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Adventures in Stupid
Posted by: Jon Henke on Monday, May 01, 2006

This is why I despair for our Country.

Senator John McCain, demonstrating why he should be allowed nowhere near the White House...
"He [Michael Graham] also mentioned my abridgement of First Amendment rights, i.e. talking about campaign finance reform... I know that money corrupts... I would rather have a clean government than one where quote First Amendment rights are being respected, that has become corrupt. If I had my choice, I'd rather have the clean government."
That's the whole point of the Bill of Rights. The Senator from Arizona isn't supposed to have a "choice". God help us if this egomaniacal busy-body gets elected President.
the Constitution was made to guard the people against the dangers of good intentions
As Daniel Webster said, "Good intentions will always be pleaded for every assumption of authority. It is hardly too strong to say that the Constitution was made to guard the people against the dangers of good intentions. There are men in all ages who mean to govern well, but they mean to govern. They promise to be good masters, but they mean to be masters."

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Tim Russert, on Meet the Press
MR. RUSSERT: Mr. Secretary, if, if demand is up but supply is down, why are the profits so high?

MR. BODMAN: For that reason.
After which, Secretary Bodman and Jim Cramer kindly explain Econ 101 to Tim Russert, but I believe the correct response — to both statements mentioned here — was issued in the movie Billy Madison, in which James Downey declared that "what you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul."

Indeed.
 
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And Russert usually gets such high marks (admittedly, from his brethren in the MSM) for being so prepared to ask the tough questions. And we can probably extend the award for economic cluelessness to his entire team of assistants... as I presume Russert has help in coming up with and reviewing the questions to be asked of each guest.
 
Written By: steve sturm
URL: http://thoughtsonline.blogspot.com/
Senator Durbin’s comments were even more disturbing than that introductory economics problem (on that note, though, come on Russert. You went to university, you went to law school.).
SEN. DURBIN: Am I the only one of your guests here that think that profit taking is a problem?
God I hope so.
I mean, I understand the basic laws of supply and demand. I understand that if the input costs have gone up, it’s going to reduce your, your profitability. But here we have the most enormous profits in the history of the United States of America in business. The equivalent of $1,000 per household in America for profits. All of the market factors you described may suggest that the product is going to be more expensive to sell, but they don’t forgive what I think is an outrageous profit taking by this industry.
Didn’t anyone ever explain the demand side of the "basic laws of supply and demand" to Sen. Durbin?
And let me also say to Mr. Cavaney, to suggest that these are average, average profits—they’re the largest profits in the history of American business.
And yet again he misses the point. What’s it take to get him to look at percentages, not absolute numbers?
If you’re pumping millions of barrels a day, you’re going to be dealing with a lot of money. So even if you’re getting less of a profit margin than other industries, the absolute size of your dealings may make that a large number of zeroes on the check.
And to suggest that Mr. Lee Raymond’s retirement gift is an average gift of $400 million for his service to the company? That’s $3 for every household in America that they paid for Mr. Raymond’s going-away gift.
I’d like to see Sen. Durbin make a company run smoothly that pumps more oil than Kuwait. But then, he doesn’t believe in profit.
MR. RUSSERT: Do you have any evidence of collusion or gouging?

SEN. DURBIN: Here’s the problem we run into. Look, let me go back to an earlier point.
Uh huh.
Is there collusion? Not until we have an aggressive investigation.
Uh huh.
 
Written By: OrneryWP
URL: http://
MR. RUSSERT: Mr. Secretary, if, if demand is up but supply is down, why are the profits so high?
This suprises you? From a media that regularly wonders why prisons are so full if the crime rate is so low?
 
Written By: shark
URL: http://
Jon, you should rename this post "Dum, Dummer, and Dummest.

McCain didn’t enjoy the "first Amendment" in his Viet Cong Tiger Cage. Maybe, between the Chinese Water torture and the dysentery, his VC handlers got him to see things their way.

Our education system has obviously failed Tim Russert. The "Supply and Demand-curve" defies some of the greatest minds in Washington, but I thought journalists were better educated than belt-way politicians. Guess not. It’s kind of hard to muckrake when you can’t see above the muck yourself.

I’d love to see Durbin’s investment portfolio. His sophmoric comments suggest that he invests only in companies that lose money. Good plan, dude. Glad I’m not your heir.

All three of these guys need a dock in pay.
-Steve
 
Written By: Steve
URL: http://
None of these idiots have probably ever had to genuinely earn their living - where failing to perform would literally mean not having enough money to pay bills and eat - so they’ve never had to really think about what it takes to deliver something valuable to a customer, why profit is a reward for delivering that value, and why it’s so damn hard. Is there any difference between these buffoons and the government officials portrayed in Atlas Shrugged? Not that I can tell.
 
Written By: Unknown
URL: http://
Y’know, I was thinking the exact same thing, Unknown: "Now here’s something I don’t see every day: something that forcefully reminds me of Atlas Shrugged."
 
Written By: OrneryWP
URL: http://
One conclusion I’ve come to after hearing economic arguments from the Left over the past several years:

Many of them truly believe that the principles of the "free market" and "supply and demand" are nothing more than IDEOLOGIES - contrived systems developed by the rich and powerful to their own benefit and to keep the working man down.

I’ve had reasonably intelligent people tell me this to my face. Leaves me dumbstruck.
 
Written By: equitus
URL: http://sdparadigm.blogger.com
The most infuriating aspect of the McCain-Feingold bill is that many voted for it, and the president signed it, believing it would be stricken by the SCOTUS as unconstitutional. This ultimate buck-passing ended in a disaster for free speech, brought to us by craven members of the legislative and executive branches whose thought processes were that they could avoid the infringement on speech but still be able to say they voted for "clean elections." They figured on being able to wring their hands and mutter: "Oh, my goodness, we tried to clean up politics, but you know those courts..." Well guess what?

Congresspeople and the Executive take an oath to uphold and defend the Constitution of the United States. That means — or ought to mean — that they do not vote for and sign legislation whose central purpose is flatly violative of civil liberties.
 
Written By: Mona
URL: http://
And over and over and over again. Same rudementary argument.
Americans act like they own the whole Oil industry yet they prove constantly that they do not have the simple knowledge to manage it. Shut up and take one for the team is what I say.

Drill.
 
Written By: closedanger
URL: http://
I detest Russert, but you’re wrong: US oil conglomerates don’t sit between the high demand and the tight supply, at least not with respect to the oil they refine.

They’re using higher global prices as cover to jack up American prices. Duh.

A degree in economics doesn’t make you wise, it embeds you in the common foolishness of modern times.

Post Autistic Economics

Read it. Expand your mind beyond the same old tired economic cliches.



 
Written By: Joey Giraud
URL: http://
I don’t know how this got missed today.
Biden is truely a horse’s ass.
 
Written By: Neo
URL: http://

 
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