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Reason Magazine Senior Editor Peter Suderman on the government’s stimulus spending’s impact on the markets and economy.
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To -- -- sort of -- reason magazine and it says.
The rate we're gonna might be too late Peter this is ridiculous just ridiculous.
Yeah I I mean it's.
Did the way to think about stimulus is sort of the -- logic that we are always given.
Is that it is you know it's sort of self perpetuating it's like a cat chasing its own tail -- you know it's stimulus doesn't work the first time well the problem is.
They're just wasn't enough but the problem of course with that is that it never works the first time.
And this is a bipartisan problem if you -- -- George Bush passed the first stimulus a 150 billion dollars at the end of his presidency.
And Mitt Romney at that time was saying that a second stimulus was needed what we got a second stimulus under President Obama.
You know Republicans Democrats there in the state other.
You're quite right and I and that's what is the bipartisan rant because -- bank rescues that I alluded to start on the Bush Administration what worries me now is that.
Wall Street.
Plays off of the next rescue.
Then there's the next a Central Bank -- Whether here or abroad.
The QE3 QE's floor job that day.
It's it's as if this is the new drug -- -- we don't get it.
This wants laissez Faire.
Market of ours has huge SEC.
We've brought up welfare reform and and changes to welfare policy that the Obama administration has has recently enacted.
That that potentially weekend.
Welfare is work requirements in the future.
And I think that you know you can see a similar sort of thing happening on Wall Street where there -- a culture of dependency that's been created enough welfare reform in the 1990s was about.
Was about replacing the culture of dependency.
Replacing Peter this idea that we that people can just sort of survive on the -- forever and just keep taking more.
With into the idea that temporary help as a good thing but that eventually you need to get back to work.
Well and then we will look at and Ager when I was a did you know -- twelve weeks our employee benefits that was the most requested that I -- of tonight at nine.
My point with this is not to be callous puts its have a step back diseases learn how to become -- -- become -- nation where they no income taxes and all and that's fine.
And we go after there's a few who are paying the taxes.
And and saying they're not paying enough and and and that's not but he's weird -- it is just counterproductive.
And Wall -- -- debt on those industries.
And those technologies that are gonna get the backing of the government -- they don't back it all.
That's scary.
We know the old saying is that when all you have -- a hammer you know they were the only tool you have -- a hammer than everything looks like a nail.
And in Washington the tool that we have -- government policy the tool that legislators have and that's what they use.
But the thing is that idea seems to be spreading out into the markets and and private actors seem to be picking up that idea and seeing everything through the lens of government policy and -- -- Can you know operator I'll see you want to -- I think it's psychological and that's it because.
None of -- rich and invest but to nearly -- have been best we called into question now those.
Who -- route to becoming successful of those who do become successful that they must have done it through some nefarious means.
Because we all -- access to the same -- roads and bridges.
And yet why did this particular guy do something more with that than someone else did another words calling into question.
Those who have achieved the American dream is a nightmare.
It is an assumption that if someone is successful it could only happen to legitimately.
If the government was involved in the government sort of did it fourth.
-- apply now is.
We all had this same infrastructure the same roads and bridges somehow Steve Jobs did more with that infrastructure.
Then I did with my infrastructures so I'm just thinking -- an obvious that he did is in a garage so he didn't need infrastructure which is -- -- entertaining but my point is that.
Is what's -- and then and that's what's learning we'll -- Peter thank you very much.
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