11-17-2009, 09:36 PM | #141 |
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Right, because the first one worked so well. Or maybe I missed that part: did he say the first stimulus accelerated the recovery and saved jobs? Is that what you read?
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11-17-2009, 09:45 PM | #142 |
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Why would he ask for a second one if the first one didn't do anything?
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11-17-2009, 09:48 PM | #143 | |
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On one hand the Keynsians believe the government must inflate the economy by spewing money into it so that it doesn't spiral down further and if they pull the plug too soon it will deflate any way. That's what they argue in short. On the other hand, that theory doesn't address whether the economy is capable of sustaining itself ever under this model, and what happens to inflation and how will the taxpayers afford the spending spree. My observation is that this spiral is in large part systemic, our economic structure is rotting at the core, so any spending is artificial and will extend the length of recovery. The longer you delay hitting bottom, the longer it will take to get out of the trough. It doesn't also address the problems with T Bills and taxation.
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11-17-2009, 09:59 PM | #144 | |
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You'd think if we're looking at double-digit inflation for the next 2 years (as he asserts we are) after already pumping $800B give-or-take into the economy, that might give a guy some pause in recommending we spend more. Either way, reading his article, it's hard to make a case for how Obama's policies have sped up recovery and saved jobs. Unless of course one decides to just make up a "saved jobs" number, but Obama would never do that.
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11-17-2009, 10:01 PM | #145 |
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The questions which economists have not answered satisfactorily, is how to kickstart the economy to have internal, not government spending external, incentives to grow.
The super smart economists Chino and California love to believe in seem to believe if you spend a lot of money for a very long time, (a) it won't hurt to pay it back, (b) dollar devaluation is no problem in the grand scheme of things, and (c) there will be no dive once the faucet of the government spending is turned off and taxes go sky high.
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11-17-2009, 10:06 PM | #146 | ||
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In any case, as an undergrad, I'd say about 80% of the models we studied showed that the free market equilibrium was the best solution. So teacher ideology matters less when everything is mathematicized.
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11-17-2009, 10:06 PM | #147 | |
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Right now, consumer confidence in a better tomorrow is at an all time low. The internal stimulus isn't there. Part of the malaise is actually good. We need to start saving a lot more of our earnings. and industry needs the ability to invest in better means of production. China is building new, high quality factories and means of production. The investment is so significant, we don't have the ability to catch up if we don't start.
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11-17-2009, 10:08 PM | #148 | |
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We are talking about minor percentage points which ultimately result in significant discrepancies.
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11-18-2009, 12:14 AM | #149 | |
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11-18-2009, 12:15 AM | #150 |
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What if you use generalized numbers like Y=A*L^gK^(1-g) with no actual values?
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