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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: 133512
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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#113. To: jwpegler (#46)
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.
You Obamabot! :-)
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 problem with the system was that his FL campaign manager was also the person in charge of ensuring a free and fair election. You left out an important part - which I replaced. So let me try to follow your logic by using an analogy: A defective chicken (representing the system) lays a defective egg (representing Bush's FL campaign manager), resulting in a defective omelet (your "stolen" election by the sinister Bush). You're saying the egg was the problem - when in reality it would have been impossible for the defective chicken to produce a non-defective egg in any event. Just as it is impossible for a defective system to produce a non- defective referee of an election. I'm saying the system is broken, and it doesn't matter what happens beyond that. It's not even arguable, war (though I'm sure it won't stop you from trying) Any system that produces an Algore, a Bush, or an Obama is broken beyond repair.
______________________________________________________________________________ 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
______________________________________________________________________________ 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.
There weren't any surpluses. Only projected surpluses.
We can argue accounting gimmicks all that we want to. The fact is the fiscal health of the nation was handed over to Bush in much better condition than what was handed to Obama.
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.
______________________________________________________________________________ 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.
Tax revenuse increased after the Bush tax cuts.
They outright declined after the first cut. They increased after the second because the housing bubble was beginning. BTW, revenue growth was sluggish when it was increasing.
Excrement. The so-called "bailouts" simply delayed the inevitable, akin to using buckets to bail-out water from the Titanic... it sounds good, seems logical... But a complete waste. The entire article is pure propaganda, nothing more. If you understood the massive THEFT that the "bailouts" REALLY are, you would understand that you've been scammed. Posting such rubbish indicates your level of indoctrination is all-encompassing.
Or, just maybe - youse the guy what's been brain-washed. Have you considered that? Naa - can't be - but then again...
The so-called "bailouts" simply delayed the inevitable, akin to using buckets to bail-out water from the Titanic... it sounds good, seems logical... But a complete waste. The entire article is pure propaganda, nothing more. If you understood the massive THEFT that the "bailouts" REALLY are, you would understand that you've been scammed. Posting such rubbish indicates your level of indoctrination is all-encompassing. Well stated. I can NOT believe anyone with an iota of political sophistication would believe the so-called "Stimulus" was anything other than a scam to further bury the Middle Class, money-launder greenbacks into the DNC, the "Community," Unions, fake jobs, and Dem precincts. That was the quickest flush of freshly-printed $800 billion down memory hole...EVER.
And both were bogus and absurd to begin with. And EVERYONE knew it. Except those still sitting on Santa's lap.
And everything that happened during that period was Clinton's fault... or Obama's fault, before the fact. :- )
Eight years of bad decisions. One after the other. Padlock, Boofer...they were all declaring this presidency a failure in the Summer of 2009... Boofer, after one day of Obama in office, said his Press Secretary, Robert Gibbs, would be gone by June of 2009. For the record, he's still briefing.
Sure. I was taught, and for a while, believed in Keynesian economics, just as YOU do... But within a couple of years, I started to question such "conventional" wisdom. By the time I'd finished my Bachelors in Economics, I knew that Keynes was a fool... The "aha" moment occured when I was challenging a professor (who used to run the global strategic operations division for B of A) on fractional reserve policies, and how they endangered the power of the US dollar as the worlds' reserve currency. When I pointed out that this system will only work so long as the dollar remained the reserve currency, and would precipitate our economic collapse when the rest of the world went to something else...? His answer was "it hasn't happened YET." That day, was when I TRULY started to learn. For your sake, I hope you wake up before it's too late. Personally, I don't really care if you wake up or not... If you do, then you have a chance. If not, you'll simply be of *billions* of bodies, dead due to your own ignorance. I don't really care... But for your daughters' sake, you better get a clue... Think of it this way: If I'm wrong, you lose nothing. If I'm right, you'll die. Choose.
When has Keynesian economics ever failed? It certainly worked in Reagan's term.
ROFLMAO...Nebby is already Grand Marshal of the Halloween Parade this year and it's too early to lobby for next year. But what a man you are threatening a senior citizen.
Boofer would be great in Vegas. Get his predictions, then bet on the opposite. Can't lose! :-) Incidentally, how did he come to be known as Boofer?
From the way he dresses. Hagar suits...second pair of pants FREE!!!
Agreed. But then again, most Americans- as so aptly demonstrated by Lucysmom- lack the understanding to sift through the bullshit, and find the truth. If Americans *fully* grasped the scope of the crimes perpetrated by Bush, Obama, Congress, Bernanke, et al, most of D.C. would be hanging by their ankles- like Mussolini... And RIGHTFULLY so.
Are you published?
Your post said "Hey" but I heard "Blow it out your ear." {;^D
I'm not responsible for what you heard. 0;-)
Nope. I'm working on other stuff, don't have time to dig in as deep as I would need, to be able to publish. Besides, there's a LOT of good people out there, that publish regularly- Nouriel Roubini, Gerald Celente, etc., that would run rings around me... I know better than to attempt to match (much less exceed) their analyses. "A man's got to know his limitations..." LOL.
Okay, thanks. Now I understand the death stuff.
Keep learning.
Did WWII end the Great Depression? If so, then wasn't that a case of government intervention in the economy on steroids?
No it prolonged it.
Have it your way. There's only ~2000 years of history that back up what I'm telling you, and about 70 years of Keynesianism to "support" your position. Figure it out.
My position is that the perfect economic theory hasn't yet been created so slavish devotion to any theory is probably a mistake.
Isn't his company going bankrupt, thanks to Obama? :-). Guess he's got to cut costs.
That's fair. Interestingly enough, when you start digging around in history, about financial collapses (the Roman empire is a perfect example), you see a great many similarities to what's happening right now. For a good synopsis on why things are going the way they are, I suggest checking out the google video at the following link: http://video.google.com/videoplay?docid=-515319560256183936# It's called The Money Masters. If you've not seen it before, it'll be an eye-opener for you. Regards,
Congress, the purse string controllers, had been a dim majority for two years.
One word: VETO. Bush vetoed a whopping 12 bills in 8 years. Jerry Ford vetoed 66 bills in 2 years. Bush either loved big government as much as the Democrats or he was a complete coward. In my view, both were true.
Neither of which excuse the controllers of the purse strings.
Once again, you are either not reading the post or just not comprehending it. Bush didn't veto squat. He signed all of those big spending bills without putting up a fight. Of course the Democrats want to spend money. That's what they do. Jerry Ford put up a courageous fight -- 66 vetoes in 2 years. Bush signed almost everything. WHY did Bush sign almost everything? A.) because he wanted those big spending bills or B.) because he was the biggest pussy we've ever had in the White House. I don't care which one it is, he was one of the worst Presidents (right down there with Johnson, Carter, and Obama) in my lifetime. Horrible. Miserable. Stupid.
Comments (154 - 163) not displayed.
Top • Page Up • Full Thread • Page Down • Bottom/LatestUnemployment is worse today than when Bush left office.
#114. To: war (#113)
Are you claiming that the day Bush left office that it was the end of his effect?
#115. To: meguro (#114)
#116. To: war (#112)
(Edited)
The problem isn't Bush - the problem is the system...[that placed him in office]
All the disastrous decisions we're dealing with now started with Bush . . .
-Skippy, the boy wonder.
#117. To: war (#115)
(Edited)
All the disastrous decisions we're dealing with now started with Bush . . .
-Skippy, the boy wonder.
#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
#119. To: war (#118)
#120. To: A K A Stone (#119)
(Edited)
#121. To: war (#118)
Do you remember how all of you laughed at Gore for his "lockbox" reference
All the disastrous decisions we're dealing with now started with Bush . . .
-Skippy, the boy wonder.
#122. To: Ignore Amos (#121)
#123. To: war (#122)
#124. To: A K A Stone (#123)
(Edited)
#125. To: lucysmom (#0)
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.
Mad dog gets
"calibrated..."
#126. To: Capitalist Eric (#125)
Posting such rubbish indicates your level of indoctrination is all-encompassing.
#127. To: Capitalist Eric (#125)
Excrement.
#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.
#129. To: war (#115)
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.
#130. To: meguro (#129)
(Edited)
#131. To: lucysmom (#126)
Or, just maybe - youse the guy what's been brain-washed. Have you considered that?
Mad dog gets
"calibrated..."
#132. To: Capitalist Eric (#131)
(Edited)
#133. To: Capitalist Eric (#131)
If I'm wrong, you lose nothing. If I'm right, you'll die.
#134. To: war (#130)
Boofer, after one day of Obama in office, said his Press Secretary, Robert Gibbs, would be gone by June of 2009.
#135. To: meguro (#134)
#136. To: Liberator (#127)
I can NOT believe anyone with an iota of political sophistication would believe the so-called "Stimulus" was anything other than a scam to further bury the Middle Class, money-launder greenbacks into the DNC, the "Community," Unions, fake jobs, and Dem precincts.
Mad dog gets
"calibrated..."
#137. To: Capitalist Eric (#131)
By the time I'd finished my Bachelors in Economics, I knew that Keynes was a fool...
#138. To: war (#133)
Hey
#139. To: lucysmom (#138)
#140. To: war (#139)
#141. To: lucysmom (#137)
- Clint Eastwood -
Mad dog gets
"calibrated..."
#142. To: Capitalist Eric (#141)
Gerald Celente
#143. To: Capitalist Eric (#141)
A man's got to know his limitations..."
#144. To: All (#0)
#145. To: lucysmom (#144)
Did WWII end the Great Depression?
#146. To: lucysmom (#142)
Mad dog gets
"calibrated..."
#147. To: Capitalist Eric (#146)
There's only ~2000 years of history that back up what I'm telling you, and about 70 years of Keynesianism to "support" your position.
#148. To: war (#135)
To: meguro From the way he dresses. Hagar suits...second pair of pants FREE!!!
#149. To: lucysmom (#147)
Mad dog gets
"calibrated..."
#150. To: war, jwpegler (#113)
When he left office the recession was over a year old and showing no signs of abating.
#151. To: Ibluafartsky (#150)
(Edited)
Congress, the purse string controllers, had been a dim majority for two years.
the era of big government is over -- Bill Clinton
#152. To: jwpegler (#151)
Bush either loved big government as much as the Democrats or he was a complete coward.
#153. To: Ibluafartsky (#152)
(Edited)
Neither of which excuse the controllers of the purse strings.
the era of big government is over -- Bill Clinton
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