‘We Don’t Have Capitalism’: Glenn Beck, Richard Duncan and Art Laffer Break Down The Economic Crisis
- Posted on July 17, 2012 at 9:28pm by
Mytheos Holt
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Glenn Beck hosted an unusual show on Tuesday night, devoting large segments of the program not to personal sermonizing, but instead to hearing from two different experts with very different takes on the economy. Those two experts were economists Art Laffer and Richard Duncan, who managed to both take a very pessimistic view of where the economy currently is, while also offering diametrically opposed suggestions for how to improve it.
Broadly speaking, Duncan approached the issue from the Left, while Laffer approached it from the Right. However, those two descriptions don’t actually do the full clash of ideologies justice. Duncan argued that the choice of options for the United States government was threefold, and that policymakers could either 1) Revert to a balanced budget, which would contract the economy all the way into a depression, 2) Keep spending at the current rates and go bankrupt and hit a recession in 5-10 years, or 3) Keep spending at current rates, but use the money to invest in up-and-coming technology, rather than to pay off cronies or create shovel-ready jobs. Duncan favored the third approach, as you’ll see in the following video:
Laffer, meanwhile, was pushing for an approach that can pretty much be described as down-the-line conservative movement orthodoxy, arguing for a flat tax rate, low levels of regulation, sound money and free trade. He also dismissed Duncan’s approach as a failure to do math, claiming that Duncan’s usage of accounting based on the Gross National Product (GNP), rather than the Gross Domestic Product (GDP) was flawed. Hear him make his case below:
Beck seemed to side with Laffer, but let Duncan make his case and pitched his book respectfully at the end of the latter’s segment. However, he did indicate what his own views are regarding the economic crisis in a solo segment talking about the prospect of America’s credit rating agencies being taken over by the Federal government. Listen to Beck explain this menace here:
“This is putting a crack addict in charge of the crack factory. It’s like putting Butch Cassidy and the Sundance Kid in charge of bank security,” Beck said. “It won’t work; it’s crazy! Progressives are seizing power, and November 6th is the point of no return.”



















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Comments (68)
tommyg524
Posted on July 18, 2012 at 9:08amRecklessness on wall street coupled with neglect in Washington, is the definitive combination of which describes our downfall as a country. On the daily working side of the equation, “We the people” have been so up to our necks in trying to make the private companies for the most part churn a profit – to say nothing of the daily rigors in being belittled by various management levels – right – along with the ceaseless jockeying and brown nosing for position and for some the occasional literal tongue bath for their “superiors.” In the end it would seem all we have achieved is the self-enforcement of the corporate elite machine.
Report Post »On a larger scale we have institutionalized “ too big too fail.” We should have forced our government leaders, if I may call them that without vomiting down my shirt, in hindsight, given a stimulus to the people, of whom would no doubt have gone out to purchase durable goods, added on sunrooms, bought new vehicles, started a side business, augmented an existing business, or any number of things from coast to coast. After all WE are the tax base, NOT the corporations.
What we have now is a greed epidemic run amuck for a few, with YOU as the backdrop catcher and a mad herd of greedy bulls on steroid’s rounding third.
http://www.pbs.org/wgbh/pages/frontline/money-power-wall-street/#b
OnceAFreeMan
Posted on July 18, 2012 at 12:21pmLets be honest. The greed epidemic is not for Washington, Wall Street and the Corporations. It is for most of us. While bad government policies and greed on Wall Street and in the board room helped, we would not be in the mess we are in if it were not for our own greed. What percentage of houses would be upside down if people had saved up a 20% down payment and bought a house they can really afford? Instead, most of us tried to get as much house as we could afford with unreasonably cheap interest rates. This drove up housing prices to mind numbing heights. If we had any equity, we took out second mortgages to buy (or more likely lease) a cool car, a 50″ inch flat screen or to have that dream vacation. I look at the things that my siblings and I have vs. what we had as kids and we now LOOK wealthy. Our government is out of control, but it is mostly a reflection of us.
Report Post »I hear people complain that the rich get richer and the poor are getting poorer. Duh! If you spend less than you make you will get richer, spend more than you make and get poorer, either one at an excellerated rate. I am always amused when I see some school teacher retire with $1 million plus in investments while attorneys and doctors I know cannot retire because they have no savings.
Congress and Wall Street will not change until most Americans realize, we have dug a deep hole. Now we have to endure some pain while we fix it. The only way to prosperity is to produce more than you consume.
ginge
Posted on July 18, 2012 at 12:23pmGlenn you and Laffer and Duncan just don’t get it. Our only way out of this is to get out of the global entanglements with global financials and trade organizations. We can’t compete with slave wages and global corporations and banks are bleeding us dry. First we have the dumbest work force on the planet thanks to liberally educated teachers. Our banks are driven by greed and have no allegence to any country. Same is true of global corporations.
Report Post »Our fore fathers warned against getting entanglements with foreign entities.They knew we have to always depend on our own resources and counsel. As it is our government can’t be trusted to do what is right for us. Sure some of you can still make your fortunes in spite of the status quo. Reality is the bell curve shows not everybody can do that. Most of us just want to have the freedom to work for you guys for an increasing wage that makes us hope our children might be rich like you if they so choose. Most of us aren’t willing to sacrifice what is required to get rich. Most wealthy people don’t have time to nurture their families and communities. We want what we our fore fathers wanted.
We can manufacture and create and buy and sell to ourselves. We can take care of our own needs. As it is now our resources are being stolen and sold on the “world market.”We can stop the wars except to defend our people on our own land. It would only take 6 months to extricate ourselves from the WTO. It would take time to disentangle but we c
cvs334
Posted on July 18, 2012 at 9:05amI have been a geek for decades … as much as we want to say get the government out of the way, NASA and the DoD funded the development of much of the technology we enjoy today. Sure get the government out of the way of private industry but use the public funds to develop new one …. the internet was DoD way before private enterprise made it cool and fun. Sure if it would remain DoD it would still be text based with line editors … so the MIX is the best, IMHO. Combine Mr Duncan‘s and Mr Laffer’s options to create something that would go forward.
Look if the big three, GM, Ford and Toyota :), wanted green power we would have had it 30 years ago. The government needs to push that forward … so they can use it freely and not have it lost in shelved patents.
Report Post »Skeet
Posted on July 18, 2012 at 10:59amPlease recall who enabled the Internet, a private corporation, Bell Labs developed UNIX, with that OS in place, DOD thought of a use for an Internet, Bell labs mostly made that happen, by developing a OS with inherent portability.
cvs334
Posted on July 18, 2012 at 11:23amSkeet … sure there were many private companies invovled with this … but i recall much of the market for unix in the early days were DoD projects .. in the 80′s I was working on DoD projects in private firms that were almost 100% funded by government. Sure was a bunch of suppliers who would never have a market if it wasn’t for that spending. It’s a mix that works … government says I want an 80mpg car and will pay $XB or M for it … then private enterprise steps up and produces something that will filter into the private good.
Report Post »Michael61
Posted on July 18, 2012 at 5:12pmDid government spendings help to invent:
1. Fire?
2. Wheel?
3. Knife?
4. Spear?
5. Clothes?
6. Bow and Arrow?
7. Car?
8. Train?
9. Electric bulb?
Should I continue?
Report Post »tommyg524
Posted on July 18, 2012 at 9:02amRecklessness on wall street coupled with neglect in Washington, is the definitive combination of which describes our downfall as a country. On the daily working side of the equation, “We the people” have been so up to our necks in trying to make the private companies for the most part churn a profit – to say nothing of the daily rigors in being belittled by various management levels – right – along with the ceaseless jockeying and brown nosing for position and for some the occasional literal tongue bath for their “superiors.” In the end it would seem all we have achieved is the self-enforcement of the corporate elite machine.
Report Post »On a larger scale we have institutionalized “ too big too fail.” We should have forced our government leaders, if I may call them that without vomiting down my shirt, in hindsight, given a stimulus to the people, of whom would no doubt have gone out to purchase durable goods, added on sunrooms, bought new vehicles, started a side business, augmented an existing business, or any number of things from coast to coast. After all WE are the tax base, NOT the corporations.
What we have now is a greed epidemic run amuck for a few, with YOU as the backdrop catcher and a mad herd of greedy bulls on steroid’s rounding third…
http://www.pbs.org/wgbh/pages/frontline/money-power-wall-street/#b
Concernd4USA
Posted on July 18, 2012 at 8:15amBoth people are correct as solutions, the difference is the recipients of the money. Glenn’s way will work but will probably just work better at making the rich richer. Duncan is correct as well the difference is that the government picks the winners and losers. Either way can work it is just a matter of whether we want the government to pick winners and losers or if we want to let the millionaires become billionaires.
Report Post »The economic divide in this country is enormous where a CEO of a company makes about 350 times what the average employee makes. In 1980 that figure was closer to 25-30 times. Also when a new CEO or CFO comes in and says I can save the company $10 million they usually just mean they are going to cut or outsource that much in American jobs. Until we get people in Washington with enough guts to deal with this it will not get fixed. Both parties are funded by the uber wealthy so are not in a hurry to fix the problem.
Duncan is also correct in that most of our spending is on things that are not renewable or usable in society like the military. The government can take a lead role in fixing the problem by “betting” on the right programs and funding them until they are profitable. I hate to say this but that is what Obama has suggested. I do not know what Romney is proposing at all. I have been waiting for solutions, and “HE SUCKS” is not a solution.
loriann12
Posted on July 18, 2012 at 8:58amI’ll bet if you pay congressen and senators what our military get. You get elected, you get O1 pay, and every election that the people decide to retain you, you get a bump up. Same with retirement. You serve one term and the people vote you out, no pension. Military people don’t start getting a reduced pension until what 15 years? I don’t get on at 4 years and my husband does at 20. I’m willing to give them officer pay, instead of enlisted. I considered the House getting enlisted and Senators getting officer, but you know what? That would only encourage the elitist attitude of senators. Unless they go back to states electing senators, they’re just the house now. You do this and you’ll see how they are no longer career politicians.
Report Post »rfycom
Posted on July 18, 2012 at 7:59amBeck is correct. So here is what we are going to do. This will save American and it will keep Beck, Rush, Mathews, Ed, and Hannity intact. Let’s start sending them each $18.99 per month. The catch is they have to shut the hell up and retire from mouthing crap. Now I know this will silence them. Tell me you are in so we can get rid of these snakes. These used car salesmen talking heads who do nothing for a living.
Report Post »conservative beckhater
Posted on July 18, 2012 at 7:13amBeck needs to stay focused on using his bully pulpit to expose Obama and ensure his defeat in November. eriod. He has backed off on his messianic, end times, delusional fear mongering somewhat and that will help us, but he needs to stop the preaching or at least tone it down and keep hammering away on the truth about the progressives and Obama. Come on Glenn. You have a responsibility. Please get it right at least until the elections are over and Romney wins. Kudos on this story BTW. I hope Beck keeps going in this direction.
Report Post »justangry
Posted on July 18, 2012 at 8:45amI’d like to see him focus on Progressives on the right. We all know what Obama and his people are all about, so we’re kind of beating a dead horse. But this site seems to have it’s blinders on to progressives on the right. And quite honestly stiffles anyone that would expose them.
Report Post »soybomb315
Posted on July 18, 2012 at 8:26pmEvery once and a while, Beck goes rogue on his radio show and talks about progressives in the republican party (which is pretty much ALL of the last 30 years). It’s election season but come spring – beck will be singing libertarian praises again
Report Post »abunchofbullshit
Posted on July 18, 2012 at 6:42amArt rocks!! There should be a cabinet job or something for him after Romney exterminates the White House!!!!
Report Post »bpodlesnik
Posted on July 18, 2012 at 7:10amLaffer hit the ball out of the park. I’ve ever heard or listened to him before until now, and he said everything right. It was the perfect confidence booster for me.
Report Post »TRUMPETCALL
Posted on July 18, 2012 at 9:01amSadly…. Romney will not be, as you say, “Exterminating the White House” in November.
Romney is in Lock-Step with the “Progressives” – on the Right.
There is more going on “behind the curtain” than most folks care to take the time to investigate for themselves.
Tic…. Toc…..
Report Post »historyguy48
Posted on July 18, 2012 at 6:31amComrade this segment was shocking, we don’t have evil capitalism! Well, not really! Not for a long, long time. and what we do have isn’t working very well at all!
Report Post »team1blazer
Posted on July 18, 2012 at 1:48amI’d be willing to bet that Mr. Duncan is in debt (personal) up to his eyeballs. Go ahead buddy, buy a new car…that should get the household back in order…..MORON
Report Post »R.A. Bullseye
Posted on July 18, 2012 at 1:00amHey KIDCHARLMAGNE that video you posted was cut up a lot so that you could mistake Laffer’s intent.
Report Post »West Coast Patriot
Posted on July 18, 2012 at 1:17amR.A., I think I got the gist of it. It is not hard to see that Peter Schiff was predicting, which he did, the situation that we are all in today. Watch my clip below and listen to him. He is right you know. You had better start preparing, food, water, ammo, gunpowder, lead and re-loaders for your weapons. I say this as I do care about everyone here. I know I can get cantankerous and sometimes I say things that I regret, but once you post here, you cannot edit. I just hope we have a POTUS , when this happens, that truly believes in the Constitution and Bill of Rights, that we had in the beginning, that made this country great, until the progressives managed to cause us to fall asleep for so long.
Report Post »KidCharlemagne
Posted on July 18, 2012 at 11:40amTry this one then with the complete segment shown between Schiff and Laffer on CNBC:
Peter Schiff vs. Art Laffer (August 28, 2006)
If you had taken Laffer’s advice, then you’d be wiped out today…
Report Post »R.A. Bullseye
Posted on July 18, 2012 at 12:51amLaffer vs. Duncan opptimist vs. pessimist. I had to laugh when Laffer implied that Beck was just a cyclic phenomena.
Report Post »R.A. Bullseye
Posted on July 18, 2012 at 12:36amI really don‘t like Duncan’s scenario at all and I would have liked to ask him if the private sector could start to invest in the things he mentioned. Why does it have to be gov’t doing it?
Report Post »taxpro4u03
Posted on July 18, 2012 at 5:38amThere is an interesting vid on uTube called The Venus Project — yeah-yeah-yeah – it‘s the ’internet,’ however, the IDEA is there (kinda like the guy fiddling around with his coffee grinder one day with some wire and next think you know — ‘Barbed wire draws a nasty line, mister…’ — The ‘problem’ is — government intervention, bought and paid for lobbyists who couldn‘t make a DIME off ’free energy’ once the infrastructure is up and running EFFICIENTLY. (Edison’s dc current FAIL – Tesla dug ditches for a few years before some capitalist investment guy {Westinghouse} saw the potential in AC and took him on — Tesla died BROKE, in a rented room — just like the ‘father of Texas,’ Stephen Austin. – Current ‘battery and solar energy storage’ technology patents are owned by….. OIL companies. — Capitalism in and of itself is ‘good,’ until regulations (some of which are in fact good for the planet – most are just to prohibit competition). the very idea of ‘earning MONEY’ to provide a ‘living’ is an anglo-saxon trait. Crony capitalists simply want it ALL at the expense of the ‘worker ants.’ MACHINES replaced much of the need for manual labor — waht IS needed is CHEAPER in ‘developing’ nations. ‘Intellectual property’ is NOT a commodity. Same as ‘credibility.’ :-)
Report Post »Elena2010
Posted on July 17, 2012 at 11:40pmFree markets are for free people. Free people DEMAND free markets!
Report Post »KidCharlemagne
Posted on July 17, 2012 at 11:21pmI don’t know much about Duncan, but after watching Peter Schiff debating Art Laffer a couple of years before the collapse of the housing bubble, then I no longer trust anything that Art Laffer says anymore:
Peter Schiff vs. Art Laffer (”all that phony wealth is gonna’ evaporate….”)
Report Post »West Coast Patriot
Posted on July 18, 2012 at 12:48amKid, Peter has given us another warning and we better prepare. Romney will be the worst person, besides Obama, to have in office when this comes. If we put either of them two in, we can kiss all our butts goodbye. http://finance.yahoo.com/blogs/breakout/america-heading-towards-collapse-worse-2008-europe-says-155504860.html
Report Post »People just do not understand the peril we are in or they would not try to put in a lefty Republican or take a chance on letting a Marxist thinker get another four. Romney cannot defeat Obama, Paul is the only candidate that can. Paul is the one we need as his economic policies are the best bar none. You people better wake up before it is too late or you will regret the day that you thought Romney could win or save us. Wake up for cryin out loud.
Paul has the plurality of 6 states and will be on the vote for nomination. If you do not wake up to what is coming from politicians like Obama and Romney, you are all going to be left with nothing.
azcraigrr
Posted on July 17, 2012 at 10:58pmCould not believe what was coming out of Duncan’s mouth. Fortunately, Glenn and Art felt the same. I guess this was done to be fair and balanced, but if I wanted that I would still have cable. Thanks for restarting my heart Art!
Report Post »SandTrout
Posted on July 17, 2012 at 10:50pmBefore you have an economy, you need production. If you want a trade surplus, you need to make more than you consume. The debt is a manufactured problem, but if we produced enough, we could balance the budget without reducing the amount of goods available.
Meanwhile, the federal government doesn’t actually produce anything, it only consumes. Every place that the government gets involved inflates the price of that sector of the economy because it takes without giving. The government does not conduct trade like citizens does, it confiscates product from those who produce.
Report Post »LoveBringsTruth
Posted on July 17, 2012 at 10:30pmI agree with Mr Laffer but…
You should look how many patents the University of Califoria holds.
it goes like this.
Govt funds black budget projects
When the projects are no longer useful the technology is given to universities to study
who in turn give it to giant corporations
its a con game.
Report Post »BODYBAG
Posted on July 17, 2012 at 10:19pmLooks like the truth is that Oblamer is the perfect FRAUD
Arpaio‘s Obama probe finds ’national security threat’
http://www.wnd.com/2012/07/arpaio-obama-probe-finds-national-security-threat/
H.G.S. 338-17.8 Certificates for children born out of state.
Upon application of an adult or the legal parents of a minor child, the director of health shall issue a birth certificate for such adult or minor, provided that proof has been submitted to the director of health that the legal parents of such individual while living without the Territory or State of Hawaii had declared the Territory or State of Hawaii as their legal residence for at least one year immediately preceding the birth or adoption of such child.
Report Post »soybomb315
Posted on July 17, 2012 at 9:44pmI think we are much closer to economic facism than free market
Report Post »The-Monk
Posted on July 17, 2012 at 10:11pmHi SoyBomb315,
I have a question for you that requires a reply from you. Please reply at your earliest convenience.
Report Post »soybomb315
Posted on July 17, 2012 at 10:23pmi saw that earlier but honestly i dont know what question you are talking about
Report Post »The-Monk
Posted on July 17, 2012 at 10:43pm@soybomb315
OK.. did you create a new user account that is similar to your normal account?
Please answer ASAP.
Report Post »soybomb315_II
Posted on July 17, 2012 at 10:48pmyes, similar….Cuz every now and then my posts never show up….Obviously, there is no intent to deceive.
And your question….?
Report Post »The-Monk
Posted on July 17, 2012 at 10:59pm@soybomb315
Thank you but, I’d like to see the same exact post from your soybomb315 account and not the new one. It could be a fake post. I hope you understand I’m doing this for your protection and not mine.
You’ll understand one day. Maybe.
Report Post »soybomb315_II
Posted on July 17, 2012 at 11:08pmok i’ll let you know. In the meantime, dont lose sight of that tin foil hat
Report Post »soybomb315_II
Posted on July 18, 2012 at 6:57amdude i have no idea what you are trying to say. Believe me, I know the government and companies know and track every detail about me.
Go ahead and email me whatever question it is
Report Post »Tankertony
Posted on July 17, 2012 at 9:42pmThis is generally true. Capitalism IS the economic system of a free people, period.
The less freedom, the less that Capitalism will function properly.
We lose freedom when we become a less moral people. (and what types always attack religion, our primary moral code?)
Thus, Capitalism, like freedom, is only deserving of a righteous and moral people.
Report Post »jzs
Posted on July 17, 2012 at 10:06pmHere’s my question. If we in the US don’t “have capitalism” then what country actually does “have capitalism”? If Glenn Beck speaks The Truth, that we in the US don’t “have capitalism” then maybe the uber smart readers of this website could give me an example a country that does “have capitalism.”
Or if no country on Earth “has capitalism” then what country is more capitalistic than the US on the capitalism scale? Or if not country is more capitalistic than the US, what country comes closest?
Report Post »RJJinGadsden
Posted on July 17, 2012 at 10:12pmJZS, Did you not watch the second video with Art Laffer?
Report Post »jzs
Posted on July 18, 2012 at 12:08pmMONK, I think you’ve been meditating again – or whatever you monks call it.
I‘m meditating right now on why it could be that you didn’t respond to my post, and instead drifted off into MONK-land.
Report Post »buubbytraps
Posted on July 17, 2012 at 9:42pmArpaio: Obama birth record ‘definitely fraudulent’
http://news.yahoo.com/arpaio-obama-birth-record-definitely-fraudulent-010211250.html?_esi=1
‘IT’S A FAKE’
Report Post »http://www.drudgereport.com/
buubbytraps
Posted on July 17, 2012 at 9:37pmfun times…yes sir…fun times.
Report Post »PATTY HENRY
Posted on July 17, 2012 at 9:35pmTHOROUGHLY enjoyed this interview. LOVE ART too! I hope you keep showing this to folks!
Report Post »Looks like the ‘You didn’t build your own business’ backfired big time on Obama. I’m going to Mercury to help you out. You’ll be fine!! Thanks for sticking your neck out. I hope you’ll have a schedule on your site. I can’t wait to see RESTORING LOVE. GO WITH GOD!
PATTY HENRY
Posted on July 17, 2012 at 9:53pmSO BLAZERS… Our Glenn is running about $900,000 in the hole on this Dallas RESTORING LOVE.
Report Post »We only need 9000 of us to kick in $100 tax free $ or we can buy some early Christmas gifts from Mercury One or his 1791 (Great looking shirts etc) … I’m going to do it, I hope many more will do it.
Without GLENN BECK we would not have any chance of saving our Country. We would not have the TEA PARTY; WE’D never have known there are 75% of us out here… we’d have thought we were all alone. We wouldn‘t have learned all we’ve learned about our Founding Fathers! The GBTV is a success, pure and simple. This innovation has transformed TV. He’ll do fine $ wise, but I think since we get a lot more value per month than $ 9.99 we can buy early Christmas or something and help him out. We are the ones who pull our own weight! :)
West Coast Patriot
Posted on July 18, 2012 at 12:56amYeah, Glenn needs the money, GBTV approx $20,000,000.00 / yr approx the last I heard, a $100,000,000.00 radio contract. Why don’t you send me the money? I could certainly use it.
Report Post »macpappy
Posted on July 17, 2012 at 9:32pmI am amazed that this President has not been impeached, much less be even in the polls for reelection. If Obama wins this election the world as we know is gone, and the useful idiots that allowed it to happen will be the first to be victim to the regime they are allowing.
Report Post »Snowleopard {gallery of cat folks}
Posted on July 17, 2012 at 9:42pmSo long as the Democrats control the Senate under Obstructionist Harry Reid, there is no way that any articles of impeachment will carry forth. Reid will never allow that to happen, and even if he was impeached, I honestly wonder if Obama would willingly allow himself to be removed from office of the presidency.
Nov 6 will mark in the history of the world as to which way the nation went; into freedom or serfdom forever.
Report Post »Elena2010
Posted on July 17, 2012 at 11:29pmNot crazy abt Mitch McConnell either. He’s not strong enough to lead the Senate when the GOP takes it back.
Report Post »Twobyfour
Posted on July 18, 2012 at 5:14amSnow, the serfdom option won’t last forever. 15-25 years. Granted, it would suck even for relatively short period, but there may be a silver lining–inoculation for several generations.
Being from Eastern Europe (CZ), I can see how that would work out. Granted, there are some factors that may affect the above time frame. If islam is introduced during the time frame and entrenched, all bets are off, we may be looking at 100-500 years of serfdom.
I can elaborate on the 15-25y timeline later, when I’ve spare moment.
Report Post »buubbytraps
Posted on July 17, 2012 at 9:31pmWND EXCLUSIVE
Report Post »Arpaio Obama probe finds ‘national security threat’
Hawaii found to be bogus birth-certificate factory
http://www.wnd.com/2012/07/arpaio-obama-probe-finds-national-security-threat/