Great to have you back! How’s the reading been coming along?
I’ll go ahead and embed a full version of the video here, since it’s likely that people might not realize what we’re dealing with here…it’s a CNBC broadcast of a discussion between Peter Schiff and a bunch of typical media morons (some of whom are called “economists”):
So, first of, it should be obvious you have probably one of the more articulate Austrian responses to the false claims given in real time.
I have to love how this black guy whom I’ve never seen or heard of claims he was predicting the housing bubble. I love it how after something happens everyone’s an expert and everyone saw it coming. Also, just as a sidenote, the annoying host of the show who can barely get his words out is this guy, if that tells you anything.
As I’ve said before, having someone like Schiff involved in the conversation is the really the only way I can bear to watch news talks like this, as at least there is someone there to interject at least some of what I feel like screaming back at the television.
Notice how they largely try to ignore what Schiff says…they don’t want to have to address it because, well, they can’t. It doesn’t jive with their worldview so they just ignore it and continue preaching their nonsense. (Basically the way it works with all leftists).
Notice how at 10:32 (in the embedded version in this post) the host tries to pull the “well, it hasn’t happened yet, so you must be wrong” thing, and Peter says “it’s going to happen” and the idiot throws in “it has not happened yet…” right as he transitions to something else (a ‘something else’ which of course, just happens to be an attempt to peg Schiff’s argument as partisan. Where have I seen that before?). I want Schiff to just interject one of these days and be like “That’s like me saying ‘everyone is going to die someday’, and then come back to me tomorrow and say ‘look, I’m not dead. Guess that means you’re wrong.’ You may not be able to time it exactly right, but I promise it’s going to happen.”
You also have to love the way the moron from the NAACP(? this is what we’ve been reduced to?) keeps rolling his eyes at Schiff.
As for your OP, I’m not exactly sure what you’re asking. You seem to understand what the flaws are. He’s simply making the textbook Keynesian argument about aggregate demand driving the economy. Here’s a couple of recent threads on this: