Someone else has noticed that "Paul Ryan is an Idiot"

I've taken my reasoned, fact based shots at Paul Ryan, now it's time to take turns. Here's Jon Taplin from TPM Muckracker:

Paul Ryan is an Idiot, By Jon Taplin

This is supposedly the smartest economist in the Republican Congressional delegation, Paul Ryan on what we need to do to increase lending.

"We need to do things to free up credit. We need regulatory forbearance
there. Right now, the policymakers and regulators are doing opposite things. So you're right that there's a lot of capital parked out there, and we need to coax it out into the markets. I think literally that if we raised the federal funds rate by a point, it would help push money into the economy, as right now, the safest play is to stay with the federal money and federal paper."

This is just plain stupid. You raise the rates banks pay for overnight deposits, the return on Federal paper; then banks will keep more in Federal Paper and lend less to the economy. If this is the best the Republicans have got, we're in for trouble.

Ryan also raises the myth of a "Capital strike" by big business when he raise the trope heard here from our libertarian friends--"I know uncertainty is a new economic buzzword, but for good reason: If we can reduce it, we'll unlock capital." This is so stupid in light of the GDP report yesterday.

"The crucial driver of growth in the second quarter was business investment in such things as office buildings and equipment and software. Such activity rocketed up at an annual rate of 17 percent in the second quarter, compared with a 7.8 percent increase in the first. The equipment and software category alone grew at an annual rate of 21.9 percent, the fastest pace in 12 years."

There is no capital strike because of uncertainty. Business is investing at the fastest
pace in 12 years.

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