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Okay, "every PhD alive" was over the top. Yes, of course there was "opposition," but do any of them know for a fact how things would have turned out if not for government rescue? Not unless they use crystal balls. This was a potential GLOBAL Crisis (with a capital C) for all the reasons mentioned in this extensive analysis, which you can read piece by piece as your time allows:
Global Financial Crisis ? Global Issues
Opposition included at least 2 Nobel Prize winners.
Did any of them know for a fact how things would turn out? Are you asking whether a PhD in Economics confers prophetic powers? The answer is no.
But there are some things that are predictable based on laws of economics and past history. This was one of them. And the prediction was that a massive stimulus would not help the economy and simply waste tax payer dollars. And lo and behold, they were right. That is exactly what happened.
Yea right....
Except for the fact that it did help the economy. Cynics like the Rabbi will Monday Morning Quarterback and say the economy recovered by itself....the economy would have rebounded faster......everything woulda ...coulda ......shoulda
Fact is...the economy DID make a remarkable rebound and started to recover right after TARP and the Stimulus passed.
Once again....History proves the Rabbi..........WRONG
No. Government cannot "pick up the slack." This is a fallacy. Government can only spend other people's money, so they are simply substituting one form of spending (almost always inefficient and wealth destroying) for another (usually more efficient and wealth creating).
In fact we would be seeing many fewer people on the dole had gov't not tried to bail out inefficient industries and bribe people to remain off the job market by extending unemployment to two years.
Of course government picks up the slack, it's necessary for government to step in where the private sector fears to tread. Government spends our money for the benefit of the nation. Sometimes that means propping up failed companies to allow people to keep their jobs and thus avoid social damage and economic damage. It's fine using an academic, textbook approach to suggest that failed companies should be allowed to fail but there are real human costs in there and there are severe repercussions for a nation if that happens.
If that were the case East Germany would be an economic powerhouse.
There are even more human costs for intervening. Imagine if the U.S. had decided to restrict farm equipment, maybe slap a big tax on it, to insure there would be enough farm jobs for all the farm laborers who were being put out of work by mechanization. We would have the least efficient most expensive food supply in the world.
Um, no. None of that is correct.
The Crash led to the Depression. It was not necessarily a cause of it. Mis-steps by the Federal Reserve led to the Depression. Actions by Roosevelt and the Democrats prolonged it.
Indeed, when The Rabbi writes that, "The sad state of economics knowledge among the general run of citizens in this country is responsible for a lot of mischief", he is referring to the general run of the reactionaries wierdos on the far right, not the normal GOP.
Actually I had you specifically in mind.
As being part of the normal GOP? And you the whacko reactionary? Good. I am glad you know your place, son: far outside of the norm.
Um, no. None of that is correct.
The Crash led to the Depression. It was not necessarily a cause of it. Mis-steps by the Federal Reserve led to the Depression. Actions by Roosevelt and the Democrats prolonged it.
I have heard this before but never seen evidence for it. Post it.
Actually I had you specifically in mind.
As being part of the normal GOP? And you the whacko reactionary? Good. I am glad you know your place, son: far outside of the norm.
You are no more a Republican than I am a Democrat, Joke. In fact, you are the epitome of the problem with the GOP, you are unrecognizable from a Democrat.
Um, no. None of that is correct.
The Crash led to the Depression. It was not necessarily a cause of it. Mis-steps by the Federal Reserve led to the Depression. Actions by Roosevelt and the Democrats prolonged it.
I have heard this before but never seen evidence for it. Post it.
What the fuck is the matter with you? You have 'heard it before but never seen the evidence'? How much of a moron can one person be. Don't sit there waiting to be spoon fed..... Go find evidence for yourself. Learn something, you fool. Don't sit there and wait for someone else to provide stuff so that you can dismiss it. READ. LEARN. EDUCATE YOURSELF.
Damn, people are fucking bone idle.
I have heard this before but never seen evidence for it. Post it.
What the fuck is the matter with you? You have 'heard it before but never seen the evidence'? How much of a moron can one person be. Don't sit there waiting to be spoon fed..... Go find evidence for yourself. Learn something, you fool. Don't sit there and wait for someone else to provide stuff so that you can dismiss it. READ. LEARN. EDUCATE YOURSELF.
Damn, people are fucking bone idle.
Nothing here about the Feds, Roosevelt or the Democrats being the primary cause. I was going to post the Wikipedia entry, but I know you guys all think that's an evil commie website.
Great Depression - Top Five Causes of the Great Depression
Thanks, Maggie Mae. CG is a smoozer, lozer, and right wing cruiser who is not a Republican, so nobody who thinks critically truly cares what she has to say. I hope she is better at her job than her opining and whining.
You hit on an important point. I am not going to be identified with far rightwing hacks and whacks who are attempting to redefine their wierdness as a core component of the Republican Party. That will not be permitted to happen. They will cost us elections, such as McCain and NY 23rd, and the mainstream Republicans will kick their lozer asses out, out, out.
Of course government picks up the slack, it's necessary for government to step in where the private sector fears to tread. Government spends our money for the benefit of the nation. Sometimes that means propping up failed companies to allow people to keep their jobs and thus avoid social damage and economic damage. It's fine using an academic, textbook approach to suggest that failed companies should be allowed to fail but there are real human costs in there and there are severe repercussions for a nation if that happens.
If that were the case East Germany would be an economic powerhouse.
There are even more human costs for intervening. Imagine if the U.S. had decided to restrict farm equipment, maybe slap a big tax on it, to insure there would be enough farm jobs for all the farm laborers who were being put out of work by mechanization. We would have the least efficient most expensive food supply in the world.
I didn't have tariff protection in mind, we know that leads to trade wars and actual wars. As for East Germany, a socialist economy doesn't exist to be a powerhouse, that's the whole point, it exists to serve its citizens, not the other way around.
I have heard this before but never seen evidence for it. Post it.
What the fuck is the matter with you? You have 'heard it before but never seen the evidence'? How much of a moron can one person be. Don't sit there waiting to be spoon fed..... Go find evidence for yourself. Learn something, you fool. Don't sit there and wait for someone else to provide stuff so that you can dismiss it. READ. LEARN. EDUCATE YOURSELF.
Damn, people are fucking bone idle.
Nothing here about the Feds, Roosevelt or the Democrats being the primary cause. I was going to post the Wikipedia entry, but I know you guys all think that's an evil commie website.
Great Depression - Top Five Causes of the Great Depression
Friedman and Grant are not objective, and their bias is clear. Once again, Rabbi, opinion is not fact.
Friedman and Grant are not objective, and their bias is clear. Once again, Rabbi, opinion is not fact.
Did anyone say they were objective? What does objective mean when discussing historical causes of an event?
Once again, Joke Starkey, you have no idea what the hell you're talking about.
Friedman and Grant are not objective, and their bias is clear. Once again, Rabbi, opinion is not fact.
Did anyone say they were objective? What does objective mean when discussing historical causes of an event?
Once again, Joke Starkey, you have no idea what the hell you're talking about.
You just clearly revealed why you are here for our smiles and chuckles, and not for serious.