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Ever think that this money is responsible for virtually halting the recession as the US economy has almost completely stopped shrinking as of last month, the DOW is now climbing again and real estate markets are stabilizing. Or is it that you are all smarter than economists like Ben Bernanke? If you are, enlighten me. Why are classical economics so much better or more stable then than anything else given that in the midst of this most recent crisis Alen Greenspan has admitted that his world view was completely wrong in that markets cannot regulate themselves?
Texas Patriot: There was never any way to pay off China unless we saved our own financial sector from causing the entire economy to fall apart. That took stimulus spending to do so. Once we've done that, we've put our economy in a position to grow. Now we need it to grow fast enough to create a surplus like the one that existed at the end of the Clinton years. That's what Obama is investing to do.
Zaza 1ST GRANDCHILD 2/2010!!!: The 10% went to the financial sector. That's why the CEOs were reporting their progress on Capital Hill months ago. Economy that was shrinking by nearly 7% in February is now back to shrinking by 1% and poised to start growing again. Unemployment always lags as growth begins again. Any economists will tell you that.
Michael P in NJ: Good question, Bernanke along with most other exports on the economy, had just come to realize that markets can't regulate themselves with this last crisis. Bernanke did not always believe this until recently. Bush was bailing out businesses left and right, which was against everything he stood for as a conservative. The last crisis changed everything for all exports.
DAR: First of all, Bernanke was one of the fasted to react to the crisis as it unfolded. Although he did not foresee what was happening at first, he took the necessary and appropriate actions b/c he was waiting for circumstances that were similar to the Great Depression and knew that aggressive action from the Fed was very necessary. Greenspan, a believer in the classical school, is more of a cause then a solution to the crisis. If Lehman Brothers had not been aloud to fail from the start, the markets would likely not have destabilized so quickly. This though goes in the face of classical economics thinking.
The party that lost is unable to focus on what obama prevented from happening. bush sat on his thumb while 911 unfolded, but the praise from the right is he didnt allow a SECOND attack on US soil. lets not overlook the fact that it took reagan 7 years to drop the unemployment rate below 6%, but obama has 7 months to fix the mess he inherited. the right is a party of blind, ignorant, whiners.
Ben Bernanke is a Keynesian economist who didn't see the crash coming because it didn't follow his models. It DID follow the models of Austrian School economists who had been predicting it. Keynesian economists push a pyramid game that permits free spending by government so government has promoted this, particularly since Nixon took us entirely off the gold standard in the 70s to repay the Vietnam war debt. He said 'We are all Keynesians now." He might as well have said 'we are all idiots now'. Bernanke was wrong a year ago, was wrong about the bailouts, was wrong about the stimulus and is wrong now. At least he is consistant. And Greenspan never let markets regulate themselves and is more responsible for this than Bernanke. He isn't about to say that though, is he? There is still one group of economists who has predicted every downturn, but Obama doesn't want to follow them, because they would say 'stop spending money you don't have'. -- Oh, God. "The 10% went to the financial sector".... Per the TARP inspector the fed has injected or guaranteed commitments to the tune of $23 TRILLION dollars with NO authorization or oversight, to their cronies in the financial sector. That can reinflate an industry bubble, easily, at OUR expense. Obama's response was to ask the Justice dept to make the TARP inspector no longer independent so he would have to report to the treasury secretary, Timmy Geithner, recently head of the New Hampshire Fed. (and even with that the GDP is STILL shrinking, just not as fast. Check your facts. And the dow going up as the dollar goes down means you have to price any 'gain' in a different commodity.) - edit, pyramid schemes are wildly successful as well, until the end. Ask any of Maddof's investors. Check your own facts. REALLY check them. You learned Keynesian economics in school. So did I. Question it. See if the facts fit different explanations better. 0- I'm not sure what you mean 'why it works', it clearly works because its predictions are accurate. - Greenspan was not following the classical school (or the Austrian School) when he was at the Fed. He had moved away from that. And free money of course builds bubbles, but why we should let them steal our money to do that, I can't imagine.
Banks using our money (which Oby borrowed from China)(and billed to us) to buy a foreclosure is not a "Home Sale", only creative bookkeeping. The DOW is a roller coaster, go ahead and put every dime you have in it. Because it's back to where it was (or higher) does not mean the monies lost are back "in pocket". 3-5 years from now if it holds ... OK. Figures don't lie, but liars can figure. We'll see, either way, we'll see. None can see anything but assured debt, and bonuses/resorts for the Royalty ... yet. Trickle down economics? How original. 600 Billion is needed for infrastructure NOW (bridges/roads) or you wont be able to get to the Doctor for your ObamaCare (insurance pay-off). By 2050 well over half our power plants will quit working, and even if we build new, (hopefully nuclear) without a smart(er) grid, it wont get to you. Got a hand cranked generator for your computer/TV? Where is the money for this? Where are the priorities? More important for AIG executives to get their pedicures first? From Daniel Dimicco, Nucor Steel Just another insensitive conservative who doesn't give a damn about Polar Bears.
DAR pretty much nailed it. Government spending is paid for 1 of 2 ways: 1)monetizing debt ("printing" money) which leads to more inflation (=each dollar bill has less purchasing power) 2)higher taxes & new hidden taxes (carbon taxes, etc) Well since taxes won't even begin to cover TRILLIONS in new spending, option one is being used to the max. Now I want you to watch this 60 minutes interview from 2007. In it, the former comptroller general (nation's top accountant) says the United States government is bankrupt and that if it were a company if would have failed by now. He also says that at CURRENT spending levels (2007 levels) the U.S. govt. could only afford to pay social security and some medicaid by 2040. then we have passed $1 trillion in bailouts, nearly $1 trillion dollars in "stimulus", and Obama has proposed AN ADDITIONAL $3.5 trillion budget. Now if the comptroller general thought the U.S. couldn't afford to pay for Bush's prescription drug bill (from many years back), HOW is Obama going to pay for all this new spending??? He'll either have to raise taxes to levels undreamed or hyperinflate the dollar attempting to monetize more debt. The Keynesian dream is over. A restructuring is in order. EDIT: Also, I think the only reason the banks got bailed out is because FDIC would have been overwhelmed and unable to insure all those accounts. The govt. was covering its own a$$.
"Cash for clunkers" saves the day!!!!!!! Ever think that the Dow's slight upward movement might be due to the fact that Obama's Health Care Disaster is, at least, temporarily on hold? See what happens to the Dow if Health Care "reform" passes. NOT being able to get it done prior to the August recess was a good thing. The recession isn't over. People aren't going back to work yet. Businesses are not hiring. And Geitner and Summers both basically said this past weekend that the administration WILL be raising taxes even on "folks who earn less than $250K a year"....at least, those that are working. If the real estate markets are stabilizing, they're doing so at a very, very low level. People are still going to be losing their homes in great numbers over the next several months. It ain't over, buddy, despite the Sunday shows trying to say that it is.
It was also Ben Bernanke that said just a few weeks ago if Obama doesn't raise taxes on everyone his spending would cause high inflation that would send us into a deeper recession so get ready for a tax increase even if Obama says he won't raise taxes. When Obama allows the Bush tax cuts to expire that will be a tax increase even if he claims he isn't raising taxes.
What has Obama done to improve the economy? Remember, just a month ago when things were looking bleak they said only 10% of the stimulus had been spent. Please tell me what exactly Obama did. I would love to know. BTW** the recession is not halted. GDP growth is still going south. Unemployment is still going up. New housing starts are still down. Manufacturing and trade sales are still down. Help me understand why you think what you do.
By way of fact whilst your party is bereft of something resembling unique concept, and there are no longer any actual transformations between the two applicants you have on philosophical grounds (different than that Obama isn't, a minimum of on the exterior, as potential-hungry as Hitlery is, as though that have been a possibility), all you have left is finger pointing. Hitlery's human beings attempt to throw as lots dirt from the sewer wherein they stay to ensure what is going to stick, for her finished argument is "All politicians are corrupt; i'm only purportedly smarter than something." properly, once you do no longer understand that your husband's getting a hummer in the Oval place of work, I heavily question your intelligence.
Mr Woody, apparently you've never taken a economics class, the DOW isn't an indicator of an economy growing in the least bit, GDP and tax revenue is, and right now our GDP and tax revenue are both down. . God bless. Edit: Mr woody I don't know where you get your information, but the GDP is in negative territory still, so how do you see that as the economy having stopped shrinking ?
Tell, me how we ar going to pay off the 13 trillion dollar debt that China owns? On top of that Obama has a 2 trillion dollar budget in the works and a trillion dollar health care plan. Our interest payment to China are $300 billion a year. Talk about wealth redistribution. In 2019 our interest payments are going to be almost a trillion a year. How do you expect to pay this off? Higher taxes? Eventually it is all going to come back and bite us in the azz and when it does Obama will be siting someplace with his minions and laughing.
No, the fact that the economy is already showing signs of turning around with only a small fraction of the stimulus bill actually being spent is proof. Most of the stimulus money is still tied up in bureaucratic agencies.