I just met (and talked to, well, got talked at by, for an hour) Art Laffer. If you don't know him from your economics classes, you may know him from this (if not, look him up on Google yourself...):
"In 1930, the Republican-controlled House of Representatives, in an effort to alleviate the effects of the... Anyone? Anyone? ...the Great Depression, passed the... Anyone? Anyone? The tariff bill? The Hawley-Smoot Tariff Act? Which, anyone? Raised or lowered? ...raised tariffs, in an effort to collect more revenue for the federal government. Did it work? Anyone? Anyone know the effects? It did not work, and the United States sank deeper into the Great Depression. Today we have a similar debate over this. Anyone know what this is? Class? Anyone? Anyone? Anyone seen this before? The Laffer Curve. Anyone know what this says? It says that at this point on the revenue curve, you will get exactly the same amount of revenue as at this point. This is very controversial. Does anyone know what Vice President Bush called this in 1980? Anyone? Something-d-o-o economics. "Voodoo" economics."
there were many quotable pearls from this conversation. including talk about Ghandi drinking his own urine, how arnold schwartzeneggar reeks of charisma, how he (Laffer, not the Governor) owns five dogs and a 130yr old turtle (named Mahatma, hence the urine talk) among some other more economic-y (READ: conservative) discussions. and his fly was open THE ENTIRE TIME.
the hawley-smoot tariff shout out in the above quote is, however, applicable to Bush's TOTAL AND COMPLETE STUPIDITY (republicans and democrats are in agreement in on that one. i think it was referred to as Rope-a-dope) w/r/t proposing tarriffs on Chinese imports. what he's doing is DOWN RIGHT scary. i have a lot of opinions on this, but i really should be doing work right now as i lost an hour talking to Reagan's economic advisor.