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How ironic that you want a thread about honesty and open it with a lie.I'll go first:
I posted my opposition to the Afghan surge but I now have to admit that it is paying off. Some very real progress is happening there. Some very hard-line militants have been killed, captured and/or driven to the negotiating table. It also appears that by expressing our own committment, we have convinced many allies to join in the effort in a much bigger way than they were before. (Pakistan & Russia to name two)
So in that same spirit of honesty and now that our economic recovery is showing some real traction, it's time for some of you posters (you and I BOTH know who you are) to admit that you were wrong about the futility of the economic stimulus packages and to admit that you were wrong in your promises of hyper-inflation.
OK the seems to be a lot of confusion about my OP.
Firstly, the only link between Afghanistan and the economy (the butterfly effect notwithstanding) that I was making is that in the first scenario it was I who can admit my mistake. In the second, I invite others to join me (in light of events) to admit they too made a mistake.
Secondly, if you contend that the economy is NOT showing any signs of recovery (without the promised hyper-inflation) then I would simply suggest that you look over a few financial publications.
I believed republicans back in '94, when they claimed that they would get rid of the Departments of Energy, Commerce and Edumacation (among other stupid programs) if given a majority in congress, and voted for them on that basis.
They lied....I got suckered.
First off, I have admitted on several sites, several times when I have made mistakes.
Second, if you really wanted me to start listing my mistakes, I would not know where to begin. Last one I remember making, probably not the last one I made, was in regards to HRC when I said that any insurance company writing new policies on Wednesday was breaking the law because they were not qualified plans. Seems Antagon pointed out to me that this does not take effect until 2018.
Third, if you really want a list of all my mistakes, I'd have to publish something about the size of the Holy Bible... so forget it.
Immie
We all make mistakes from time to time, Immie...We're only human, after all!
Still, I wonder what the OP points to as evidence of "real traction" ?
I hope it turns out to be true but I have my doubts.
Nice try.Intellectual dishonesty and silly games .... for what? To protect your own ego or to protect a political point of view?
It's childish.
Trying to twist and squirm and trump up negatives in an effort to argue that the economy in NOT on much more solid footing than it was a year ago is absurd. Trying to plead ignorance of any evidence contrary to that position is sophomoric. If those are the types of games you enjoying playing, that's certainly your perogative. But don't blame me for calling them exactly what they are ..... childish, silly games.
NEW YORK, March 26 (Reuters) - U.S. Federal Reserve Board Governor Kevin Warsh said on Friday that he is not "overly preoccupied" with deflation and warned the United States should not be complacent about inflation risks.
NEW YORK, March 26 (Reuters) - U.S. Federal Reserve Board Governor Kevin Warsh said on Friday that he is not "overly preoccupied" with deflation and warned the United States should not be complacent about inflation risks.
Fed's Warsh warns against inflation risk complacency | Reuters
On the other hand, he said, "I don't think we should be complacent about inflation risk. Inflation expectations will be anchored until they are not."
Warsh said it was insufficient to look only at the gap between the economy's actual and potential output to gauge inflation.
"It would be prudent to look at a broader set of indicators" including the price of the dollar and commodities, he said.
"Central bankers would be prudent to keep a very open mind about shocks that could happen domestically and overseas," he said.
I'll go first:
I posted my opposition to the Afghan surge but I now have to admit that it is paying off. Some very real progress is happening there. Some very hard-line militants have been killed, captured and/or driven to the negotiating table. It also appears that by expressing our own committment, we have convinced many allies to join in the effort in a much bigger way than they were before. (Pakistan & Russia to name two)
So in that same spirit of honesty and now that our economic recovery is showing some real traction, it's time for some of you posters (you and I BOTH know who you are) to admit that you were wrong about the futility of the economic stimulus packages and to admit that you were wrong in your promises of hyper-inflation.
Its not impossible Immie.
The states were set to fire people before it came down and the firings were trimed due to the stimulus.
Fed's Warsh: 'Significant Economic Challenges Persist' | iMarketNews.comWarsh's topic was "An Ode to Independence," and he devoted most of his speech to that topic. But he began with some brief comments on economic and financial conditions that seemed to reflect the cautious views of other Fed policymakers, including Chairman Ben Bernanke, that have spoken in recent days.
"The overall profitability and balance sheet strength of large U.S. enterprises is impressive at this stage of recovery," he began. "Equity prices and credit terms in liquid markets corroborate these improved fundamentals. And for these firms, financial market conditions appear quite supportive of economic growth."
"Still, significant economic challenges persist," Warsh continued. "While recent trends in personal consumption and business investment trends are positive, the underlying strength of the economy over the medium term is less clear."
"Unemployment remains high, and stubbornly so," he went on. "Small and medium-sized enterprises, which have tended to lead recoveries, are still hesitant to expand -- revenue growth is tepid, costs are uncertain, and credit conditions remain more difficult than for large firms."
Warsh also noted that "increases in government expenditures around the world ... are raising fiscal deficits significantly" and "raising concerns in sovereign debt markets."
"Taking account of the broad range of economic and financial conditions, there is no wonder that the electorate -- in the United States and abroad -- is unnerved," he added.
Against that backdrop, Warsh said, "monetary accommodation from the world's largest central banks remains extraordinary." But as and when the time comes to withdraw some of that accommodation, he warned that the Fed's independence and in turn its credibility may increasingly come under assault.
He called the Fed's credibility its "greatest asset" and said it is "essential: It increases the heft of our communications. It gives weight to our economic assessments. It amplifies the effect of announced changes in the short-term policy rate on longer-term rates. It is, in some sense, the real money multiplier in the conduct of policy."
But the Fed's credibility is "no birthright," he said. It had to be earned and required "fierce independence from the whims of Washington and the wants of Wall Street, and from a pernicious short-termism that can undermine the proper conduct of policy."
Both the Fed's independence and its credibility are now on the line, in Warsh's view.
"Central bank independence is precious," he said. "It can be taken for granted in benign times, but it is tested when times get tough. And we still have tough times ahead of us."
"My colleagues and I must demonstrate that Fed independence has not been relegated, and the Fed's long-term objectives not compromised," he continued. "Ensuring Fed independence--as the cornerstone of institutional credibility -- is our charge to keep."
"(D)eclarations of independence by Fed policymakers are heartening," Warsh said. "But independence is ours to demonstrate, not principally to declare."
Congress is perfectly capable of taking away the Fed's monetary policy independence, so the Fed must carefully guard it, he said, emphasizing that monetary policy must be distinguished from the Fed's other regulatory functions, which he said are not independent.
And the Fed must "steer clear" of fiscal policy, he said,
"(F)iscal and monetary policies tend to blur in these times of crisis," Warsh said. "Capital and liquidity issues become difficult to disentangle at troubled institutions."
Its not impossible Immie.
The states were set to fire people before it came down and the firings were trimed due to the stimulus.
First that does not prove that things would not have been worse without the Stimulus package and second, I know better than to ask you to prove something.
Also do I hear "saved jobs" in this: "firings were trim[m]ed due to the stimulus"?
Give me a break, "saved jobs" is a mythical number pulled out of the administration's ass.
Immie
Its not impossible Immie.
The states were set to fire people before it came down and the firings were trimed due to the stimulus.
First that does not prove that things would not have been worse without the Stimulus package and second, I know better than to ask you to prove something.
Also do I hear "saved jobs" in this: "firings were trim[m]ed due to the stimulus"?
Give me a break, "saved jobs" is a mythical number pulled out of the administration's ass.
Immie
Immie why is it you join in on the lie that I do not provide evidence?
Saved jobs are just that , every state was dumping state workers and you know that. When they were sent stim money some of that kept people from being let go.
You see contrary to what many claim MONEY reacts the same wether it came from fed tax dollars or state tax dollars.
When a state has reduced tax revenue because the state is in recession and gets fed money to make up for some of the gap the peopel who get payed get payed because of the fed money. That means they did not get ssent to the unemployemnt office becuase the state got fed dollars.
