Welcome to PatsFans.com

Hundreds of Economists Urge Congress Not to Rush on Rescue Plan

Discussion in 'Political Discussion' started by Patters, Sep 25, 2008.

  1. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    17,769
    Likes Received:
    132
    Ratings:
    +169 / 4 / -4

    Bloomberg.com: Worldwide

    More than 150 prominent U.S. economists, including three Nobel Prize winners, urged Congress to hold off on passing a $700 billion financial market rescue plan until it can be studied more closely.

    In a letter yesterday to congressional leaders, 166 academic economists said they oppose Treasury Secretary Henry Paulson's plan because it's a ``subsidy'' for business, it's ambiguous and it may have adverse market consequences in the long term. They also expressed alarm at the haste of lawmakers and the Bush administration to pass legislation.
  2. Mogamedogz

    Mogamedogz Rookie

    Joined:
    Mar 18, 2007
    Messages:
    3,032
    Likes Received:
    5
    Ratings:
    +7 / 0 / -0

    #80 Jersey

    Letter and complete line-up.

  3. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    38,093
    Likes Received:
    297
    Ratings:
    +598 / 4 / -12

    #87 Jersey

    Lots of smart people there and yet we have more than a few who just want to rush any type of bill through ... so much for our leaders looking out for us. Luckily there's a small but growing bi-partisan faction that is gaining steam to slow this process down.
  4. STFarmy

    STFarmy Rookie

    Joined:
    Sep 14, 2004
    Messages:
    2,677
    Likes Received:
    6
    Ratings:
    +6 / 0 / -0

    As soon as I started hearing the doom and gloon predictions if we didn't pass this thing immediately, that's when I became skeptical. This is the correct reaction. Let's hope they listen to these economists.
  5. Mogamedogz

    Mogamedogz Rookie

    Joined:
    Mar 18, 2007
    Messages:
    3,032
    Likes Received:
    5
    Ratings:
    +7 / 0 / -0

    #80 Jersey

    Which to Obama and McCain's credit (whether politically driven or not), they are both a part of.

    I think the politicians need to step back and hand this one over to the Lambda Lambda Lambda.


    [​IMG]
  6. MrBigglesWorth

    MrBigglesWorth Rookie

    Joined:
    Apr 28, 2006
    Messages:
    8,338
    Likes Received:
    16
    Ratings:
    +16 / 0 / -0

    the push to rush can't help but make me think that this is shady. did these big company's purposely cause bad investments?

    is the country being taken to cleaners?

    is this money going to end up in the cayman islands?
  7. ljuneau

    ljuneau Rookie

    Joined:
    Sep 1, 2007
    Messages:
    1,286
    Likes Received:
    3
    Ratings:
    +3 / 0 / -0

    Cool. Something we all can agree on.

    Certainly a dilema. Something needs to be done soon, but a rushed bill will likely only make matters worse.

    But the clock is ticking:

    We are going to see more of the above every day until something is not done.
    Last edited: Sep 25, 2008
  8. MrSparkle

    MrSparkle Rookie

    Joined:
    Nov 5, 2007
    Messages:
    813
    Likes Received:
    7
    Ratings:
    +7 / 0 / -0

    I read this as well but also read that it's not true. It was a mistake and they are in fact still lending. I must admit that this will probably be true sometime soon though.

    I agree. It's like a used car salesman pitch "you have to buy now, it won't be here tomorrow". I think the shear number of emails and phone calls they are getting from their constituents is giving many of them pause. I heard one say he got 41 voice mails and 40 of them were against the bill.

    We need a miracle. I think they are going to rush through this bill and I think every one of us is going to end up paying for it for a long time. The bigger problem is that we may spend the cash and still have the issues.

    God help us.
  9. PatriotsReign

    PatriotsReign Rookie

    Joined:
    Jan 15, 2007
    Messages:
    25,890
    Likes Received:
    87
    Ratings:
    +195 / 3 / -10

    Pretty impressive line-up gamedogz! I don't know many of the names, but I know most of the best economics schoolse are listed.

    I was surprised that Nouriel Roubini's name is missing. In economic circles today, he's da MAN.
  10. PatriotsReign

    PatriotsReign Rookie

    Joined:
    Jan 15, 2007
    Messages:
    25,890
    Likes Received:
    87
    Ratings:
    +195 / 3 / -10

    Paulson met with his 'ol buds on Wall Street and they said, "if we wait until the 11th hour and tell everyone we're doomed, they'll just bail us out...cool, huh?"

    On another front, we can take solice in the fact that there is a HUGE federal investigation into these companies going on as we write. People are going down.

    Which is strange because here we have the very industry Paulson is asking us to loan $700 billion to and they're all being investigated for criminal activity! Go figure!
  11. MrSparkle

    MrSparkle Rookie

    Joined:
    Nov 5, 2007
    Messages:
    813
    Likes Received:
    7
    Ratings:
    +7 / 0 / -0

    It's both ironic and a travesty.
  12. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    38,093
    Likes Received:
    297
    Ratings:
    +598 / 4 / -12

    #87 Jersey


    Stock tip of the day ... invest in firms that provide security for federal prisons ... a sure bet growth industry. Perhaps we'll get those lost jobs back a bit.
  13. PatriotsReign

    PatriotsReign Rookie

    Joined:
    Jan 15, 2007
    Messages:
    25,890
    Likes Received:
    87
    Ratings:
    +195 / 3 / -10

    On that note, did you hear that unemployment jumped way beyond expectations to 6.3% and that new home sales are down 34% vs last year?

    This news was approved by the doomsdayer :D
  14. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Mar 19, 2006
    Messages:
    20,173
    Likes Received:
    228
    Ratings:
    +344 / 6 / -8

    Nobody likes how Paulson grabbed for absolute economic power, and nobody likes that the criminal parties are being relieved of their bad debt. The story is what happens if you don't do the bailout, and it still is... and that one's close to unanimous.

    That's why the "Paulson Plan" has been very heavily edited over the week. I can't wait to hear what the additional amendments are that the house pubbies came up with. I understand it includes.... [fanfare]... more tax breaks (like repeal of capital gains for instance.)

    It's still not a good plan. In fact it's absolutely the worst thing they can do with the exception of any alternative on the table. And as WaMu illustrates, time is running out.

    Paulson DID put a gun to the country's head... well, he didn't get the car keys he wanted, but he's in the car with us.

    The thing is, the gun is, in fact, loaded.
  15. PatriotsReign

    PatriotsReign Rookie

    Joined:
    Jan 15, 2007
    Messages:
    25,890
    Likes Received:
    87
    Ratings:
    +195 / 3 / -10

    I'm going to use YOUR "scripted scenario" logic and say that the timing of Wamu's collapse was orchestrated by the guilty parties on purpose to increase the sense of urgency. They were going to go out of business anyway, but the process was spead up as part of Paulson's power play...I can almost guarantee it.

    Here's how;

    "Note that this is an intentional drain of "slosh", or liquidity, from the banking system. $125 billion in the last four days drained?

    You wouldn't be trying to intentionally cause a bank failure or two to bolster your call for the $700 billion "bailout" plan, or perhaps intentionally lock the short-term credit markets, would you Ben?

    If the market has a liquidity crisis, why would you be intentionally draining reserves from the banking system? Don't you think you ought to explain that to Congress?"


    Karl Deninger

    FLASH: Fed Speaking Out Both Sides Of Mouth - The Market Ticker

    (Thanks to Mossed81 for that information)
    Last edited: Sep 26, 2008
  16. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Mar 19, 2006
    Messages:
    20,173
    Likes Received:
    228
    Ratings:
    +344 / 6 / -8

    LOL, touche, PR, though I must be a starry-eyed idealist on the WaMu count. Paulson's already given up the points that matter. He's already lost the complete control and imperious lack of oversight he wrote into his original plan. What's going on in the last couple days has nothing to do with Paulson's/Bush's ability to control the market without oversight, so there is no goal attached to WaMu's collapse except the acceptance of the bailout itself -- which is now a much less attractive prize; the strings are already written in.

    If the idea is that there's no liquidity crisis at all, and the entire crisis is manufactured from the start, I'm close to the type of "loose change" thinking where I'd entertain the possibility, but not quite there yet.

    But of course, you can look at the Warner National Defense Authorization Act of 2006, S. 1076, to reinforce that ol' tinfoil hat...

    Daily Kos: Section 1076 of the John Warner National Defense Authorization Act

    Yeah, Martial Law, sort of snuck into a budgeting document...

    Do I believe this line of thought? No. Do I put it past President Cheney and Spokesman Bush? Uh oh. Also no. LOL...

    But nahhhhhhhhhh.

    PFnV
    Last edited: Sep 26, 2008

Share This Page

unset ($sidebar_block_show); ?>