Stein: We Should Be Buying Stuff Like Mad

(CBS)  The economy is not good; we all know that. But there is something we can do about it this holiday season, and it's not just to hunker down and wring our hands. So says our Contributor Ben Stein:

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Okay. It's Christmas time.

We are in a recession. People are being laid off right and left. Homes are being foreclosed in huge numbers. Detroit is teetering on the brink of disaster. There is a wild, palpable fear running amok in the nation.

One of my best friends, a very successful engineer, told me her plan for the Christmas season was to spend as little money as possible. A number of my pals have said the same thing and retail sales bear it out.

People are planning not to spend. They're not spending.

This is not a good idea.

For those of us who still have our jobs, who still have a few nickels to rub together, we should be buying like mad.

Look, we're faced with John Maynard Keynes called "the paradox of thrift." If everyone is cheap and thrifty and doesn't spend, the economy slumps and everyone is poorer, not richer.

This really isn't rocket science. It's part of what caused the Great Depression.

So, for those of us who can still pay our mortgages, let's tip the doorman double, get cashmere sweaters and flat screen TV's for our kids, and trips to Palm Springs for our wives.

If we as a group (those of us who are still employed and have some money put aside) buy a lot this season, we could just kick-start this economy into a higher gear.

That would be a lot faster than the public works projects that Mr. Obama is talking about. We, our own little selves, could keep big retail chains in business and provide a lot of employment for sales clerks, just for starters.

Most of all, we can share with people and animals in need. When times get tough, donations to homeless shelters and animal shelters collapse. Those of us still able should really dig deep this Christmas and give all we can. That money doesn't get hoarded on Wall Street. It gets spent right now, helps the economy, and helps us feel as if we were slightly better people.

If we can afford it, now is not the time to zip up the wallet. Now is the time to get out there and buy something and keep our fellow Americans employed and our beloved animals fed. If we wait for the bureaucrats to do it, it will take too darned long. If we do it ourselves, it will get done.

[STRICT_1]

Ben Stein is a very smart man who understands how the game is played. He expects us to believe that the oil barons and hedge funds of 2008 draining our country of 300 billion dollars for their good and not the good of the country is the way we should handle things.
Ben, I wish you the best but take a step back and see what is good for the country. I for one will spend as normally this holiday seanon. But those with excess wealth are not spending more or the same as normal
Be real.

[End-the-BS]

OK Ben - I know you are smart enough to recall all or most of the major economic down turns.
Maybe you recall which economic paradigm was the vogue at the time of these poor management decisions. You may even recall, if pressed, what political party was in the
White House.

I am not asking you to recall all the way back to William McKinley. Recall the years after
Herbert Hoover and the second coming of Mr. Hoover, or even just the years after WWII.

Now you, (a member in good standing with "Its the other guys fault-mommy" party) wish to
pass value judgements on an administration that has been in office for just a little longer than
a month, when both Richard Nixon and Ronald Reagan presided over 16 month recessions.

I have no particular reason to trust or believe you.
First, I'm not your mommy.
Second, I believe in truth supported by verifiable facts. I don't need fairy tales; I need constructive analysis.
Lastly, I have been retired for 15 years and that makes me too old for this B.S

It has always been human nature to blaming others for our failing. It now seems that we have
collectively become a no-acountability nation. Republicans had a head start in the
process but the Democrats are coming fast.

Oh, I have learned to refer to the President of the United States as mister, but I still call my doctor by her proper title; DOCTOR! Thank you for your instruction on how to refer to the President of the United States.

[End-the-BS]

OK Ben - I know you are smart enough to recall all or most of the major economic down turns.
Maybe you recall which economic paradigm was the vogue at the time of these poor management decisions. You may even recall, if pressed, what political party was in the
White House.

I am not asking you to recall all the way back to William McKinley. Recall the years after
Herbert Hoover and the second coming of Mr. Hoover, or even just the years after WWII.

Now you, (a member in good standing with "Its the other guys fault-mommy" party) wish to
pass value judgements on an administration that has been in office for just a little longer than
a month, when both Richard Nixon and Ronald Reagan presided over 16 month recessions.

I have no particular reason to trust or believe you.
First, I'm not your mommy.
Second, I believe in truth supported by verifiable facts. I don't need fairy tales; I need constructive analysis.
Lastly, I have been retired for 15 years and that makes me too old for this B.S

It has always been human nature to blaming others for our failing. It now seems that we have
collectively become a no-acountability nation. Republicans had a head start in the
process but the Democrats are coming fast.

Oh, I have learned to refer to the President of the United States as mister, but I still call my doctor by her proper title; DOCTOR! Thank you for your instruction on how to refer to the President of the United States.

[trixielady]

Ben Stein is disrespectful to not refer to our President as Mr. President. Instead he calls him Mr. Obama. This is an obvious slight and although he is his own commentator it reflects negatively on CBS.

[leahroach]

Ben Stein: You missed the real reason people are not spending- Everyone's 401K funds have evaporated. We were all told to invest in 401 K's and now we all realize we will need to work another 20 years to make up the loss. Everyone is broke- no one has savings for retirment. BEN you missed the story- go back and do your research.

[human73-2009]

Ben Stein and his boy BUSH got us in this mess. Remembre? buy amerikan! He''s one of them!!!! Oh, by the way, remembre the 1st rebate? I am still waiting for my lincoln!!!!!!!!!!!!!!!!!

[pepperwood2]

Ben is part of the Wall Street & Madison Avenue Elite. Of course, the conventional wisdom that eminates from Cooperate America is to align themselves with the Elite in Congress.

That is to pass legistlation that will help con & sucker the consumers to Spend more becoming further in debt. After all big Banking, Mortage, Credit, Auto Companies are depending on the large amount of interest that we the consumers give them with each monthly payment.

All this is made legal, of course, by our Liberal Congress. They do quite well receiving large Corporate Contributions plus passing themselves a big pay raise. They all get together trying to come up with ways to get the consumer to SPEND, Spend, spend. This is called the American Way.

The era of no accountability or responsibility for Cooperate America or Congress. Just bail Barney & the rest of them out then go back to doing the same thing. Ben is just doing what Wall Street pays him to do. Promote the system & the hex with the Consumer.

[toolgirl13]

You people are stupid who have wrote on here. You just don''t get what he is saying! Yes a lot of things are made in China! How about the stuff made in the USA! Turn over the products and take a look please buy the ones made in USA. Made in China is till supported by the Americans. How let me explain to those people who are stupid. The American goes over to a factory,employs the factory makes the stuff. Ships over here on a USA ship, USA people work on the ship, goes to a USA port,goes on a USA truck,goes to a USA store. Then he needs a USA rep agency, the rep has relations with USA buyers.. the product goes into a store and wala gets bought buy a consumer. if none of that would happen look at how many peoples lives it just effected! I am here to tell you though. There are still manufactures out there in the USA so start supporting them before they go away.I am in the Hardware paint industry. I rep a lot of of lines that are made in the USA and sell to the local NW stores. If everyone quits spending those of us who can this is not going to turn around. I don''t make much 40,000. I try to help as much as I can. I pay cash for everything. Go to you local meat market, go to your local hardware store ban the big boxes,buy from the local people in your town. he is not saying go pay 800 dollars fro a dress. Find someone who can make clothes for you, find someone to clean your house. It is called pay it forward people!

[y2signup]

Please no more Ben Stein, the guy is a putz. Here is a Republican who can''t admit his party caused this huge problem. And if he would just pay more taxes we wouldn''t have this problem. Why should the middle class bail him out spending money. Raise the tax of the top 1% back up to 50% and all would be solved. Buck up Ben and pay your fair share.

[lorwillow]

I think you are all missing the point he made. What I heard was that he was encouraging those folks that have extra money to spend, spend, spend!!! That way, they help the economy is helped out until such time that the rest of us can start spending again.
I commend him for what he said, and hope that others take his advice!