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Economy
See other Economy Articles

Title: It's official: Analysis says bailouts saved economy
Source: chron
URL Source: http://www.chron.com/disp/story.mpl/editorial/outlook/7160768.html
Published: Sep 4, 2010
Author: FROMA HARROP
Post Date: 2010-09-04 04:03:22 by lucysmom
Keywords: bailout, economy, unemployment
Views: 133472
Comments: 163

Using econometric models, Alan Blinder and Mark Zandi argue that the bailouts, the stimulus and other extraordinary actions saved America from nothing less than another Great Depression. Blinder was vice chairman of the Federal Reserve. Zandi is chief economist at Moody's Analytics and advised Republican presidential candidate John McCain.

Had Washington not taken any aggressive steps starting in 2008, the results would have been horrific, their study says. Real gross domestic product would have fallen a "stunning" 12 percent, rather than the actual decline of 4 percent. Nearly 17 million jobs would have vanished, twice as many as the real count. And the unemployment rate would have peaked at 16.5 percent.

...

Ignoring what might have happened had the government not launched a vigorous response may be irresponsible, but it can be good politics. That's because many Americans — seeing the weak job picture and forgetting their own terror during the early days of the economic freefall - can be convinced that such polices were ineffective and possibly counterproductive.

They remind me of family members who, four weeks after a quadruple bypass, want to know why Grandpa isn't dancing. At least the family knows that the operation was needed.

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Begin Trace Mode for Comment # 122.

#2. To: lucysmom (#0)

They remind me of family members who, four weeks after a quadruple bypass, want to know why Grandpa isn't dancing.

Hahahahahahaha . . . yeah, people sure are stupid, ain't they? Why, Zero and his merry band of Marxists should be leading in the polls by 70, 80, even 90 percent.

I'm sooooooooo glad that we have statists like you, Zero, and most of the democrat party to save us from ourselves. / extreme sarcasm

BTW - you do know, don't you, that it has been said that you could lock 5 economists in a room, and they would come out with at least 6 different opinions, right?

Ignore Amos  posted on  2010-09-04   9:29:30 ET  Reply   Untrace   Trace   Private Reply  


#6. To: Ignore Amos (#2)

Hahahahahahaha . . . yeah, people sure are stupid, ain't they? Why, Zero and his merry band of Marxists should be leading in the polls by 70, 80, even 90 percent.

Please help me remember - who was president when

Had Washington not taken any aggressive steps starting in 2008...

lucysmom  posted on  2010-09-04   10:11:42 ET  Reply   Untrace   Trace   Private Reply  


#8. To: lucysmom (#6)

Please help me remember - who was president when

Thanks for reminding me. I should have added Bush to my list of statists.

You will have to help me out, though. Is it because Bush didn't quite rise to the level of Marxist that you folks hate him so?

Ignore Amos  posted on  2010-09-04   10:16:59 ET  Reply   Untrace   Trace   Private Reply  


#10. To: Ignore Amos (#8)

Is it because Bush didn't quite rise to the level of Marxist that you folks hate him so?

Wasn't it Bush who looked into Pootie-poots eyes and recognized a kindred spirit?

lucysmom  posted on  2010-09-04   10:27:20 ET  Reply   Untrace   Trace   Private Reply  


#30. To: lucysmom (#10)

Is it because Bush didn't quite rise to the level of Marxist that you folks hate him so?

Wasn't it Bush who looked into Pootie-poots eyes and recognized a kindred spirit?

Okay, so he's a statist AND a Marxist.

Again I ask - why do you folks hate him so?

Ignore Amos  posted on  2010-09-04   11:45:18 ET  Reply   Untrace   Trace   Private Reply  


#32. To: Ignore Amos (#30)

why do you folks hate him so?

Because we have no defense against big spending, liberal Republicans.

Bush spent money like crazy. What did the left and media accuse him of? Having "extreme free market policies". So, of course the solution is even more government.

At least when the GOP is in opposition, they pretend to be for limited government.

When they hold power, they are a huge catalyst for even larger government, like we are getting now.

jwpegler  posted on  2010-09-04   11:49:11 ET  Reply   Untrace   Trace   Private Reply  


#35. To: jwpegler, lucysmom (#32)

why do you folks hate him so?

Judging from your posts jw, I think you and I are in agreement about 90 percent of the time. If I read you right, we see no redemption in the GOP, and certainly not in the democrats.

The above question - which I posed to lucysmom - was meant to illustrate the need of those on the Left to demonize someone. Which is funny if you think about it because most of them probably don't really believe there is inherent evil in the world (in the form of a devil, or Satan.)

To them, throwing out the "Bush/Cheney"; or now, the "Sarah Palin" card, is meant to stifle discussion. Period. End of discussion.

They have no arguments. Zero has demonstrated for all (except perhaps his most brain-dead syncophants) the bankruptcy of ideas and policies of the Left.

Ignore Amos  posted on  2010-09-04   11:59:35 ET  Reply   Untrace   Trace   Private Reply  


#38. To: Ignore Amos (#35)

To them, throwing out the "Bush/Cheney"; or now, the "Sarah Palin" card, is meant to stifle discussion. Period. End of discussion.

Yes that is very evident.

The Democrats successfully ran against Herbert Hoover (another big government Republican) for 50 years. Never mind that Roosevelt made things worse. We can't go back to Hoover. That was the false choice that was presented.

They are trying to do it again today.

It's not going to work this time because of the free flow of information we have on the internet, smartphones, talk radio, and cable television.

Thanks to the new media (including this board) everyone but the most unreconstructed leftist knows that Obama's policies have failed.

jwpegler  posted on  2010-09-04   12:24:59 ET  Reply   Untrace   Trace   Private Reply  


#41. To: jwpegler (#38)

Thanks to the new media (including this board) everyone but the most unreconstructed leftist knows that Obama's policies have failed.

We lost close to 3MM jobs in 2008. We lost another MM+ in the first few months of 2009.

For you to declare the policies that stopped that bleeding a failure is just absolute insanity.

war  posted on  2010-09-04   12:32:55 ET  Reply   Untrace   Trace   Private Reply  


#46. To: war (#41) (Edited)

We've lost more than 2 million jobs since the "stimulus" was passed. 280,000 of them were during "recovery summer". LOL!!!!!

The bailout and "stimulus" have done nothing but prolong the pain. Unemployment is worse today than when Bush left office.

The same was true of Roosevelt's policies in the 1930s. Unemployment was worse in 1938 than it was in 1932.

Government policies created the mess we are in. Government policies are preventing the market from reallocating resources to correct the problems.

jwpegler  posted on  2010-09-04   12:47:13 ET  Reply   Untrace   Trace   Private Reply  


#113. To: jwpegler (#46)

Unemployment is worse today than when Bush left office.

Are you claiming that the day Bush left office that it was the end of his effect?

When he left office the recession was over a year old and showing no signs of abating.

war  posted on  2010-09-05   12:05:59 ET  Reply   Untrace   Trace   Private Reply  


#114. To: war (#113)

Are you claiming that the day Bush left office that it was the end of his effect?

You Obamabot! :-)

meguro  posted on  2010-09-05   12:27:36 ET  Reply   Untrace   Trace   Private Reply  


#115. To: meguro (#114)

The first symptom of ODS is believing that the economic history of the US excludes the period from January of 2001 to January of 2009.

war  posted on  2010-09-05   12:32:03 ET  Reply   Untrace   Trace   Private Reply  


#117. To: war (#115) (Edited)

The first symptom of ODS is believing that the economic history of the US excludes the period from January of 2001 to January of 2009.

The first symptom of BDS is believing that the entire economic history of the US begins in January of 2001 and ends in January of 2009

Ignore Amos  posted on  2010-09-05   13:40:14 ET  Reply   Untrace   Trace   Private Reply  


#118. To: Ignore Amos (#117) (Edited)

The first symptom of BDS is believing that the entire economic history of the US begins in January of 2001 and ends in January of 2009

This nation was on its way back to reasonable fiscal health prior to 2001. Do you remember how all of you laughed at Gore for his "lockbox" reference and his insistence that surpluses be used to pay down debt?

So please, spare me the lecture about how Boy Blunder simply continued past policies. He didn't. There was absolutely no reason to cut taxes once let alone twice.

war  posted on  2010-09-05   14:30:55 ET  Reply   Untrace   Trace   Private Reply  


#121. To: war (#118)

Do you remember how all of you laughed at Gore for his "lockbox" reference

Riiiiiiiiiight. A politician promising NOT to spend a pile of money.

Sorry. I stopped believing in politicians promises about the same time I stopped believing in Santa Claus.

Ignore Amos  posted on  2010-09-05   14:41:18 ET  Reply   Untrace   Trace   Private Reply  


#122. To: Ignore Amos (#121)

Regardless of how you wish to re-frame that issue, the fact is, there were two plans...one was to use the surplus to pay down debt and re-pay the trust fund and the other was to cut taxes.

You do understand the dynamics of the Laffer Curve, do you not? It's not only that taxes can be too high but, at some point, tax rates are too low.

war  posted on  2010-09-05   14:43:52 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 122.

#123. To: war (#122)

Tax revenuse increased after the Bush tax cuts.

A K A Stone  posted on  2010-09-05 14:52:14 ET  Reply   Untrace   Trace   Private Reply  


#128. To: war (#122)

Regardless of how you wish to re-frame that issue, the fact is, there were two plans...one was to use the surplus to pay down debt and re-pay the trust fund and the other was to cut taxes.

And both were bogus and absurd to begin with. And EVERYONE knew it. Except those still sitting on Santa's lap.

Liberator  posted on  2010-09-05 20:06:30 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 122.

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