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ResponsiblyIrresponsible
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12/18/2015 3:13:17 PM
Posted: 11 months ago
So, I'm not usually one to drop shameless plugs, but this is the one exception:

http://www.debate.org...

I'm looking for someone to defend the Fed's recent move. I posted it in the economics forum, but received zero replies *cough* because it's dead *cough* and full of looney libertarians *cough*.

A lot of people opine on monetary policy quite often--now is the time to put that so-called knowledge to the test.

By the way, Wylted, I'm calling you out. You, too, Lannan. In fact, the two of you should team up.
~ResponsiblyIrresponsible

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ResponsiblyIrresponsible
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12/18/2015 3:15:34 PM
Posted: 11 months ago
My exams are over this afternoon, so frankly I'm free at any time for this. In fact, I'll even do speed rounds (hint: I'd *prefer* speed rounds--and you should as well, given my history of source spam).

No we play the waiting game.
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ColeTrain
Posts: 4,315
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12/18/2015 6:11:58 PM
Posted: 11 months ago
At 12/18/2015 3:13:17 PM, ResponsiblyIrresponsible wrote:
So, I'm not usually one to drop shameless plugs, but this is the one exception:

http://www.debate.org...

I'm looking for someone to defend the Fed's recent move. I posted it in the economics forum, but received zero replies

False. ;)

*cough* because it's dead *cough* and full of looney libertarians *cough*.

A lot of people opine on monetary policy quite often--now is the time to put that so-called knowledge to the test.

By the way, Wylted, I'm calling you out. You, too, Lannan. In fact, the two of you should team up.

That would be good. :D
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ResponsiblyIrresponsible
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12/18/2015 6:37:44 PM
Posted: 11 months ago
At 12/18/2015 6:11:58 PM, ColeTrain wrote:
At 12/18/2015 3:13:17 PM, ResponsiblyIrresponsible wrote:
So, I'm not usually one to drop shameless plugs, but this is the one exception:

http://www.debate.org...

I'm looking for someone to defend the Fed's recent move. I posted it in the economics forum, but received zero replies

False. ;)

Okay, zero replies from people who wanted it, lol.


*cough* because it's dead *cough* and full of looney libertarians *cough*.

A lot of people opine on monetary policy quite often--now is the time to put that so-called knowledge to the test.

By the way, Wylted, I'm calling you out. You, too, Lannan. In fact, the two of you should team up.

That would be good. :D
~ResponsiblyIrresponsible

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16kadams
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12/18/2015 6:56:08 PM
Posted: 11 months ago
At 12/18/2015 6:20:49 PM, EverlastingMoment wrote:
It sounds like a interesting debate, except I have little to no knowledge on this topic so RIP

ZIRP

IRP

RIP

ZIRP = RIP confirmed
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ColeTrain
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12/18/2015 9:40:55 PM
Posted: 11 months ago
At 12/18/2015 6:37:44 PM, ResponsiblyIrresponsible wrote:
At 12/18/2015 6:11:58 PM, ColeTrain wrote:
At 12/18/2015 3:13:17 PM, ResponsiblyIrresponsible wrote:
So, I'm not usually one to drop shameless plugs, but this is the one exception:

http://www.debate.org...

I'm looking for someone to defend the Fed's recent move. I posted it in the economics forum, but received zero replies

False. ;)

Okay, zero replies from people who wanted it, lol.

I'm sorry, that was annoying xD
"The right to 360 noscope noobs shall not be infringed!!!" -- tajshar2k
"So, to start off, I've never committed suicide." -- Vaarka
"I eat glue." -- brontoraptor
"I mean, at this rate, I'd argue for a ham sandwich presidency." -- ResponsiblyIrresponsible
"Overthrow Assad, heil jihad." -- 16kadams when trolling in hangout
"Hillary Clinton is not my favorite person ... and her campaign is as inspiring as a bowl of cottage cheese." -- YYW
Beginner
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12/18/2015 10:12:01 PM
Posted: 11 months ago
At 12/18/2015 3:13:17 PM, ResponsiblyIrresponsible wrote:
Hey. I don't know if you've already done this or not, but I'm wondering about your thoughts on the federal minimum wage.
What do you think it should be? Or should the minimum wage differ across regions? What's the lower bound? What constitutes a minimum living wage? Should there be a minimum living wage and what effect would it have on the economy, society, and people? Etc. etc.? :)
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ResponsiblyIrresponsible
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12/18/2015 11:54:15 PM
Posted: 11 months ago
At 12/18/2015 10:12:01 PM, Beginner wrote:
At 12/18/2015 3:13:17 PM, ResponsiblyIrresponsible wrote:
Hey. I don't know if you've already done this or not, but I'm wondering about your thoughts on the federal minimum wage.
What do you think it should be? Or should the minimum wage differ across regions? What's the lower bound? What constitutes a minimum living wage? Should there be a minimum living wage and what effect would it have on the economy, society, and people? Etc. etc.? :)

I used to believe that it ought not exist at all (though a region-by-region rate would've been fine, since a lot of empirical work finds thats a certain minimum-to-medium ratio can be readily sustained). Now, mostly for political-economy reasons--and for skepticism that we can actually *model* the labor market--I'd support some kind of national standard, if only to act as a moderate, if complete, counterweight to asymmetries of bargaining power. What the actual wage rate is, well, that's a bit less interesting. The literature suggests we can go to roughly $12 or $13 before the cost-benefit analysis begins to tip, so I'd gun for something like that. The actual mandated rate matters far less than the phase-in period and predictability, which is why I would without question index it to inflation.

A "living wage" is something like $15--that, I'm afraid to say, is just wishful thinking. There is really no scenario that is feasible, though the EITC can probably make up for the difference.
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bsh1
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12/19/2015 12:32:49 AM
Posted: 11 months ago
At 12/18/2015 4:06:31 PM, TheGreatAndPowerful wrote:
http://memecrunch.com...

OMG. Cute :)
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Beginner
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12/19/2015 9:51:57 AM
Posted: 11 months ago
At 12/18/2015 11:54:15 PM, ResponsiblyIrresponsible wrote:
At 12/18/2015 10:12:01 PM, Beginner wrote:
At 12/18/2015 3:13:17 PM, ResponsiblyIrresponsible wrote:
Hey. I don't know if you've already done this or not, but I'm wondering about your thoughts on the federal minimum wage.
What do you think it should be? Or should the minimum wage differ across regions? What's the lower bound? What constitutes a minimum living wage? Should there be a minimum living wage and what effect would it have on the economy, society, and people? Etc. etc.? :)

I used to believe that it ought not exist at all (though a region-by-region rate would've been fine, since a lot of empirical work finds thats a certain minimum-to-medium ratio can be readily sustained). Now, mostly for political-economy reasons--and for skepticism that we can actually *model* the labor market--I'd support some kind of national standard, if only to act as a moderate, if complete, counterweight to asymmetries of bargaining power.
Bargaining power between which parties?
What the actual wage rate is, well, that's a bit less interesting. The literature suggests we can go to roughly $12 or $13 before the cost-benefit analysis begins to tip, so I'd gun for something like that. The actual mandated rate matters far less than the phase-in period and predictability, which is why I would without question index it to inflation.
I'm not sure I understand the last sentence. Would you mind clarifying for me? Sorry for being an idiot. :P

A "living wage" is something like $15--that, I'm afraid to say, is just wishful thinking. There is really no scenario that is feasible, though the EITC can probably make up for the difference.
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donald.keller
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12/19/2015 10:26:03 AM
Posted: 11 months ago
Someone should call me out XD

Someone who isn't Mikal for once lol
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Wylted
Posts: 21,167
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12/19/2015 11:02:24 AM
Posted: 11 months ago
At 12/18/2015 3:13:17 PM, ResponsiblyIrresponsible wrote:
So, I'm not usually one to drop shameless plugs, but this is the one exception:

http://www.debate.org...

I'm looking for someone to defend the Fed's recent move. I posted it in the economics forum, but received zero replies *cough* because it's dead *cough* and full of looney libertarians *cough*.

A lot of people opine on monetary policy quite often--now is the time to put that so-called knowledge to the test.

By the way, Wylted, I'm calling you out. You, too, Lannan. In fact, the two of you should team up.

I think they should drop rates by disbanding, so in a way I agree with your position.
spacetime
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12/19/2015 3:44:42 PM
Posted: 11 months ago
At 12/19/2015 10:26:03 AM, donald.keller wrote:
Someone should call me out XD

Someone who isn't Mikal for once lol

I'll call you out. Let's debate something. We disagree on almost everything.
Call me King Pootie Tang.
ResponsiblyIrresponsible
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12/19/2015 3:51:48 PM
Posted: 11 months ago
At 12/19/2015 9:51:57 AM, Beginner wrote:
Bargaining power between which parties?

Employers and workers--I'd argue that the decline in unionization and the pronounced increase in political power amongst the so-called "elites" has tipped the balance away from workers.

I'm not sure I understand the last sentence. Would you mind clarifying for me? Sorry for being an idiot. :P

Sure, there are several things that matter with the MW:

(1) The actual rate
(2) The phase-in period (e.g., we'll raise it to X over Y years).
(3) The predictability of future increases (e.g., can businesses plan ahead 3 years into the future for an X% increase in the MW).

I'm arguing that (2) and (3) matter more than (1).

Indexing just means that it'll rise as inflation does. If inflation is 2%, the nominal minimum wage will likewise increase 2%. That way, real purchasing power doesn't move.
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Diqiucun_Cunmin
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12/19/2015 4:30:00 PM
Posted: 11 months ago
At 12/18/2015 3:13:17 PM, ResponsiblyIrresponsible wrote:
So, I'm not usually one to drop shameless plugs, but this is the one exception:

http://www.debate.org...

I'm looking for someone to defend the Fed's recent move. I posted it in the economics forum, but received zero replies *cough* because it's dead *cough* and full of looney libertarians *cough*.

A lot of people opine on monetary policy quite often--now is the time to put that so-called knowledge to the test.

By the way, Wylted, I'm calling you out. You, too, Lannan. In fact, the two of you should team up.

So I came in expecting mafia...
The thing is, I hate relativism. I hate relativism more than I hate everything else, excepting, maybe, fibreglass powerboats... What it overlooks, to put it briefly and crudely, is the fixed structure of human nature. - Jerry Fodor

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ResponsiblyIrresponsible
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12/19/2015 4:32:31 PM
Posted: 11 months ago
At 12/19/2015 4:30:00 PM, Diqiucun_Cunmin wrote:
At 12/18/2015 3:13:17 PM, ResponsiblyIrresponsible wrote:
So, I'm not usually one to drop shameless plugs, but this is the one exception:

http://www.debate.org...

I'm looking for someone to defend the Fed's recent move. I posted it in the economics forum, but received zero replies *cough* because it's dead *cough* and full of looney libertarians *cough*.

A lot of people opine on monetary policy quite often--now is the time to put that so-called knowledge to the test.

By the way, Wylted, I'm calling you out. You, too, Lannan. In fact, the two of you should team up.

So I came in expecting mafia...

lol
~ResponsiblyIrresponsible

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ResponsiblyIrresponsible
Posts: 12,398
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12/19/2015 4:57:18 PM
Posted: 11 months ago
At 12/19/2015 11:02:24 AM, Wylted wrote:
At 12/18/2015 3:13:17 PM, ResponsiblyIrresponsible wrote:
So, I'm not usually one to drop shameless plugs, but this is the one exception:

http://www.debate.org...

I'm looking for someone to defend the Fed's recent move. I posted it in the economics forum, but received zero replies *cough* because it's dead *cough* and full of looney libertarians *cough*.

A lot of people opine on monetary policy quite often--now is the time to put that so-called knowledge to the test.

By the way, Wylted, I'm calling you out. You, too, Lannan. In fact, the two of you should team up.

I think they should drop rates by disbanding, so in a way I agree with your position.

That's not dropping rates, lol.

I mean, technically if they stopped offering ON RRP's with a 25 basis-point offering rate, interest rates would fcking fall--*but* without the ability to pay interest on reserves, they'd probably dip below zero anyway.
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sadolite
Posts: 8,838
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12/19/2015 6:16:55 PM
Posted: 11 months ago
sig change
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
ResponsiblyIrresponsible
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12/19/2015 6:24:56 PM
Posted: 11 months ago
At 12/19/2015 6:16:55 PM, sadolite wrote:
sig change

I saw that you posted in this thread, and was overcome with excitement.

Way to destroy my boner, bro.
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DDO's Economics Messiah
sadolite
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12/19/2015 11:08:46 PM
Posted: 11 months ago
At 12/19/2015 6:24:56 PM, ResponsiblyIrresponsible wrote:
At 12/19/2015 6:16:55 PM, sadolite wrote:
sig change

I saw that you posted in this thread, and was overcome with excitement.

Way to destroy my boner, bro.

For what it's worth, the fed is a joke. a monkey could run the fed. Have one button to raise the interest rate another to lower it. There would be no difference in how arbitrary the decision would be to raise or lower the interest rate. I could run the Fed. Anyone could run the fed. Just get up there give a bunch of worthless statistics about the completely bogus and phony unemployment rate, how many houses sold, and projections by large business and the average imbecile would think you are a financial genius like Janet jello brain.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
ResponsiblyIrresponsible
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12/19/2015 11:23:12 PM
Posted: 11 months ago
At 12/19/2015 11:08:46 PM, sadolite wrote:
For what it's worth, the fed is a joke. a monkey could run the fed. Have one button to raise the interest rate another to lower it.

It's a lot more complex than that. There's also this thing called "forward guidance," which has been the main focus for the past seven years. In fact, there was far more anticipation over what the Fed would say, rather than its decision on rates.

There would be no difference in how arbitrary the decision would be to raise or lower the interest rate.

It really isn't arbitrary.... at all. "Discretionary" isn't synonymous with "arbitrary."

I could run the Fed. Anyone could run the fed. Just get up there give a bunch of worthless statistics about the completely bogus and phony unemployment rate, how many houses sold, and projections by large business and the average imbecile would think you are a financial genius like Janet jello brain.

Lol, no, it's a whole lot more complex than that. But I would expect this from someone who doesn't read the speeches, watch the press conferences, keep up to date with the research, etc.
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sadolite
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12/19/2015 11:48:43 PM
Posted: 11 months ago
At 12/19/2015 11:23:12 PM, ResponsiblyIrresponsible wrote:
At 12/19/2015 11:08:46 PM, sadolite wrote:
For what it's worth, the fed is a joke. a monkey could run the fed. Have one button to raise the interest rate another to lower it.

It's a lot more complex than that. There's also this thing called "forward guidance," which has been the main focus for the past seven years. In fact, there was far more anticipation over what the Fed would say, rather than its decision on rates.

There would be no difference in how arbitrary the decision would be to raise or lower the interest rate.

It really isn't arbitrary.... at all. "Discretionary" isn't synonymous with "arbitrary."

I could run the Fed. Anyone could run the fed. Just get up there give a bunch of worthless statistics about the completely bogus and phony unemployment rate, how many houses sold, and projections by large business and the average imbecile would think you are a financial genius like Janet jello brain.

Lol, no, it's a whole lot more complex than that. But I would expect this from someone who doesn't read the speeches, watch the press conferences, keep up to date with the research, etc.

Your federal reserve chairperson Janet jello brain. https://www.youtube.com...
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
ResponsiblyIrresponsible
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12/19/2015 11:50:27 PM
Posted: 11 months ago
At 12/19/2015 11:48:43 PM, sadolite wrote:
Your federal reserve chairperson Janet jello brain. https://www.youtube.com...

Are you seriously trying to score points off the fact that Yellen, an elderly woman, almost lost her balance and keeled over -- heat stroke, or whatever it was -- during a speech?

There are literally zero points to be scored here.
~ResponsiblyIrresponsible

DDO's Economics Messiah
sadolite
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12/19/2015 11:54:52 PM
Posted: 11 months ago
At 12/19/2015 11:50:27 PM, ResponsiblyIrresponsible wrote:
At 12/19/2015 11:48:43 PM, sadolite wrote:
Your federal reserve chairperson Janet jello brain. https://www.youtube.com...

Are you seriously trying to score points off the fact that Yellen, an elderly woman, almost lost her balance and keeled over -- heat stroke, or whatever it was -- during a speech?

There are literally zero points to be scored here.

watch any video you want of her. This is the best one. She says all the things I just said. A monkey could run the fed
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
sadolite
Posts: 8,838
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12/19/2015 11:56:30 PM
Posted: 11 months ago
At 12/19/2015 11:54:52 PM, sadolite wrote:
At 12/19/2015 11:50:27 PM, ResponsiblyIrresponsible wrote:
At 12/19/2015 11:48:43 PM, sadolite wrote:
Your federal reserve chairperson Janet jello brain. https://www.youtube.com...

Are you seriously trying to score points off the fact that Yellen, an elderly woman, almost lost her balance and keeled over -- heat stroke, or whatever it was -- during a speech?

There are literally zero points to be scored here.

watch any video you want of her. This is the best one. She says all the things I just said. A monkey could run the fed

Or should I say an elderly old woman having a heat stroke could run the fed
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
ResponsiblyIrresponsible
Posts: 12,398
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12/19/2015 11:56:34 PM
Posted: 11 months ago
At 12/19/2015 11:54:52 PM, sadolite wrote:
At 12/19/2015 11:50:27 PM, ResponsiblyIrresponsible wrote:
At 12/19/2015 11:48:43 PM, sadolite wrote:
Your federal reserve chairperson Janet jello brain. https://www.youtube.com...

Are you seriously trying to score points off the fact that Yellen, an elderly woman, almost lost her balance and keeled over -- heat stroke, or whatever it was -- during a speech?

There are literally zero points to be scored here.

watch any video you want of her.

I've watched a whole lot of videos of her. How do they illustrate this point?

This is the best one.

When she literally was having heat stroke? You need to cherry-pick a video where she was about to collapse to prove... what?

She says all the things I just said. A monkey could run the fed

What things? She was reading a pre-prepared speech. Again, I don't see your point.
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Wylted
Posts: 21,167
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12/20/2015 12:16:41 PM
Posted: 11 months ago
At 12/19/2015 4:57:18 PM, ResponsiblyIrresponsible wrote:
At 12/19/2015 11:02:24 AM, Wylted wrote:
At 12/18/2015 3:13:17 PM, ResponsiblyIrresponsible wrote:
So, I'm not usually one to drop shameless plugs, but this is the one exception:

http://www.debate.org...

I'm looking for someone to defend the Fed's recent move. I posted it in the economics forum, but received zero replies *cough* because it's dead *cough* and full of looney libertarians *cough*.

A lot of people opine on monetary policy quite often--now is the time to put that so-called knowledge to the test.

By the way, Wylted, I'm calling you out. You, too, Lannan. In fact, the two of you should team up.

I think they should drop rates by disbanding, so in a way I agree with your position.

That's not dropping rates, lol.

I mean, technically if they stopped offering ON RRP's with a 25 basis-point offering rate, interest rates would fcking fall--*but* without the ability to pay interest on reserves, they'd probably dip below zero anyway.

What's your problem anyway. You don't want to audit the fed, because you're afraid that decisions might become more political and therefore inferior of quality, but you armchair quarterback their moves, effectively working towards them holding the same sort of mentality?