All Presidential Candidates would FAIL Econ 101

[Thealexa Becker]

I've said it before, but now these are economics professors saying the same thing.

http://finance.yahoo.com/banking-budgeting/article/113760/presidential-candidates-slip-econ-101-cnnmoney

And the nice thing is, it criticizes everyone, for those of you concerned with bias.

[Stephen Eisel]

The taxes on gas and oil account for more than $1.00 of the price per gallon. If you eliminate the taxes then you could quite possibly get the price under $2.00 per gallon. So much for common sense.. This is nothing more then liberal hit piece.. Also, he totally ignores the law of supply and demand.. Increased drilling and exploration, plus reduce demand through the use of natural gas in autos.. would also help drive the price of gas down to possibly below $2.00 a gallo..



Also another problem with this article is it does not give any specific reasons as to why the professors make their statements. It just presents blanket statements without telling us why...

[Stephen Eisel]

Dr. Phillip Barbay: ...now, not withstanding Mr. Mellon’s input. The next question for us is where to build our factory?
Thornton Melon: how ‘bout fantasyland?

Thornton Melon: Oh, you left out a bunch of stuff.
Dr. Phillip Barbay: Oh really? Like what for instance?
Thornton Melon: First of all you’re going to have to grease the local politicians for the sudden zoning problems that always come up. Then there’s the kickbacks to the carpenters, and if you plan on using any cement in this building I’m sure the teamsters would like to have a little chat with ya, and that’ll cost ya. Oh and don’t forget a little something for the building inspectors. Then there’s long term costs such as waste disposal. I don’t know if you’re familiar with who runs that business but I assure you it’s not the boyscouts.
Dr. Phillip Barbay: That will be quite enough, Mr. Melon! Maybe bribes, kickbacks and Mafia payoffs are how YOU do business! But they are NOT part of the legitimate business world! And they are certainly not part of anything I am doing in this class. Do I make myself clear, Mr. Melon!

Art imitating life...

[Stephen Eisel]

They are promising things that are impossible to deliver or make little sense.

[Charlie Page]

This is nothing more then liberal hit piece.

I thought it was fairly balanced. It shows that both sides don't know their ass from a hole in the ground when it comes to economics...which means they shouldn't be passing legislation without examining the potential effects of it first (think Dodd-Frank Act, stimulus, Obamacare, Obama's latest tax increase...err...jobs bill, etc). That's even more critical when the economy is hanging by a thread. I'm perfectly happy if the only thing congress accomplishes is passing a budget and re-naming some post offices

[Stephen Eisel]

Salemi called Ron Paul's rationale for returning to the gold standard "one of the most dangerous ideas put forward by a politician in recent years."

The Gold Standard did work for a couple of thousands of years up until 1970's. Just sayin. But, Salemi " an Econ genuis ", prefers the current Fiat money system where you can print money out of thin air and that has proven [sarcasm]to be completely rationale and safe [sarcasm]. I wonder what Salami would have wrote when the US went off the Gold Standard in the 70's. News flash!! The current Fiat system is about to crash!

[Stephen Eisel]

I thought it was fairly balanced. It shows that both sides don't know their ass from a hole in the ground when it comes to economics...which means they shouldn't be passing legislation without examining the potential effects of it first (think Dodd-Frank Act, stimulus, Obamacare, Obama's latest tax increase...err...jobs bill, etc). That's even more critical when the economy is hanging by a thread. I'm perfectly happy if the only thing congress accomplishes is passing a budget and re-naming some post offices

If this was FaceBook then I would definitely like your post.. good points!

[ryan costa]

if the problem is characterized as "addiction to oil imports"...here is what increasing domestic production of oil will do to reduce oil imports: nothing.

Alaska came on line. the european northseas came online.
did it reduce dependence on 'foreign' oil?
No.

what will increasing domestic production of oil do?
We will import...just as much oil and as much more as possible...

and drive bigger cars. maybe build more las angeles/texas style sprawl.

when we use so much more oil and gasoline than is sensible...increasing taxes on it is as beneficial as taxes on booze and tobacco. Now...would you rather have a 40 mile commute to work in the luxury of your own car...or would you rather be drunk!??

as it is...taxes on oil and gasoline...do not even pay for the infrastructure required to enjoy automobiling. let alone Iraq War II.
shortly after he left office...George Washington said something like..."Good luck, assholes!"???......