Quote:
Originally Posted by efin98
It worked when the last economic downturn due to major business collapses...back in 2001. He used the same economic stimulus checks and government investments to try to jumpstart the economy. Difference between the two is he didn't put money into failing companies to the point where the governement essentially owned them, they failed and went out of business on their own or were bought out by stronger rivals.
|
It's just dumb to compare the 2001 collapse or the dot com bust to this one.
This time, your market purist sectrezh and your market purist president were clamoring to socialize major corporations, and did, before the Bush term was up. This should tell you something.
Paulson pushed a within-the-week agenda related to the first TARP. In a meeting someone asked how the economy would take it if they didn't do it. His answer was if they didn't do it, there might not BE an economy on Monday.
Now: On the right one can say that Obama's a big fat socialist to support government intervention. But it is impossible to say with a straight face, because it's the continuation of an intervention deemed necessary by the most right-wing market purists.
On the left one could say Paulson/Bush were just giving a last-minute gift to the banking industry, but because of the strings attached, much of that industry is trying to give the money
back.
Everybody likes to be the "real" authority, based on their facey spaces and their bliggity blogs, but the reality is that there
is an economic crisis, cascading down from a credit crisis, cascading down from a litany of failed policies and frankly failed attitudes.
As to the thread title -- yep, you ain't seen nothin yet. And it has nothing to do with socialism or fascism or any other ism except pragmatism. Worst case scenario for the chicken littles, he actually tries to make significant progress toward a sustainable lifestyle here in the U.S. It appears, in fact, that he's going to make that attempt. The youth of America are ready; the old men run to their AM radio and hug it tight.
What everybody is crying about right now is the saving of our current system from utter collapse. The challenges ahead of us include enormous energy challenges, conversion challenges (think internal combustion going away one day... and being in a position to deal with it,) demographic challenges (the first baby boomers retiring,) and of course general economic challenges. We finally have a president with an economic vision bigger than "go shopping," and it is a necessity, not a luxury.
We're in a position where saying "America needs to go back to work" doesn't mean "America needs to hire 30,000 more guys who can write bizarre derivative contracts." We have big construction projects that are beyond "shovel ready," they're way overdue. That gives people jobs. We have a need for public transit that relieves congestion and moves people with a smaller combined carbon footprint. That makes jobs. We have a need for alternative fuel, and the two most problem free sources -- wind and solar -- create jobs.
The market has become a casino with an unfortunate need to somehow influence and be influenced by the creation of actual economic activity. We'll soon see regulation that "dampens" the "creativity" of the market, when that "creativity" is nothing more than glorified gambling. I like poker, but not with other peoples' jobs and retirements.
We'll come out of this -- if Obama's support lasts, and if the Congress stands with him -- well on our way to sustainable growth, and at least a step or two down the road to energy independence. Hell yeah that's a good thing. It may be bad for one individual's portfolio, but measured by real employment and real progress, it's what we need to do.
So you say you're concerned that China's concerned that we'll monetize their debt? So you say your bliggity blog tells you some scary fact about us having to collateralize that debt? So you're worried now, but weren't worried for the last 30 years when we were running up the tab, and only became worried when we had to pay the piper?
Well, maybe we need to be in a different position in the future. And guess what, Skippy? You ain't gettin' there in the next year or 5 or 10. Too many graying workers, too many promises to them, not enough cash.
Guess what else, kids? You ain't gettin' there cheap. Cry and whine about spending when you have the tax rate of a grown-up country. We don't. We're a comparative tax haven. You know and I know that's going to change. We are in the hole, and we need to get from point A to point B. You don't get something for nothing, despite what market purists tell you. The magical wealth creation machine is only magical in the rear view mirror; we are not at the outset of oil-powered industry, we are at the tail end of it. We are in a different transition. We're not in the century where we found out that you have all sorts of cheap fossil energy laying around and put it to work in earnest, so solve horrible problems like horse crap in all the streets. We're in the century when that resource is running out, and we have to figure out if there's something else to make stuff go. Of COURSE there is, but it's time to get serious about harvesting it.
Are we in the century that enough countries understand population growth is detrimental, that we finally level off? That's an underlying question that will save or doom us all. It's simple enough: eventually, there won't be enough chow. Period. Far before then all sorts of calamities will be available to choose from. But in the long run, we need to be as mature as China about promoting birth control, not just in our own countries but (in the future) worldwide. Getting India on board would be a huge help.
So yeah, I
hope we ain't seen nothin' yet. The past is prolog, dear friends. The fondly imagined world where we all cruise home in our fin-bearing Caddies in a 20-minute commute to our all-white neighborhoods, drink martinis, and play golf on saturdays is gone, no matter what Reagan told you. It finally, really is morning in America.
Sleep well? Have pleasant dreams? Get up. It's time for work.
PFnV
Re: Obama: You ain't see NOTHING yet
Linear Mode
