Economy
See other Economy Articles
Title: Outgoing Obama Aide Admits: Stimulus Failed Because We Didn't Understand The Recession (Retard alert! Retard alert! Man the lifeboats, retards running the government...)
Source:
Business Insider
URL Source: http://www.businessinsider.com/chrs ... ot-my-fathers-recession-2010-9
Published: Sep 1, 2010
Author: Joe Weisenthal
Post Date: 2010-09-01 21:17:37 by Nebuchadnezzar
Keywords: None
Views: 5249
Comments: 7
Outgoing Obama Aide Admits: Stimulus Failed Because We Didn't Understand The Recession Joe Weisenthal | Sep. 1, 2010, 8:29 PM | 646 | comment 17 romerAs she prepares to leave The White House, outgoing economic advisor Christina Romer has delivered something of a valedictory speech to the National Press Club. The title: Not My Father's Recession. For Romer, her Father's recession was the one in the early 80s, when unemployment surged above 10%, and Romer's own father got laid off. But the title basically tells you what you need to know: It's different this time -- this recession was not anything like the Fed-induced recession of her father -- and the old recovery playbook could not possibly go as anticipated. Here's the key part of the text, via Brad DeLong's blog: But compared with the problems we face, the turnaround has been insufficient.... In a report that Jared Bernstein and I issued during the transition, we estimated that by the end of 2010, a stimulus package like the Recovery Act would raise real GDP by about 3 1:0;2 percent and employment by about 31:0;2 million jobs, relative to what otherwise would have occurred. As the Council of Economic Advisers has documented in a series of reports to Congress, there is widespread agreement that the Act is broadly on track to meet these milestones.... What the Act hasn’t done is prevent unemployment from going above 8 percent, something else that Jared and I projected it would do. The reason that prediction was so far off is implicit in much of what I have been saying this afternoon. An estimate of what the economy will look like if a policy is adopted contains two components: a forecast of what would happen in the absence of the policy, and an estimate of the effect of the policy. As I’ve described, our estimates of the impact of the Recovery Act have proven quite accurate. But we, like virtually every other forecaster, failed to anticipate just how violent the recession would be in the absence of policy, and the degree to which the usual relationship between GDP and unemployment would break down. Read more: http://www.businessinsider.com/chrstina-romer-not-my-fathers-recession-2010-9#ixzz0yKYkENHy
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: All (#0)
I and others here at LF don't have an Economics degree (I have a more arduous optical physics degree, but we won't go there), so how is it that so many of us,without Econ degrees, knew that this wouldn't work yet the retards with the Econ degrees all said it would work and it failed???
Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554
The stuff that the government (and their Keynesian shills) are doing, does NOT match with anything resembling reality. I don't know if they just got their degrees by buying them or what... But as you say, anybody with more than three gray-cells that can fire together, can EASILY see what a cluster-fuck this is... And at the risk of garnering the attention of the resident shit-heads, yes, I have a Bach.Sci. in Managerial Economics, an MBA, and I'm working on my doctoral studies. [To the last point, I'll not say what in, as my program is very specialized, and would reveal more then I am comfortable with.]
Agreed. But we'll still see the DNC shills here on LF telling us the Stimulus was a great idea, despite the dumb-bitch who wrote it admitting it was a bona fide failure. And the dumb fuck of a Senator from Colorado admitting that we have ZERO to show for all the spending.
Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554
Not suprisingly you lied about what she said which was: "As I’ve described, our estimates of the impact of the Recovery Act have proven quite accurate" versus your headline which states that she said the opposite.
You left this out: What the Act hasn’t done is prevent unemployment from going above 8 percent, something else that Jared and I projected it would do You also need to learn to read between the lines. She's admitting it failed.
Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554
But we, like virtually every other forecaster, failed to anticipate just how violent the recession would be in the absence of policy, and the degree to which the usual relationship between GDP and unemployment would break down...
Youi've posted a chart which showed that the stim worked.
#2. To: Nebuchadnezzar (#1)
I and others here at LF don't have an Economics degree (I have a more arduous optical physics degree, but we won't go there), so how is it that so many of us,without Econ degrees, knew that this wouldn't work yet the retards with the Econ degrees all said it would work and it failed???
Mad dog gets
"calibrated..."
#3. To: Capitalist Eric (#2)
The stuff that the government (and their Keynesian shills) are doing, does NOT match with anything resembling reality.
#4. To: Nebuchadnezzar (#0)
(Edited)
#5. To: war (#4)
Not suprisingly you lied about what she said which was: "As I’ve described, our estimates of the impact of the Recovery Act have proven quite accurate" versus your headline which states that she said the opposite.
#6. To: Nebuchadnezzar (#5)
#7. To: Nebuchadnezzar (#5)
You also need to learn to read between the lines. She's admitting it failed.
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]