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NewsBusters editor takes HuffPo bureau chief to (economics) school

http://twitter.com/#!/NoelSheppard/status/224235043139231744

Class was in session today on Twitter as NewsBusters’ Noel Sheppard and Huffington Post Washington bureau chief Ryan Grim debated the concept of “unused capital,” launching from a post by CNN’s Hillary Rosen.

No, I am a capitalist but Romney's policies rig the game . RT @christophil: Class warfare queen>RT @hilaryr http://t.co/cqRWiKj2

— Hilary Rosen (@hilaryr) July 14, 2012

@hilaryr You're a capitalist? Cool. Explain how raising taxes stimulates the economy?

— Noel Sheppard (@NoelSheppard) July 14, 2012

@NoelSheppard @hilaryr It drains stagnant pools of capital and pumps it into the economy instead of letting it fester and evaporate.

— Ryan Grim (@ryangrim) July 14, 2012

Stagnant pools of festering capital? Economics is usually so boring, but you make it fun. Tell us more!

@ryangrim Stagnant pools of capital? I assume you're joking. @ryangrim

— Noel Sheppard (@NoelSheppard) July 14, 2012

@NoelSheppard Get a clue kid. Unused capital is like unused labor. If it's not expended it's wasted, gone. Got it? cc @hilaryr

— Ryan Grim (@ryangrim) July 14, 2012

Look, no one wants to step into a pool of festering capital. Where should we be looking for these swampy areas?

.@ryangrim So tell me Mr. HuffPo congressional correspondent, what exactly is "unused capital" and where does it reside?

— Noel Sheppard (@NoelSheppard) July 14, 2012

@NoelSheppard it sits in currency in Swiss bank accounts, in the caymans, etc, looking for a bubble to inflate

— Ryan Grim (@ryangrim) July 14, 2012

Hmm, where have we heard about Swiss bank accounts recently?

.@ryangrim Not true at all. Care to try again Mr. HuffPo congressional correspondent? Or should I call you "kid"?

— Noel Sheppard (@NoelSheppard) July 14, 2012

@NoelSheppard go for it. But if it's not being spent or invested, it's being wasted. Pretty simple.

— Ryan Grim (@ryangrim) July 14, 2012

.@ryangrim Not true. Most "idle" cash sits in bank accounts. That gives banks money to lend at a huge multiple. Good for the economy.

— Noel Sheppard (@NoelSheppard) July 14, 2012

Looks like it’s time to show the other guy he’s not facing reality — by invoking a movie.

@NoelSheppard I liked It's A Wondrful Life too but that's not today's banking

— Ryan Grim (@ryangrim) July 14, 2012

.@ryangrim Other "idle" cash sits in treasury bills which finances the debt and keeps interest rates down.

— Noel Sheppard (@NoelSheppard) July 14, 2012

.@ryangrim As such, there really is no such thing as "unused capital" because companies don't stuff cash in mattresses.

— Noel Sheppard (@NoelSheppard) July 14, 2012

This fight looks like it might be drawing a small crowd.

@NoelSheppard @ryangrim Do they not teach economics anymore? Do ppl think money just sits in a bank? Why do they think banks pay interest?

— Huckleberry Friend (@portdauphin) July 14, 2012

@NoelSheppard @ryangrim "Idle cash", huh? Some people call that "savings." Gov't calls it a potential revenue source.

— Soquel by the Creek (@SoquelCreek) July 14, 2012

So what do banks do with the money if not stuff it in mattresses?

@NoelSheppard what do the banks do with it? Build highways? No, they create wacky financial products and speculative, useless bubbles

— Ryan Grim (@ryangrim) July 14, 2012

@ryangrim @noelsheppard Build highways? I thought that's what the stimulus was supposed to do? Hey, just what did the stimulus do?

— Brian Sullivan (@AntiqueSully) July 14, 2012

.@ryangrim As for highways, banks do finance construction loans. Do you have any actual knowledge of finance at all?

— Noel Sheppard (@NoelSheppard) July 14, 2012

.@ryangrim I have 32 years in the financial services industry including banking, securities and insurance. You?

— Noel Sheppard (@NoelSheppard) July 14, 2012

@NoelSheppard Look, you and ur buds in global finance clearly have things under control. Just let us know next time u need a bailout

— Ryan Grim (@ryangrim) July 14, 2012

We get the feeling someone’s waiting for the bell to end this round.

.@ryangrim What does that have to do with your claim about "unused capital"? Now UR just stooping to Dem talking points!

— Noel Sheppard (@NoelSheppard) July 14, 2012

@NoelSheppard Hey, at least Ryan Grim's book is doing well, ranked at #524,502 by Amazon (sarcastic tone). Paper used is unused capital!

— Dan Wagner (@DanWagnerSTL) July 14, 2012

Read more: http://twitchy.com/2012/07/14/newsbusters-editor-takes-huffpo-bureau-chief-to-economics-school/

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