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‘Left, Right & Center’: Are We Stimulated Enough Yet?

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Posted on Feb 7, 2009
Left, Right & Center
kcrw.com

Everyone’s a Captol Hill critic these days. Here we have a handful who might just know what they’re talking about when it comes to the stimulus debate: Arianna Huffington, Tony Blankley, Robert Scheer and Matt Miller do their darndest to sort out where the money should go.

KCRW.com:

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By Chris, February 9, 2009 at 2:24 pm Link to this comment
(Unregistered commenter)

>>>Chris, when the Challenger went down, should we have fired all the engineers who worked on it and hired college professors in mechanical engineering and auto mechanics to run our space program?

Wouldn’t it make more sense to task the experts who made the mistakes to figure out a way to correct them and avoid future mistakes?<<<

I disagree. Geithner and Summers (along with others) are disciples of Robert Rubin’s way of thinking which was massive deregulation and facilitating the creation of financial weapons of mass destruction (e.g. credit default swaps). Geithner was also the architect of the bungled bank bailout. This is the same man who can’t tell congress where the first half of TARP went because he doesn’t know. There should’ve been no bank bailout or auto bailout because it makes the economic pain worse. If the bailouts hadn’t occurred, there still would’ve been pain but the rotten companies would’ve been weeded out leaving room for new companies to emerge.

The solutions being offered by the the President (and Bernanke) is to print more money (the stimulus) and lower interest rates. The printing of money is going to cause inflation and cause the dollar to eventually become worthless. If the dollar becomes worthless (and were not on the gold standard) then the rest of world won’t buy them which means we won’t be able to import anything (e.g. food, resources). Also, The U.S. does very little manufacturing since it all shifted to China and other foreign countries. This means we can’t generate wealth which is why we don’t export very much.

The Obama admin ran on a message of change. This new admin is not change. It is an grab bag of people from the Clinton and Bush administrations. Obama also cited no lobbyists would work in his admin, then it changed to some lobbyists, now it is any lobbyist can work in my administration so long as they sign a legal document outlining what they can and can’t do while they work for Obama. I wish the Obama admin had been willing to go outside of D.C. to recruit individuals who can help with this mess but of course that would make too much sense. Why get new blood when you can rely on the politically incestuous sphere that is D.C.

I was no fan of McCain either. McCain had less answers than Obama and it was a little known fact that McCain’s wife got a huge payout from the sale of Bud to InBev because she had stock in Bud. She’s also an heiress to one of the big name beer distributors. McCain was also involved in the infamous Keating five scandal during the 1980s.

To get out of this fiscal hole, which was also caused by consumers living beyond their means, is a productive capacity—a new technology such as zero point energy or charge clusters. During the Clinton administration there was almost a recession but there was this little thing called the internet that launched a brand new industry and created tons of new jobs. Thus, the recession never happened under Clinton.

I think more big name retailers are going to fall but the bright side is that may bring about a revival of the “mom and pop” shops. The other downside to all the layoffs and downsizing is that it is going to leave a lot of empty commercial real estate which no one is going to buy. Commercial real estate may be the next economic hammer to fall and it may fall harder than the subprime mess because commercial real estate is little money down and the rest is borrowed. Shopping malls probably don’t want to hear that because of the beating they’ve taken over the years from online shopping, multiplexed cinemas, and another reason which escapes me at the moment

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By tdbach, February 9, 2009 at 1:02 pm Link to this comment

Chris, when the Challenger went down, should we have fired all the engineers who worked on it and hired college professors in mechanical engineering and auto mechanics to run our space program?

Wouldn’t it make more sense to task the experts who made the mistakes to figure out a way to correct them and avoid future mistakes?

Report this

By Chris, February 7, 2009 at 10:50 pm Link to this comment
(Unregistered commenter)

Didn’t know about the NPR-Wall St. funding connection. Scheer is right—the clowns like Geithner, Summers, and co. made the mess and we expect them to fix it?! What an embarrassment to have the new treasury secretary get confirmed despite acknowledging he cheated on his taxes. I doubt it was a flaw with his tax software.

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