Cheney Was Wrong About eBay

[On the Road]

from Brad deLong:

Why Oh Why Are We Ruled by These Idiots? (Another Special Cheney Edition)

Unbelievable. Cheney needs a better staff:

ABC 7 News - Cheney: Economic Stats Miss EBay Sales: CINCINNATI (AP) - Indicators measure the nation's unemployment rate, consumer spending and other economic milestones, but Vice President Dick Cheney (website - news - bio) says it misses the hundreds of thousands who make money selling on eBay. "That's a source that didn't even exist 10 years ago," Cheney told an audience in Ohio. "Four hundred thousand people make some money trading on eBay."

Cheney needs a staff who will tell him that the $2.0 billion or so in eBay's domestic revenues are already included in the Commerce Department's Bureau of Economic Analysis's estimates of GDP.

http://www.j-bradford-delong.net/movable_type/2004-2_archives/000154.html

[lasttrip]

1. wow 400,000. do these people pay income tax? n/t

[Dukkha]

2. eBay is hardly an income source

For most sellers it's an online pawn shop. The economic woes force them to sell off their posessions to pay their bills. I know I've done this myself on a few ocasions.

[mhr]

3. Is It Not Amazing How Stupid An Ex CEO Can Be?

Oops, I forgot about *. I guess he proves the rule.

[NewYorkerfromMass]

4. It goes to show the industry specifics of being "smart"

you really only get "smart" in one business. It doesn't always translate into other jobs.
Cheney's specialty is defense and energy, and ripping off the US taxpayer.