How can Obama be ignorant of basic economic principles with his ivy league education?

Obama is an asshole, he is a liar and wants to change the ammendments our country has fought to uphold since our birth as a nation. for example he is very opposed to guns and if elected it will be a matter of time before he attempts to remove police of their weapons. take it from me most weapons bad guys use are obtained illegally, and that will not change. so his future will take our weapons and they will still get theirs. GO MCCAIN AND PALIN!!

Ugh..

I hate how people take economic principles and don't realize what these laws work under.

These models assume:

1. perfectly competitive markets

2. closed economy

3. rational human behavior

So to say things are as simple as this basic economic principle helps your party, but it really doesn't help anything in reality.

Hedging, derivatives, banks too big to fail, inflation, U.S. debt... they all play a factor in oil prices. Get off ye ole' simple supply/demand argument. That's freshman year econ... and it does get harder from there if you've never taken advanced econ.

Any economist will tell you that things are more complicated in the real world than a economic model.

Raising taxes on corps shouldn't be a problem if you believe in free markets. After all.. based on your assumption it's all perfectly competitive right? Well that competition will put pressure on businesses to lower prices to get you the customer to buy more. So do you believe in free markets/perfect competition/price competition or not?

We cannot drill our way out of this problem off shore-anwar is hopeful only for an interim period while we develop other resources. Raising taxes on corporations will only help the deficit and enable fewer CEO golden parachute scams. If they raise prices it will be at the peril of becoming less competitive. If we don't tax corporations, within reasonable limits, we place those taxes on the shoulders of everyone to a far greater extent. Particularly oil company windfall profits taxes in light of the fact that they lobby to stifle other forms of energy development which will only limit our economy in the long run.

Check out the episode of Charlie Rose titled "A discussion about the economy with former Treasury Secretaries Robert Rubin and Lawrence Summers."

These guys worked under the Clinton administration, so there is definitely a dem. bias, but since you clearly have an interest in economics and this race, you may want to check it out.

Have a nice day. Link below.

1. The Energy Information Administration analysis of crude oil production in ANWR supports Obama's claim. The problem (high gas prices today) cannot be solved by drilling: "Additional oil production resulting from the opening of ANWR would be only a small portion of total world oil production, and would likely be offset in part by somewhat lower production outside the United States. The opening of ANWR is projected to have its largest oil price reduction impacts as follows: a reduction in low-sulfur, light crude oil prices of $0.41 per barrel (2006 dollars) in 2026 for the low oil resource case, $0.75 per barrel in 2025 for the mean oil resource case, and $1.44 per barrel in 2027 for the high oil resource case, relative to the reference case." http://www.eia.doe.gov/oiaf/servicerpt/anwr/introd...

You are completely wrong about the first law of economics. Simply increasing supply is not sufficient to drive down prices. At the very least, supply has to be increased significantly. Adding a little more oil to the world market will have little to no impact, just like adding a few more cars to the automobile market will not drive down market prices. The belief that enough oil exists in ANWR to "outpace the demand" has no basis in reality.

2.You are also wrong about this point as well. One of the key pressures which keep corporations from passing increased costs on to consumers is market pressure. Any company which increases its prices will lose business so long as its competitors do not also increase prices. Even if the competitors do raise prices, it is still in the best interest of any company which can absorb a tax increase to keep prices low, as they can then increase their competitiveness against higher-priced competitors. A similar principle holds regarding your workforce theoy. Any company which cuts its workforce reduces its competitiveness, as such, this provides strong pressures to prevent companies from reducing their workforce.

I really think that its you who is ignorant of basic economics. Go get an education in the subject.

Obama is well aware of basic economic principles. And he is right, we can't drill our way out of this problem. We are going to have to develop renewable resources that have a lower impact on the environment, such as solar and wind power. Germany is now producing 20% of its electricity from solar power. It can be done.

And don't think corporations care about economic principles. Some of them will do anything to make a profit, including breaking the law.

1. We need alternitive sources of energy along with limited offshore drilling and even T. Boone Pickens agrees with Obama on that.

2. Coorporations are not going to pay more or provide benefits unless the government makes them do just that. Hence the loss of jobs to other countries, loss of pensions and lack of healthcare coverage..

Maybe you-my friend- are out of touch

Economics is Math the problem is the "Tax laws" When you get the tax breaks the Economics are so easy! Obama will work it out from "Grass Roots" position Its the IRS that's out of control! The loop holes only help the wealthy not the middle & Lower Classes!

Obama/Biden 2008!

Ebony & Ivory Presidency!

Yeah, it is humorous. Obama had to earn his way into those faculties on an identical time as your hero George W Bush and the finished Bush prolonged family have been given in basically by using effect and money. GWB replaced into and is between the dumbest human beings interior the worldwide.

Probably because he didn't study economics.

McCain doesn't know anything either.

YET, these are the 2 choices.

Ron Paul BROKE IT DOWN during primary season. Unfortunately America was too busy with other things to pay attention at that point...