Reply With Quote
it's lame. However, Paulson was right. Did he do the best of jobs, no, but something was needed ASAP. Otherwise, we would be looking at 15% unemployment right now and talks of the end of the world.
Nice touch on the reasoning for the cash giveaway proposed by Obama.
Hey, it worked for Paulson...
it's lame. However, Paulson was right. Did he do the best of jobs, no, but something was needed ASAP. Otherwise, we would be looking at 15% unemployment right now and talks of the end of the world.
You guys still don't get it.
If you do nothing, he recession will last 10 ing years.
are you suggesting the 2 trillion dollars or so spent from the bailout and the fed is nothing?
the stimulus as it reads now is very iffy.
This proposed "giveaway" is 40% tax cuts for US citizens, instead of 100% gravy for ty banks and brokerages. You just hate that, don't you, AH?Nice touch on the reasoning for the cash giveaway proposed by Obama.
Hey, it worked for Paulson...
IMO the stimulus is a feint -- the government can't just stand there and do nothing, right? -- and it is probably one or two orders of magnitude too small to have the intended effect.
The current stimulus is meant to prevent to prevent the chaotic unwinding of the largest credit bubble ever, and also to prevent deflation.
It won't work. Obama's spending the money we'll need for poorhouses.
IMO deflation and credit contraction, even though this will involve extreme social pain, is the real medicine. It leads to price discovery, a prudent balance between credit and real wealth, it wipes out bad debt and bad companies and restores the purchasing power of our currency.
It also will leave most of us poor. We partied high on the hog for a generation. Get ready for the hangover.
Wtf is we? I know what you mean. So the people that did the right things will still get hammered...It also will leave most of us poor. We partied high on the hog for a generation. Get ready for the hangover.
That makes me wish the dollar would collapse and the idiots running this country would start listening to the real people who do the right things.
haha suck talk is just a pipe dream.
The Chicken Little thing worked. Once people start to see the danger we're in, it'll work even better.
Supposedly, we had no time to even consider alternatives, even though the credit crunch was official by late August 2007. One whole year to scheme, and the best they could come up with was a chicken little MBS redemption scheme that King Harry reneged on a few weeks later. But now, he's changed his mind again and wants the other $350 billion to relieve his Wall Street buddies of their illiquid financial dreck.
This time around there's no bank holiday or RTC style audit separating good from bad bets. We're giving hundreds of billions to insolvent firms that should be allowed fail and reorganize. Some of them are official bank receivers now. They will survive by gobbling up sound compe ors, with our government's help.
The free market is ing dead.
John Judis, establishment lib, withholds approval of the Obama stimulus and calls for the "fiscal equivalent of war and a new Bretton Woods."
Incoming Treasury Sec'y Tim Geithner is retooling the bailout.
The free market has been dead for a long time. Government intervention killed it.
Well then, Paulson and the US Congress delivered the coup de grace.
We now have a mixed, Chinese-style system, with government valkyries deciding which companies survive, and holding key levers of the economy.
The grand irony is that GWB presided over the transition.
I would say that the free market was "discredited" by: (1) the Smoot-Hawley Tariff Act; (2) FDR's New Deal; and (3) the Second World War. People have been fighting to bring it back ever since, with mixed results.
Smoot-Hawley made the election of FDR inevitable, and FDR's New Deal was basically a failure that was unfairly credited with solving our economic problems after our entry into the Second World War.
In other words, true free market capitalists would have continued to trade freely in the face of economic troubles. But Hoover blinked, signed Smoot-Hawley, and the economy turned into a pile of . People got scared, turned to the government for help, and we got FDR. Our collective allergy to recessions is the single biggest reason why the free market is always under siege by government intervention.
superpowers should not be confused with democracies.
I basically agree with this gloss, doobs. But it's hard to resist the conclusion that the Bush Administration, with a big assist from the US Congress, kicked free trade into its grave.
The New Deal did its job of staving off a second civil war.
The infallibility of the market is a long dead myth. People are extremely innovative in finding new ways to it up.
the new deal just prolonged the depression here. nothing more. nothing less.
It did quite a bit more.
The bull that that the New Deal prolonged the depression has been debunked time after time after time. When I hear people parrot that bull , its pretty easy to discern how misinformed they are.
Then again, look at the sources of that spew in this thread.
Very likely, yes. There are good political and moral justifications for the New Deal.
I'm not a subscriber to the myth. The government is the only ins ution big enough to kick big business in the nuts when it gets out of line.The infallibility of the market is a long dead myth. People are extremely innovative in finding new ways to it up.
Tell us about it, Manny the Economist. After all, you're so ing smart and well-informed.
The claim that the New Deal prolonged the Great Depression is almost certainly a PFA talking point. But it is more nearly true to say that WWII pulled us out of the Depression, than the New Deal.
Too lazy to look it up yourself?
Manny is an expert at the googles.
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
