Readers are advised to remove fluids, food, and flammables from
proximity of their computers before proceeding. You've been warned.
HBO's Bill Maher on Friday received a much-needed education on U.S.
corporate profits from - wait for it! - an African-born international
economist (video follows with transcribed highlights and commentary):
After showing a video clip of Fox News’s Sean Hannity and former
Republican presidential candidate Herman Cain discussing whether or not
Barack Obama is intentionally trying to destroy capitalism, Maher said,
“This is where the Republican Party is. And, you know what? Corporate
profits as a percentage of GDP are higher than ever. How can he be
destroying capitalism? They’re eleven percent. This is the highest since
World War II.”
Enter clearly the smartest person in the room.
“But there’s two ways to make profit, right?” interjected Dambisa Moyo.
“The problem’s that there’s two ways to make profit. Profit equals
revenue minus costs."
Talk slowly, Ms. Moyo. There's an idiot sitting next to you.
can either reduce costs or raise revenues," she continued. "And in this
case, the reason why everybody is up in a tiz correctly is that
companies have been cutting costs quite aggressively, amongst them labor
costs, and amongst them higher unemployment. And that’s why I think
there’s a schism between that kind of discourse between the
Moyo obviously didn’t realize she was speaking to a total nincompoop,
for Maher then asked, “But you don’t think Obama is purposely trying to
“No I don’t,” replied Moyo, “but I just think it’s a bit more nuanced than what you see.”
For those unfamiliar with Moyo, she was raised in Zambia, and has a
Ph.D. in Economics from St Antony's College, Oxford University, a
Masters in Public Administration from Harvard University’s Kennedy
School of Government, an MBA in Finance, and a B.S. in Chemistry from
American University in Washington D.C. Moyo also worked for the World
As such, Maher was way outclassed - although that doesn't take much.
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