You could save a lot of time by just stating you don't believe any study that support your view.
So you blame the regulatory environment for our problems even though essentially everything points to a problem with lack of demand. I guess you're basing this on "what that guy said" or your gut reaction.....but multiple reputable sources pointing to the stimulus being a success are inccurate or based on speculation.
LOL.OTOH, they are doing good for my gold and silver stash. Look at the PM charts and you'll see how silver dropped to 27 and then the insiders started buying. Fortunately, I saw this and did some serious buying @ 27 and now we're at 35 and rising.
Good grief©
Well, there goes the dollar. Here comes $6 gallon gas!
I didn't blame the regulatory environment for all of our problems. I said charging ahead with attempts at regulation and bans on drilling/oil exploration did not help reboot the economy. But by all means, distort away.
ok, please explain what is keynesian about the fed buying more mortgage bonds
The fed buys assets from banks with newly created money. This essentially is suppose to create more cash on hand by banks which would hopefully lead to more lending. It's a last resort when the Fed has exhausted other measures.
Yep, you can bet on it, in fact I'll bet anyone here that gas prices will be at or darn close to $5.50 by November. At least mortgage rates will stay low, and we ALL know that this is a good thing for the economy..
Tim-
The fed buys assets from banks with newly created money. This essentially is suppose to create more cash on hand by banks which would hopefully lead to more lending. It's a last resort when the Fed has exhausted other measures.
History Repeats Itself – or Does It?
In his well-researched article, Hutchinson notes that Weimar Germany had been suffering from inflation ever since World War I; but it was in the two year period between 1921 and 1923 that the true “Weimar hyperinflation” occurred. By the time it had ended in November 1923, the mark was worth only one-trillionth of what it had been worth back in 1914. Hutchinson goes on:
“The current policy mix reflects those of Germany during the period between 1919 and 1923. The Weimar government was unwilling to raise taxes to fund post-war reconstruction and war-reparations payments, and so it ran large budget deficits. It kept interest rates far below inflation, expanding money supply rapidly and raising 50% of government spending through seigniorage (printing money and living off the profits from issuing it). . . .
“The really chilling parallel is that the United States, Britain and Japan have now taken to funding their budget deficits through seigniorage. In the United States, the Fed is buying $300 billion worth of U.S. Treasury bonds (T-bonds) over a six-month period, a rate of $600 billion per annum, 15% of federal spending of $4 trillion. In Britain, the Bank of England (BOE) is buying 75 billion pounds of gilts [the British equivalent of U.S. Treasury bonds] over three months. That’s 300 billion pounds per annum, 65% of British government spending of 454 billion pounds. Thus, while the United States is approaching Weimar German policy (50% of spending) quite rapidly, Britain has already overtaken it!”
The Weimar Hyperinflation? Could it Happen Again? | Global Research
I guess I’d have to ask the reason of your discomfort. It shouldn’t be based on track record since most believe it was reasonably successful:
i'm exceptionally uncomfortable with expansion of QE.
You can’t blame somebody for turning down a plate of liver if you’re not even willing to throw some gravy on top. There is zero compromise in the bills that come up from the house. If you’re looking for somebody to blame, let’s start with Grover Norquist. You want to make a difference this election – vote out any bone head that puts their signature to one man’s ideals instead of the will of the people (which ultimately means compromise).And what is Congress supposed to do when Harry Reid blocks everything sent up by the republican congress?
I agree that this fixes the spending part of the equation but does not fix the confidence side. I’m really backed into a corner at this point in saying that I think the only way out of this recession beyond massive amounts of time, is government-direct jobs. People need stability right now, not just cash. There simply is no private sector solution to the jobs equation as long as demand is low. Unfortunately, until people realize the tea party was 8 years too late and that they’ll have to wait for the next cycle, we’ll just have to hope the next decade or two isn’t too harsh.If you had elected Specklebang as President and we of The Logical Party had control, here's what would have been done.
Everyone who paid at least $500 in taxes and no more than $30,000 in taxes in 2010 would have received a $10,000.00 VISA card with no cash withdrawals and expiring in 6 months.
Is that not brilliant?
We have seen this fail before...Frankly I am surprised that I even have to post this...
“The current policy mix reflects those of Germany during the period between 1919 and 1923.
We have seen this fail before...Frankly I am surprised that I even have to post this...
http://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_Republic said:In order to pay the large costs of World War I, Germany suspended the convertibility of its currency into gold when that war broke out. Unlike France, which imposed its first income tax to pay for the war, the German Kaiser and Parliament decided without opposition to fund the war entirely by borrowing,[12] a decision criticised by financial experts like Hjalmar Schacht even before hyperinflation broke out.[13] The result was that the exchange rate of the Mark against the US dollar fell steadily throughout the war to 8.91 Marks per dollar. The Treaty of Versailles, however, accelerated the decline in the value of the Mark, so that by the end of 1919 more than 47 paper Marks were required to buy one US dollar.
I guess I’d have to ask the reason of your discomfort.
It won't be news that I think that automation and outsourcing are fatal to the old economy as we know it. There simply won't be jobs for the under-educated as we knew them in the past. Screwing in a bolt on a tire is now a robot job and you need an engineering degree to supervise a robot team. No amount of economic manipulation will change this. The only hope we have is very long term - education - and we resist this due to American backwardness.
Excessive regulation just adds to the base problem and they dream up new regulations every day.
You won't see $5 gas until AFTER the election. President Bersnakey wants to help Obusha keep his job so Bersnakey can keep his job. In the meantime, there has been so much debasement of the dollar combined with ludicrous interest rates that benefit banks, not businesses, that the FRN dollar will be DOA in the next few years. So, yeah, hold tightly to your PMs and at least you'll be able to stay even with the damages.
Can't say I agree with your last paragraph since the neither of those branches have much control over pump prices beyond the taxes.
I've also seen others here make the argument that you can look at china as a gigantic, do-all robot, and economically it is hardly different, so outsourcing IS automation by some accounts. But in any case, you are right, and that will remain a long term problem. Even in suggesting public employment now, I realize the economy eventually must be healthy enough to offload that workforce back to the private sector.
100% agree with education as a long term solution. It doesn't matter if our competitors are stealing our stuff, as long as they're ALWAYS stealing our stuff in an effort to keep up.
We have seen this fail before...Frankly I am surprised that I even have to post this...
Yep, you can bet on it, in fact I'll bet anyone here that gas prices will be at or darn close to $5.50 by November. At least mortgage rates will stay low, and we ALL know that this is a good thing for the economy..
Tim-
Looking at adjusted GDP numbers and explanations, it seems unlikely that the growth was attributable to the stimulus.
Saved/gained millions of jobs is speculative, at best.
Interesting. 85% of economists surveyed by the University of Chicago concluded that the stimulus did indeed work.
http://www.washingtonpost.com/busin...nds-stimulus/2012/06/06/gJQAnFnjJV_story.html
Did the stimulus work? A review of the nine best studies on the subject - The Washington Post
Economists agree: Stimulus created nearly 3 million jobs - USATODAY.com
Poll Results | IGM Forum
Now, perhaps you also have a PhD in economics and have a few of your PhD buddies that have a contrary opinion, but barring that, I'm inclined to go with the conclusions of the UChicago panel over your "looking at the adjusted GDP numbers"...
Those the same economists who stuck theirs heads in the sand whe the housing bubble was inflating?
The global housing boom: In come the waves | The Economist
I'm not exactly sure what your point is here. Certainly each of the economists polled were economists as the housing bubble blew up. You can do you own research as to whether any of these economists had their "head in the sand" Since none were specifically named in the attached article you have no bias to suggest one way or another.
I do not see how its germane to whether the stimulus worked but rather its nothing but a head fake from the issue on hand.
The Economist article, of course, well articulated the bubble was expanding and warned of the consequences of the burst.
Dont take this the wrong way J Mac
But you are posting using Global Research?, that is truely a suprise given it general leanings
Interesting. 85% of economists surveyed by the University of Chicago concluded that the stimulus did indeed work.
it certainly helped. it helped me, as well; i was able to afford COBRA after i lost my job in '09.
my criticism is that it wasn't big enough. it should have included a temporary resuscitation of the WPA. however, that would require tax rates closer to what they were the first time the WPA was up and running, and the chances of that passing congress were exactly zero. it was as big as they could get it; it just wasn't big enough.
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