CNBC's Joe Kernen Mocks Chris Matthews: 'You Studied Economics?'
MSNBC's Chris Matthews on Thursday got a much-needed economics lesson from CNBC's Joe Kernen.
In the midst of a discussion about the economy and how it's going to impact the 2012 elections, the "Hardball" host bragged about having studied economics in grad school leading Kernen to marvelously ask, "You studied economics?" (video follows with transcript and commentary):
CHRIS MATTHEWS, HOST: If you were to advise Romney or one of these other guys who’s a little more exciting what would be their biggest indictment of Obama next year, what’s it going to sound like?
JOE KERNEN, CNBC: I would say $800 billion. Do you remember what we did to cut 40 billion? 800 billion and we’re at 9 percent [unemployment]. We’re trying to cut 4 trillion in ten years, Simpson-Bowles. It would be 3 trillion if we weren't fixing potholes with $800 billion and still at 9 percent. We weren’t supposed to go above 8 percent.
MATTHEWS: I grew up studying economics in grad school at North Carolina. I believe in Keynesianism.
KERNEN: You believe in Keynes?
MATTHEWS: Maybe not now.
KERNEN: You studied economics?
MATTHEWS: Maybe not now. Maybe not now. The idea that the government wants to stimulate the economy, it runs a bigger deficit, it spends more, taxes less. Why hasn't that worked effectively?
Why hasn't that worked effectively? Because it's never worked effectively.
For those unfamiliar, John Maynard Keynes was a 20th century English economist who believed that when the private sector fails, government can solve the problem with radical monetary and fiscal policy.
Franklin Delano Roosevelt adopted this strategy during the Depression with little success. Barack Obama has tried the same policies since taking office with similarly poor results.
Despite the poor track record of Keynesianism, liberals - especially those in the media regardless of their education - continue to advocate such policies and then blame Republicans when they fail.
Even those like Matthews who - much to my surprise as well as Kernen's - did major in economics in grad school.
His ignorance concerning the subject makes you wonder if he ever went to class.
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Comments
obamas' defeat will be sweet
Submitted by gAMEoVER on Thu, 06/02/2011 - 11:40pm.
matthews is a maroon.
Maybe Paul Krugman was his
Submitted by Rusty Shackleford on Thu, 06/02/2011 - 11:42pm.
Maybe Paul Krugman was his professor.
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Chris Matthews: The Joy Behar of MSNBC.
Bill Maher: The Joy Behar of HBO.
Paul Krugman: The Joy Behar of The New York Times.
I'll go with Occam's Razor
Submitted by Beukeboom on Fri, 06/03/2011 - 9:53am.
I'll go with Occam's Razor and the theory that Matthew's lied about his studies.
"Mr. Matthews, will you please be quiet?!"
Submitted by Chris Norman on Fri, 06/03/2011 - 9:59am.
How could Matthews have learned anything in college? He probably spent the whole time talking in class.
Love it!
Submitted by mel21221 on Fri, 06/03/2011 - 10:28am.
That is hilarious!!!
Kernan at CNBC
Submitted by DemsRFascists on Thu, 06/02/2011 - 11:44pm.
Mr Kernan has recently done a tv interview circuit with his 11 year old daughter, promoting a book which she wrote, highlighting some of the insane Leftist propaganda being taught at her schools.
Obviously, if Joe doesn't discontinue this kind of behavior asap, he will not have a job at CNBC much longer...
Liberals trust in Keynes like
Submitted by Chris Norman on Thu, 06/02/2011 - 11:50pm.
Liberals trust in Keynes like Wile E. Coyote trusts in Acme.
The War on Error - but, but,
Submitted by amyshulk on Fri, 06/03/2011 - 1:13am.
The War on Error - but, but, but, CIVILITY!!!
Ronald Reagan
I like that
Submitted by optimist on Fri, 06/03/2011 - 11:43am.
I'm stealing your Wile E. Coyote bit.
Now,,,
Submitted by almostacowboy on Fri, 06/03/2011 - 12:37pm.
that's funny! (where are those wipes. I gotta clean my keyboard.)
That would be a great graphic.
Submitted by hbnolikeee on Fri, 06/03/2011 - 2:27pm.
If you could find an artist showing the dimocrats, acme co. and duh one driving off a cliff with Keynes in the "back of the bus". It would be a great campaign graphic that would help hammer the stupidity of this approach to citizens.
Matthews admitted ignorance on economics.
Submitted by Boil It Down on Fri, 06/03/2011 - 3:35am.
He said he studied Keynesianism instead of legitimate economics and he is/was a true believer. I don't think you have to go much further than that to discount everything Matthews says about economics. That goes for Paul Krugman as well.
I'm not good with economics either but I did my own personal study on who was mostly right or wrong about the economy in the media. My inability to sort out the details myself required me to find out who in the media I should be trusting and reading more. This is how I discovered that the true believers in Keynesianism were mostly wrong about their predictions and theoretical solutions. I also learned that anyone with common sense would naturally be steered away from Keynesianism. I'd be embarrassed to let anyone know that I ever thought it could work, especially with such a history of failure. -bidn-
Keynes and Marx
Submitted by HockeyKid on Fri, 06/03/2011 - 9:03am.
Liberals who study economics (Keynes) are just like liberals who study politics (Marx). They believe themselves to be well-studied intellectuals. The problem is, they've only ever studied the failed side of the discipline.
"Beauty is only skin deep, but liberal's to the bone." - me
Oh Chris!
Submitted by ironhead4099 on Fri, 06/03/2011 - 5:03am.
I honestly believe that you turn into more of an idiot each and everytime I see you on tv, or read the absurd things that come out of your ass, meaning that hole right under your nose. I think you and Special Ed Schultz must have a bet on who can be stupider, he's still winning but, cheer up your closing the gap radidly with crap like this!
Gotta love Kernan
Submitted by Radical1979 on Fri, 06/03/2011 - 8:00am.
but I don't think he'll be invited back.
Who refers to grad school as the time they grew up? Matthews is such a dolt.
Just seven words combined in
Submitted by Semus on Fri, 06/03/2011 - 8:17am.
Just seven words combined in two questions utterly destroyed Matthews and it shows he's afraid of knowledgeable people.
You believe in Keynes?
You studied economics?
These questions and his response should have a profound effect on him but I'm sure they won't, and he'll still have his tingle
This stuff is too easy.
Matthews disassembled
Submitted by Galvanic on Fri, 06/03/2011 - 10:49am.
MATTHEWS: . . . I believe in Keynesianism.
KERNEN: You believe in Keynes?
MATTHEWS: Maybe not now.
What do you mean "Maybe not now" ?! This government's reaction to the current economic crisis is at the very heart of Keynesian theory -- we going $ trillions in the hole to spend our way out or recession.
KERNEN: You studied economics?
MATTHEWS: Maybe not now. Maybe not now. The idea that the government wants to stimulate the economy, it runs a bigger deficit, it spends more, taxes less. Why hasn't that worked effectively?
So, you now have conclusive evidence that Keynesian theory is bogus, and you simultaneously assert that you believe in it, and maybe you don't believe in it. Huh?
Matthews is such easy prey for real experts. He typifies the liberals inability to connect separate sets of facts and circumstances together into a coherent world view.
oh please
Submitted by Hoosier Conservative on Fri, 06/03/2011 - 9:30am.
If Matthews is sincerely beginning to doubt Keynsian theory, he would be harder on Obama and friendlier to fiscal conservatives. He was just caught off guard that someone ridiculed it and thus felt a need to give a defensive answer.
"If Matthews is sincerely beginning to doubt Keynsian theory..".
Submitted by hbnolikeee on Fri, 06/03/2011 - 2:30pm.
A zealot knows no bounds. It doesn't matter what is done that fails. Duh one is duh one and dats dat.
Obama is not using Keynesian economics
Submitted by ShaLung on Fri, 06/03/2011 - 9:37am.
In Keynesian economics the government spends money to grow/stimulate the private sector. Obama has been spending to grow/stimulate the GOVERNMENT !!!!! I believe his economic policy is more like Marxist Cronyism.
Leave it too Matthews
Submitted by Mark81150 on Fri, 06/03/2011 - 9:46am.
To take being owned, to a new level of comedy.
Planned Chaos by Ludwig Von Mises, 1947
Submitted by Bill W. on Fri, 06/03/2011 - 9:53am.
When Chris studied economics, my bet would be that the above was not on the course list.
And, I quote: "Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other. If government spending is financed by borrowing from the commercial banks, it means credit expansion and inflation. ...Government measures which retard capital accumulation or lead to capital consumption----such as confiscatory taxation----are therefore detrimental to the vital interests of the workers."
Chris needs to retire. He is
Submitted by Bhaal on Fri, 06/03/2011 - 10:38am.
Chris needs to retire. He is clearly suffering from Dementia.
I weep at the poor guy's willful ignorance.
Submitted by JLin on Fri, 06/03/2011 - 11:26am.
Not to be believed. He clearly did not major in anything in college. Grad school? Please.
Just wonder
Submitted by desert3030 on Sat, 06/04/2011 - 9:14pm.
What is Chrissy pedigree other than a long ride on coat tails.
I studied economics, too.
Submitted by almostacowboy on Fri, 06/03/2011 - 12:41pm.
In 1973-74 I was an economics major (before I came to my senses and became an engineer) and Keynesianism was being taught as a failed theory then! Friedman was/is the MAN!
Professor Matthews....
Submitted by Herbster on Fri, 06/03/2011 - 1:03pm.
Matthews studied econiomics? If he did (Which I doubt) he didn't learn anything. He also probably studied Marriage Counseling with John Edwards, Medical Ethics with Kevorkian, Investment Counseling with Madoff, etc. How this clown remains on the air is beyond me. I understand that his ratings are in the tens.
Apparently he did study
Submitted by Beukeboom on Fri, 06/03/2011 - 2:46pm.
Apparently he did study journalism under Jerry Springer and Jayson Blair. I think he got an AA (Air America) degree.
I have a degree in economics
Submitted by rbosque on Fri, 06/03/2011 - 1:19pm.
I have a degree in economics and having gone through school noticed that most of the leftist professors gravitated toward Keynes because Keynes more closely reflects their world view. They taught with a Keynesian slant but many of us conservatives refuted and argued their bias and despite it all remained more faithful to common sense economic policies and theories.
Matthews and Krugman subscribe to Keynes because his general theories most closely fit their political views.
Blame it on Samuelson.
Submitted by wizardjr on Fri, 06/03/2011 - 1:52pm.
I took Econ in college. Samuelson was the author/basis of our courses. As an analyst he's pretty good. As a strategist he's an epic fail Keynesian. The problem is that the college kids are too naive and uneducated to see the pitfall of Samuelson/Keynes. The problem is exacerbated by professors who suffer from extreme hubris so they cannot subscribe to the Chicago School of economics because then they wouldn't be so important. They're intellectuals after all.
"There are some ideas so absurd that only an intellectual could believe them."
— George Orwell
Mocking Chris Tingles
Submitted by polijunkie100 on Fri, 06/03/2011 - 8:50pm.
Normally, I pass by any story that has 'NBC' in the title as more of the same. Their errors blur together over time. However, any chance to see Chris Tingles mocked is too good to pass up.