February 9, 2009
February 10, 2009
Feb 10, 2009
This is from the Wall Street Journal...
"The vice president also offered some trademark candor about the prospects of success.
He recalled a recent White House meeting with the president and senior aides in which they were discussing the many challenges the country faces. “If we do everything right, if we do it with absolute certainty, there’s still a 30% chance we’re going to get it wrong,” was his message at the meeting."
And finally...
In response to Obama's statement about universal agreement by economists on his stimulus bill, this was posted in the New York Times.
If this is how they work when they're urgently trying to get something accomplished, I wonder what it looks like when they don't care as much.
3 comments:
Let's start, if you don't mind, by calling a spade a spade. Have you lost your job as a result of this recession? Do you get the sense that your present job is at stake as a result of the economic crisis? Has the value of your home plummeted in the last year to less than what it was worth when you bought it? Have you lost 35% of your savings due to the collapse of the stock market? Are you at risk of losing your home because you borrowed more than you can now afford to pay or because a lender no-papered your loan in order to increase their own portfolio without any regard to your financial future? I'm guessing that your answer to most of these questions is no. But don't get me wrong, I respect your viewpoint on the economy.
I understand fiscal conservatism and the desire for smaller government and fewer taxes. Rationally, I get it. But what is your solution to the economic crisis? Are we just supposed to wait it out and hope things get better soon? Is there nothing to be done to stem the tide of rising unemployment? Any idea how we prevent half the country from being foreclosed upon? Do you honestly have anything beyond criticism of the fact that Obama, shockingly, is willing to admit that the plan is not foolproof or guaranteed to succeed universally? And are you honestly criticizing Geithner and Obama for telling people that the plan is not perfect, especially since people who share your mindset would work to defeat any bill the Democrats considered perfect?
#1) As I've tired to chronicle (see Jan 27th 2009), this stimulus will do nothing to "fix" the economy and doesn't seemed to be geared to do so (see yesterday's post).
#2) FDR style flooding of the economic markets doesn't work. It extended the our great depression and the Japanese "Lost Decade" recession. It creates instability in the markets which enhances spending freezes. Look at what happened with the Bush $700B plan of just 3 months ago! Nothing! Things have only gotten worse as companies become more unsure of how to play the free market game... because the government keeps stepping in and screwing with the rules.
#3) This is not about bashing Obama. A bad plan is a bad plan, though the fact that it's also coming from a confirmed tax cheat that Obama put in the driver's seat doesn't help, I must admit.
#4)You ask for my plan...tax cuts. Plain and simple, real, meaningful, tax cuts. It worked for Reagan, it worked for Clinton (sort of), and it staved off this recession under Bush II. It'll work again.
Now a question for you..
This "crisis" has evolved under the auspices of both parties', spending like drunken sailors. We've extended bad credit and borrowed our way into this issue... why is it you think we can borrow our way OUT of it?
I obviously do not have a background in economics, a resume flaw that you and I both share, I think. But I think plenty of smart people think that FDR didn't do enough to create jobs, not that he did too much.
So your solution to millions of lost jobs is . . . tax cuts for people who have not lost their jobs and for corporations who have played a huge part in all of this? Basically, they screw this country out of billions of dollars of lost wealth, so we reward them with a tax relief so that they will eventually start hiring again, presumably because the huge layoffs over the last six months result from corporations paying too much in taxes. Seriously? I get why corporations support trickle down economics - the theory increases their bottom line. I get why rich people support lower taxes - they get to keep more in their bank accounts. But why do you believe that lowering taxes is going to help anyone that has actually been hurt by this economic downturn? And how long does your plan take? Years? And at what price? Bread lines and soup kitchens? Widespread bankruptcy and foreclosure? 20-30% unemployment? Do you really think the government should do nothing to create jobs, however temporary, including funding roads projects and other infrastructure projects? I just don't understand such a dogmatic approach that leaves no room for the possibility that another philosophy may work as well.
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