WWL>Topics>>11-18 12pm John Tamny

11-18 12pm John Tamny

Nov 18, 2010|

Garland talks to John Tamny, Senior Associate at the Cato Institute, about government barriers to economic recovery

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Automatically Generated Transcript (may not be 100% accurate)

Welcome served the -- political unity. Not so much joy and there's some of those Republican clubs but. My thinking about government shifted back and forth for months in my lifetime of growing up in the hippie generation Latin thing -- -- government. When it came back from Vietnam. Starting life as a janitor. And charger bureau -- OK so and I had a little control -- -- could get -- a couple of lean towards G ought to help us poor folks. And then television and then corporate America and they -- company in the and accidentally landing on the radio. Did call myself a small government got but -- Katrina. And my beliefs were challenged. When somebody says okay you're you're 100 for the rebuild wetlands. You know -- motive and money to rebuild the schools into Charter Schools you know moment to rebuild led visual money for help. -- -- -- -- We -- put it this way. I'm I'm for government against the way it is because I don't think we can go backwards through -- -- down the road. And I don't want to give up those things but then BP spill happened. In Cuban mine a group in the oil industry my daddy was -- brought that routes about. Supervisor. To pusher but when that happened and I saw what happened to our our people that position on and so the Louisiana has said. All right I'm for smaller government and whatever they -- -- -- would -- schools would be. Interstate whether it be -- or whatever it will just handle it well. I think I'm gonna talk to somebody. And then they just have a kernel of that feeling a whole lot more education robot. Have behind that John can you -- your Malone when we. Sure and I appreciate your government and the Jonas senior economic adviser for a trading company of right wing -- to HC Wainwright economics. End -- associate with Cato institute and -- of -- -- opinions and real clear markets dot com I appreciate your joining ensure. Thanks Carl thanks for having me on what you wouldn't just. Well midtown because town and country school they decided to have. Speaking -- an event last night it's what they hope to be an ongoing series for they bring in outside speakers to that cover. On the economic and political issues dealing country day he had different countries today I feel like -- That's all right do you like me your wife has a magazine and all -- Yeah -- so country day was last night and then down right spoke mostly the parents and then today. I spoke at Newman in the morning and then country day just now. I'm a different speech more really about taxation and the implications of that so it's been a great. 2.4 hours a country day has done a great job of putting it on and so on I'm glad to be here. We'll give listen give episode reader's digest version of what the conflicts with the speeches. While the speech last night was basically on. I cover three things the Great Depression the financial crisis and our modern economic difficulties and I argued about the Great Depression. The deal was that took a ten year downturn that did not have to be potentially government intervention. Did not allow the market. Free markets to basically correct themselves on the way to recovery and so what should have been briefed as long. And and I argued about financial crisis that is in fact driven the underlying problem was a weak dollar -- -- don't we drove. Limited investment in housing. And that if we have a stable Pollard throughout that period there's no financial crisis. And then my argument about both the present is that much like the 1930s. Government intervention is disallowing the natural -- for economies which really are nothing more than a collection of humans. Can heal themselves on the way to economic recovery. -- it I'm a little -- breaks or we can go get some business over the -- so you have a little longer to talk -- -- Well when we come back -- ask about one of the books and through flooded the encryption. -- also. -- every comes free food ivory Paul Krugman and there's a blue colored guy on the -- ago. Okay I'm totally confused and I interview with coalition all over the world and we always seem to have a liberal or conservative. Slant to. And I never know what to believe there are others who would come back let's talk about. Some of the things that you -- if you believe so why else -- -- governor BL we have both John embryo. Use. Bill abbreviated version of what I've seen her serve soup with tumor institute results over four G group -- remark. It's good for you and -- world. We have -- Joe contending with me he is -- -- Forbes who proved real clear markets in the NC a senior economic adviser. And -- over search firm. John did it -- jumping the good to gauge here don't tell me exactly what do you wanna talk about. Both for this but. I was reading no part of what do you people sent to me about. Build flex is mobile -- book rather called the courage to do nothing and Angela born with the quotes is so this government fixes inevitably. Drag her big problems. But few politicians have the courage to do nothing in the face of the downturn. -- Well because government fixes what they really are is there a process whereby. Noneconomic activity that the act act act act activity that got you into the downturn to begin when it is bailed out. And -- governments try to fix things usually what they do is they perpetuate them -- a classic example would be housing. Too much investment went into housing much of this decade I have theories on why. One count is hard to moderate this was a this as a positive economic development. In that is gonna drive limited investment elsewhere but -- rather than let the markets corrected. The federal government basically got involved and and try to keep interest rates abnormally low. Basically cover it demanded the banks reduce the mortgage payments for borrowers and so essentially they've doubled down. On a rush to housing that it causes a lot of problems begin with a better face structure problems right away on expand and move on. So when I went and read approach courage to do nothing -- my brings is -- -- more ago that Dutch were I've arrived after my lifetime. Is former -- government is concerned. But I give a prime example a home we're worried were -- -- according to you using here because we're very written very conservative Louisiana. As well you know. But. The funds that we didn't want to apparently just happen to arrive in the form that 280 million dollars for higher education which. They're not gonna give us next year if we're having heart attacks over. Does this country have the mentality. And two cent. If politicians did not. No I I think we have the opposite mentality and that's what's important I mean. I know how I respond when I think I'm in trouble economically or I think -- I think my jobs or risk. I work extra hard I work on weekends and I just I do you extra things in order to -- Hold on to my job and so the problem -- the government acting and saying oh don't worry about things will take care view. It removes the burden on the individual to fix his or her economic situation and again government have no resources so when they fix things. They're necessarily. Borrowing or to actually promote his first and then. Apportioning money where they think it peaked at work pretty cute kids have the most at beneficial impact. The problem is governments don't know those kind of kind of take you to see the future any sort of government official could see the future and what needs to be fixed to the right way. They'd -- the private sector making billions of dollars. Well do as you mentioned or aren't sure who -- -- for Paul Krugman the Pulitzer Prize winning. -- -- a writer from New York Times he's quoted a limited time whole board brutal put more QE. Quantitative easing into our economy it's all gonna fold and imports Ireland. To say here's a country that say they're we're gonna suck it up we're gonna make sacrifices we're gonna print money and and -- in Portugal when breaches a different story. Or in deep trouble because of -- how do you respond to that. Well I questioned. How much trouble Ireland -- NN com. Certainly certainly things are looking bleak I think right now for some of their banks and everything. Again I would argue that that's constantly. And that Ireland willingness to -- -- -- the troubles right now pretty of the ballot normalcy how long they do it. It's a good thing my view is that when Bear Stearns failed in the Lehman Brothers failed back in 2008. This little -- were positive economic signals. Signaling an economy on the man that was basically ridding itself frequency in itself. The noneconomic activity being pursued by bear and Lehman Brothers and I think the same way Ireland tepid response -- correct yes some banks may fail and the reason. The ECB in the European Union so eager for them to take a bail out if they realize that a lot of non Irish banks have exposure to the Irish desktop. But you don't fix the problem by allowing those cute who made the bad that surrounds them by making them -- it's better to let them get burnt. So they're more prudent for next. If you give them. Politicians there is at least one that I have been reroute years sort of -- -- involved in getting reelected. Then bend the hard stuff if they've literally took cure argued -- and I admit my deal also in the Shura. Dual flash would there be an office the next term. I think they weren't. Let's face it though these elections that just passed a lot of them were respond -- -- Voters getting tired of big government taken money not their own and bailing out all sorts of sun. Failed individuals and emphasis on the Americans are not -- as a nation we're not because of country don't like handouts and so for Americans to witnessed. Banks that get made mistakes that they believe that they they should be allowed to go under the same way with the with the individuals they bought more house they could -- Why should they be made whole and there are a lot of people that never got to buy a house to basically waited for home prices to -- they're they're the ones being ripped off and so. I would argue that that Bush's support to bail outs at NATO Barack Obama inevitable and that Obama's continuation of support. It's going to make another president of all Americans don't like this. -- I'm I'm sure there a lot of people out there -- -- -- and a heartbeat -- -- people weren't gonna ask to be -- so complacent etc. but I would assume you agree with me governor Chris Christie of New Jersey might be an indication that -- -- saying it's. Absolutely I think it in the -- example is that is not it is a very good one. It's not as though he's a very popular governor now he's increasingly popular precisely because. He talks the truth and there's this myth out there that politicians can't stand. Like crazy and that this will help them get reelected but Americans aren't stupid they know that the money has to come somewhere. And if you look at the Republicans to back and they were in power from 94 to 2006. In the house. They continue to spend more more money and they defended their voters and they were voted out we now have the Democrats. In the Canadian Republicans on steroids. And they were pushed out and so you know there's there's policed out there that the government spending is that the path to reelection. All evidence suggests the opposite. Oh border via your home blinds and booked and wrote about. Both blacks as. There must be incentives put in -- in order to encourage individuals to -- -- very diligently. And then delayed their gratification. Now my admiration. We don't know what delayed gratification this what are the chances of that happening. Well I would argue that your generation those delayed gratification more than that you might admit and in my argument -- -- -- -- generations pretty well regeneration. Well there is quite simply no way that you can have well without shaving first. And -- point is. What's good for the individual's savings that -- individual until twelve -- and oh by the way of the great thing about saving is when when we as individuals do that. Businesses have and capital they can borrow around in order to expand. And so I think Americans are. Surely get it delayed gratification but on one reason they're not as much and in recent years is that the bush administration and the Obama administration. Actively sought the devalued dollar latitude delay gratification and -- something you know the government's going to eviscerate the dollar -- you'll eventually get back. Well I'm I get a little confused here because when when you -- in my generation -- savers losers who have what are bread you're saying. It has to be to some degree because your generation is such a rich generation they had -- save some of their income and investment. Well when I talk to other economists around the world will have what I've actually fill in the issue five years ago. But who knew nothing about economics still don't know a lot but it wasn't in person but I was asked to Katrina come talk to him. They kept talking about were consumer based society and finally it's a but doesn't mean -- -- with color us buying stuff. Believe the economy collapses there that's and you mean. Our economy doesn't survive an -- making widgets. Well that's forever but the main thing uses a control society units at. Or how long is that gonna continue in their response is always been well since the seventy's and eighty's and ninety's it's always been the consumer society. If if that's true and maybe guys are -- in Britain -- when that indicate we will release saving over spending like crazy. IE the evidence of how many owned. Well I won't use that term older people out there are screaming bloody murder about pushing up Social Security for two years because they don't have any money. Well my response to that is -- of the economist sane or consumer based society don't understand their argument. -- -- how do you consume the only way to consume -- have produced first I can't buy something. And what type produce something of value person but I I can attain the dollars demand consume. And so what they're really saying. Is that were consumer society precisely these were very productive society. I mean that that's the first thing you can't -- look. This without producing and and of course you can do if he can borrow from someone but to borrow from someone that person must have. Consumed per are produced first there's going consumption. One final question for you have a board room here with the -- there's some very strange question. I am of the opinion by viewers post-Katrina. That Katrina when all of the Horrow was one of the better things than ever happen to us we improve school and we improved levees we improved our politics you name it. We made improvements but we had pulled around first hard in -- we hadn't really never changed teachers unions. Will never to a change of political establishment. So forth and sort deserves country have to fall down to agree -- -- anything or that or the basis what you can go Pletcher saying. I think you're absolutely right I can disagree. And I know I think you're right I think failure and that was the problem with the bailout for one -- Cavaliers again thing it teaches us what not to do in the future. But as applied the country we needed to the bush Obama economic big government disasters. We needed a wake up call we have had become song. And so the failures that resulted from the rush to the state has come under bush and now Obama. As a woken up the American people are finally talking about the constitution about limits to government -- about spending cuts. We're talking about this before so. I think failure while -- the time at the time is always a good thing it reminds us what not do wrong in the future her mind just to fix things. It works for New Orleans it's it's working for us and the only shame for us as a nation. They didn't allow the failure to be even more profound to -- I think if they had if they hadn't bailed out individuals and businesses. But the economy would be growing far more rapidly right now. -- them they I'm flattered that you agreed to come to show it in -- your just Greg Bruce virtually volumes from real good gumbo town not. Don't think you're doing great talking to -- external. All right we take a break Chris will resume the old news Dylan and will be back Jude -- and lead to secure 187. Plugs they can gloat over on their particular channel four television news every day about this time we join -- Paulson plan know what's happening until -- in this afternoon and therein are. And and as as it always is the case in New Orleans to very busy news day first -- covering a bunch of stories that federal court including the Henry Glover case. Which had some emotional testimony today from an NO PD officer testified she was scared -- tell -- supervisor about what she saw or knew about the case at the time. Also there were indictments handed down today any case we've been covering for almost a year involving the association. That represents horse race owners and trainers in the state Louisiana. And sentencing today for a key figure in the bill -- case of former Saint John parish president. Who is now serving prison time a businessman involved in the case was sentenced today more developments on those stories coming up at five point six also. Can bill -- -- help a neighborhood fighting to get the city to take action on an eyesore it's been a problem for years. And recently it's taken an even uglier and more dangerous turn we'll show you -- good results tonight. Then on the subject of -- 10 o'clock we've got a four investigates follow up report -- the city program. It was designed to help get rid of blighted houses in one case by donating properties to a group. With a controversial past. Months or even years later most of those houses are still sitting untouched. So the big question is what's the city's next step Katie Moore has more on that. And at 10 o'clock a local marine who survived an insurgent attack in Iraq but was left paralyzed by a devastating spinal cord injury. Now has some new hope he's undergone multiple surgeries and treatments around the world. But something right here in his own backyard could be giving this marine. New hope Bancshares has more on that tonight it can all coming up on channel four. I'm gonna bring approached whom he goes simply -- full agenda Persian gulf are Carla Harris -- and shown poor television. A home. Just shoot me at this point you know goes to the -- and the have -- too good to they've basically what have been doing is and I keep video. While it's literally might think filed. Items that are -- -- in in a nuclear alert generate conversation. When things I mentioned that can -- 11 o'clock hour that. -- should just goes to show you how complicated world is. I don't think anybody using any more room in pursuit of alternative energy and I. Even though New York turned into a gigantic. Section on energy the other day. Where they claimed that we've got plenty of oil and has slept for decades to come not to worry. I've talked to other people in the energy industry say well it's not that simple. And we could get and by and very quickly and therefore we should be doing everything environmentally and in energy watched -- I drive hybrid car will serve because -- single to. Save on energy. My wife drives a hybrid cars we drive due to writhing burn my French petroleum. Remembrance. And McFarland made the good bacteria room. Three little -- grocery back. And I use -- whatever your grocery store more to make sure that I don't use play us. So and I'm really the other night -- story every dimension that led. In breezy -- grocery bags. Trumps the call for a federal inquiry. -- it's gotta be kidding me and picked it up in that. -- -- Tribune newspaper that don't live in the bank's purchase and all the bags and indexing in public since we brilliant Wal-Mart and target. And they're Brady gets into fruit and when you carry it and in the landfill when and if you're the roadway. Senate Toma -- -- well. I think a guy you simply go back to paper as some but you know. -- -- enough for live content that a -- -- do you Russert. -- pulled appears. Integrated banking system. The use of toxic chemicals you're -- -- production. Pollution prevalent causing acid rain water pollution and much more. Oftentimes the glue in the paper bag is talks. And when it comes from recycling paper. Must be returned to -- using many many many chemicals. To bleach and disperse before Roberts. And asks -- it's okay I. It. Can -- Jerry Manuel looks. Are -- we come back. We'll look take a look at pure that they but what do you think two's -- general warning -- yeah every report. Environmentally alternative and he brings say you know on. Michelle let's just Lou Bourne told -- they had a lot of grumbled -- on do we sausage. Check this -- so -- -- double of the show pretty opinion poll. Eskew will serve Palin so she can be Barack Obama. In 2012. Do you think she can't 52%. W. Think she can't own. The big interest in Donald Trump looks like he's gonna run for president Sarah Palin doubles our chances of having. Reality show stars present United States. Strange places we're going to in this country a good thing I basket 2 o'clock and we certainly get a couple of colors on this. I plan to -- computer incidentally the winner of the other sinks tickets. Is more perhaps more gruesome or congratulations. I find really confusing that win went all the debate over bomb maker was going on. Any mention of ration. It mentioned of cutting anymore. Was curious and -- -- -- like collect an atomic bomb. The Saudi -- chose to win cool reason. When it was talked about. -- -- will record as saying I was in favor of the Obama cure attempt to change our current. Health. Industry. Because their current host industry is going off a -- than most people agree with that. And I don't a lot of -- certainly not an expert blog reading of the best Sicily in French. Which is billions of dollars in debt and having to caused some things and and and it cost and others. Same with -- England same with -- December the Australian cinema Taiwan. I couldn't find anything -- maybe Sweden Switzerland small battery is smaller than Louisiana that. Had a about socialistic. That the government to clear rural community. For decades -- But how you apply that. To 300 -- million plus people I have no idea and I haven't read where you could but. Back to the -- back to the -- Because anything. That was considered to even touch on those subjects. Just went crazy -- did okay. I now feel that the Obama. Care plan he tried to be done away with and we start over. Our massive change. Because I -- have read the whole thing but have talked enough doctors have done -- reading to see. That there are major problem to have excellent change my way of thinking okay now and -- Let's do something different but that's what I don't get. Governor Bobby jungle is really popular. And he has ordered health care costs. Bigger and removed 297 employees whose. 353. Positions eliminated. And this affects tremendously. Public health. Mental health. Addictive disorders. Developmentally disabled. Aging. Adult services. And Medicaid eligibility. I've yet to hear anybody getting upset over the at all then let me tell. Color me crazy totally not that smart. If one middle Leo. Are addicted to a drug or a -- developmentally. Disabled disabled. Or among Medicaid or get an adult services. And -- tell me you're going to cut back on services that for me. Is part of my you living -- -- is part of me you stayed alive or maintaining the ability to function in society. That feels like rationing to me now. The call we got word or Medicaid needs to be cut in. Fraud and -- I agree I Barbara many good time here that the Congressional Budget Office is sort of with a lot of broader English. They've already identified sixty billion worth and they go up more we know of the -- boarding. And the Republicans in control how much. Fully expect want to see more cuts in particular. -- -- This shouldn't just fraud and waste as clinching -- that when I was in -- him memo read in this -- know this affects. The least of released in our society but in a red state. Is some problem. -- -- Came into this -- incident. And there was you have the wounds of middle you'll over the millions and -- a lot of money and world let's come back there and as you lose -- disabled kids you idealism that come. Come so a little confused as to. Why that's a problem before but not know. Nothing more -- will reflect what everybody should all morning Lola Moore should appreciate because. -- -- Good outcome and it's it's not about the rationing it's about the fact that the government got involved in the health care anyway. No no no no no -- Bloomberg the calls I got. We're not. All of the government got involved and I'm horrified I am angry note there was rationing and death. All right well. -- all the health care system perhaps you know have to take into consideration at the difference between rationing. And what. What people on the the benefit so the medical anybody if there -- -- -- at this and the other thing but they're they're really need to. See I I agree with that too and now once again actually what happens it is -- -- republic chance and you -- don't. Whenever. Anybody brings up until like cable got a fourteen trillion dollar dead -- got a cycle play. When we were -- and for our group -- -- a fraud in the end waste. That's where craw fishing out of the bigger problem. Right you say is true but I think getting calls like that when it was Obama -- -- calls now all because it's balmy here. I think that's what's happened is that in -- conversation. Everything about the government being state senate which means that the government has gotten too involved in our business we're gonna save zigzag of the famous motivational speaker. And back when he was having his kids. Treat terrible story wish he had to go itself to a threat to cookware. In order to get as well. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- All right. But take the lead. To the department of the disabled. Yeah in Garland you tell. What you want and more so -- You good to go on. I'm there which saying there is -- need out there but back in the day. The churches and and they're giving people in mind they would take those people cement is an appropriate government. I -- I agree with you right there but I didn't hear that -- Obama care it was always. Everything abroad -- a hitter once its body care. I am I'm just kept quiet go to Google emitted a lot of good points bigger break coming right back. -- nation Sunday. Pre game. Radio until the. Not often get an email on the thought a commercial but I did Mary here in the amendment simply. And it is available Wilshire neighbors said the you know -- did she likes her home at certain temperatures in the summer and the winner. Katrina big utility bill she sent a -- -- like to suggest to Wilshire and they did this report including important in the correctional holds in the house and lo and behold you're right. The temperature is at the same. Level that you like to their home but these. Air conditioners heaters not kick in on. Close to figure -- the state and federal tax credits along with a lower utility bill the bill from will serve -- paper itself can listen here. Well I can tell you that's exactly what happened to him to my home we're we're bringing. Listen well. Not quite half while we used to paying utility bills after that she's sort of -- put money back in my pocket from the lower utility bill and Carlin you forgot to mention some open found out that an insulated -- also increased the value of the home. Mississippi. Will serve is expanding their in Hattiesburg know give them a call 877. Five why they reported -- a 58 or here in New Orleans or the metro -- will serve as the three to 42806. -- if you get a chance. We've talked at 11 o'clock hour. The stories broke about about president Obama's 200 million dollar Davy trip to India if you read Anderson Cooper. Thomas Friedman wrote a historical too good to check about Anderson Cooper actually checked were presumed Michelle Bachmann statement and -- that is not to be true and little fact. If you'd like to check that Q did extensive. Researcher on and found that not to be true. Spotted. Coming up now. How much there -- rule. I like that. I won't ahead in the Columbus on the -- what government should consider doing is doing nothing. Maybe come like -- and -- in and really shown enough in the ring you're sure their audiences and you know what they need to just give up their power because the bottom line is there's no way. And you and you had Elliott and John Kennedy come on here and other economists say the same thing that they are going to push it all down to the states were to push it local. Which is where you know. If that's to me it's -- chest where it should be because look I don't live and Ames Iowa Ames Iowa which knows Ames Iowa better than me. We know here -- better than they do Seattle -- Seattle better than we do they should make those calls -- the federal government should just be in there. As long as what's happens in Washington stays in Washington for crosses over Idaho -- the feds have to step in and make sure it's fair -- cold. Maryland gross sales of the bilateral pension reserves we'll -- Did your neighbors together. Film I've Woodrow debate and we'll fix -- -- -- people and we're gonna talk about a thing of Poland Sarah Palin says she's she's considering a run. Would you vote for that's the polls so -- add to that. So. To answer a question but also go you know let's look at the potential. The runs I -- try start run and now. And and there's also talk that Hillary Clinton may -- out she may run with Obama or he may only be of one somebody wrote it. And -- fifty saying he should just declare right now on one term president and and then knock.