fire, spray paint "Aqua Buddha was Here" on the Lincoln Memorial, or punch somebody under the age of twelve in the face on live tv, before he's on the defensive.

    Chris Christie, another asshole, has touched him up more than any Democrat I've seen since he was sworn in, but that was for failing to have on a Neocon purity ring from Bill Kristol's Daddy and Dimwit Dance.

    I am a Loco-Foco. I am from the Elizabeth Warren wing of the Democratic Party.

    by LeftHandedMan on Sat Aug 10, 2013 at 09:20:11 PM PDT

    •  I don't think I've laughed (1+ / 0-)
      Recommended by:
      DaddyO

      so much in a very long time. This post is not only true, it is hilarious. Well worth reading. I'm saving it so that when I need to laugh, I can reread it.

    •  The take-home message: "Politically kick his ass" (1+ / 0-)
      Recommended by:
      DaddyO

      Well said, and worth repeating:

      "Would somebody with a (D) next to his or her name please just kick his ass by calling him out on his babble."
      Republican stupidity enablers like Rand Paul are such easy marks.  For Democrats, this should be like shooting fish in a barrel.
      •  You guys forget one thing (0+ / 0-)

        No one ever went broke overestimating the stupidity of Americans.

        Otherwise, yeah, right. We WISH there were intelligent voters in the GOP, but they usually switch over eventually.

        "I feel a lot safer already."--Emil Sitka

        by DaddyO on Sun Aug 11, 2013 at 09:45:57 AM PDT

        [ Parent ]

  •  As Krugman has lately been writing about, (1+ / 0-)
    Recommended by:
    DaddyO

    Friedman has become a virtual nonentity to the Right. In spite of his worship of the "free market", even Friedman admitted that there were cases where government needed to act to stabilize markets.

    The hard-core wingnuts will have none of it. Nice knowin' ya, Miltie…

    What is valued is practiced. What is not valued is not practiced. -- Plato

    by RobLewis on Sat Aug 10, 2013 at 10:48:39 PM PDT

  •  Rand Paul is an idiot (0+ / 0-)

    and so was Milton Friedman. Together they make a matched set of idiots. Laissez-faire never worked and it simply allowed big banks and Wall Street to manipulate the economy into a meltdown. Rand Paul seems to feel that any regulation is bad for the economy, and he hasn't yet grasped the implications of an unregulated banking industry or an unregulate Wall Street. No wonder the wealthy love him!

  •  Not sure about the petition (0+ / 0-)

    I'm in total agreement with:
    1. Obama shouldn't appoint Summers
    2. We need more qualified women in positions like federal reserve chair
    3. Janet Yellen appears to be an excellent choice for federal reserve chair

    But the wording of the petition seem off to me.  Appointing Yellen has nothing to do with shattering any ceilings.  It's all about selecting the most qualified person for the job.

    Also, while it's true that Summers' role in deregulation is demonstrative of why he might not be the best federal reserve chair, there are other considerations.  A quick google search brings up all kinds of issues including:

    http://mathbabe.org/...
    http://www.cepr.net/...

    Larry Summers may be a great guy, and friends with president Obama, but there are simply has too many negatives for him to be the appointee.

    And Yellen seems to be a good choice.  (Honestly, if Elizabeth Warren says that Yellen is the best option, then I'm going to support her).

    If the petition demonized Summers just a little bit less, and was more directly supportive of Yellen it would be much better.

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