Tuesday, June 13, 2017

Priming the pump

When the interviewer knows more than the interviewee…
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Bill: It goes without saying, that when you are in any position of responsibility you have to watch what you say.
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George: And then he comes out with this claim to have invented the expression, “prime the pump.”
New Deal 1933
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Bill: An expression as old as pumps themselves. And in economics it was used by FDR in 1933.
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George: Do you think he knows that his take on “I” stands for ignorant, incompetent, incoherent?
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Bill: Doubt it. He doesn't research and doesn’t read.
___________
Voice-over
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T: That all goes into tax reduction. Tremendous savings.
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Economist Journalist: But beyond that it’s OK if the tax plan increases the deficit?
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T: It is OK, because it won’t increase it for long. You may have two years where you’ll…you understand the expression “prime the pump”?
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EJ: Yes.
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T: We have to prime the pump.
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EJ: It’s very Keynesian.
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T: We’re the highest-taxed nation in the world. Have you heard that expression before, for this particular type of an event?
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EJ: Priming the pump?
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T: Yeah, have you heard it?
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EJ: Yes.
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T: Have you heard that expression used before? Because I haven’t heard it. I mean, I just…I came up with it a couple of days ago and I thought it was good.
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The Economist, 12 May, 2017

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