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« Justice Ginsburg Diagnosed with Cancer | Main | Record High U.S. Jobs Loss, Yet Republicans Want Tax Cuts for Wealthy Folks »

February 06, 2009

Comments

daveinboca

Actually, as usual, Krugboy has it bass ackwards. What was Chicken Little Sky is Falling Political Theater about an "economic crisis" nowhere near as bad as Jimmy Carter's double-digit inflation, unemployment, and interest rates in 1980. But then the media, fearing Reagan would start WWIII, covered for James Earl & Reagan only won by a public debate while the MSM was plumping for another round of serial incompetence [remember seven economic "plans" in 3 years?] & revolving door Treasury Secretaries....

Now the media is clambering over itself, with hue and cry, screaming that the End is Near, the World is Boiling Over [while record cold hits the Northern Hemisphere] and the reckless "stimulus" creating government jobs and Democratic entitlement packages suddenly gets serious scrutiny. Centrists start to pick apart the package and a serious debate is now happening, while Nancy Pelosi screams that 500 MILLION jobs are being lost a month [and the media which scrambled after every Bush mispronunciation doesn't mention Nancy P's innumerate babblings].

From hackneyed political theater by the politburo hacks to serious debate among Senators with real constituents. That's what's really happening, although in Krugboy's funhouse mirror view, he gets it all wrong, per usual.

Charles

Dave, he has the Nobel prize.

You have the gerbil.

I'll listen to him.

Flowerplough

Kruggo sez, "...a number of economists, myself included, think the plan falls short and should be substantially bigger. But the Obama plan would certainly improve our odds." But he don't say, or at least he ain't quoted here explaining, how borrowing more and spending still more will "improve our odds." Maybe I'm just too stupid, too small, too old, too limited, and too slow, but I'm thinking if I'm already in way over my head, I'm not gonna try to dig a lot deeper. Consumer spending may account for about two-thirds of our nation's economy, but should it? Can we borrow and spend our way back to Dodd/Frank's halcyonic "Everyone in American, legal or no, should own a Freddie Mac/Fannie Mae financed home"? No, we can't, and we shouldn't try. Sooner or later, we Americans (and our illegal parasites) have gotta learn to live within our means. Might as well start now.

How'd Bammy put it? "We can't drive our SUVs and eat as much as we want and keep our homes on 72 degrees at all times ... and then just expect that other countries are going to say OK. That's not leadership. That's not going to happen." Carter's stag-flation malaise, maybe? Anyone want a second helping?

Deb

Hi Flower,

How are you?

Here's how increasing $ in masses of consumers' pockets helps the economy:

- More $ means consumers spend more at businesses

- More spent at business means more jobs

- More jobs means more $ for consumers to spend at businesses (and so on)

- These consumers, businesses and employees pay taxes, which revenue CAN be used to chisel away at national debt.

It's a snowball effect, and it also happens in the reverse:

- Less $ for consumers means less $ for businesses

- Less $ for businesses means more job cuts

- More job cuts mean even less $ for consumers

- Which leads to even less $ for businesses and even more job cuts (and so on)

- If consumers, businesses and employees have less $, they pay less in taxes -- so it's harder to chisel down our national debt.

Partly at Paulson's and Bush's urging, we've already "borrowed and spent" more than $1 trillion just on TARP and the bailout of AIG, Fannie, and Freddie.

Most of that money did not hit ordinary folks' pockets, which is why tens of thousands more jobs are on the chopping block despite the taxpayers' generosity via the bailouts.

Instead, much of the bailout money got funneled to a few thousand people who'd driven their companies into a ditch (causing job cuts and reducing consumer dollars); OR the money went toward covering losses caused by the few thousand people who were looting their companies (which also caused job losses) while driving the companies toward the ditch.

As we know, when masses of people lose jobs, businesses make less money (UNLESS we taxpayers just GIVE money to businesses), which means more job cuts, which means even less consumer spending, which means even more job cuts, and so on....

Leather Sofas

There is a variety of philosophies, artistic processes, and theatrical approaches to creating plays and drama. Some are connected to political or spiritual ideologies, and some are based on purely "artistic" concerns. Some processes focus on a story, some on theatre as event, and some on theatre as catalyst for social change.

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