Quite a few at that time were arguing for full-on "creative destruction," and allowing the market to correct itself naturally.
In my opinion, and that of those who support the economic theories behind the bailouts & stimulus, that would have been exceedingly painful, and would have affected many more people in a much more negative way. At the very least, we would have seen job losses well beyond what we've seen.
You can argue that this is speculation, but that's ignoring the economic reality of the kind of "correction" you refer to. As proof, you only have to look at the job fallout from the correction in the fall of '08.
The timeline of the "stimulus":
http://www.economicstimulusdetails.com/stimulus-timelines.html
March 2008: Bush stimulus $29 billion for Bear Stearns/JP Morgan Chase deal
May 2008: Bush stimulus $178 billion in tax rebate checks
July 2008: Bush stimulus $300 billion for distressed homeowners
July 2008: Bush stimulus $200 billion for Fannie Mae and Freddie Mac
September 2008: Bush stimulus $50 billion to guarantee money market funds
September 2008: Bush stimulus $25 billion to Big 3 automakers
September-November 2008: Bush stimulus $150 billion to AIG
October 2008: Bush stimulus $700 billion to banks (TARP)
February 2009: Obama stimulus $787 billion in broad stimulus package
February 2009: Obama stimulus $75 billion for distressed homeowners
February 2009: Obama stimulus $200 billion for Fannie Mae and Freddie Mac
March 2009: Obama stimulus $30 billion for AIG
March 2009: Obama Stimulus $15 billion for small business lending
March 2009: Obama Stimulus $1 trillion to get toxic assets off bank’s troubled asset sheets
March 2009: Obama Stimulus $22 billion for Big 3 Automakers Chrysler and GM
Things we should notice. The "broad" stimulus was 787 Billion, this was after TARP, which was passed by Bush. Since TARP there have been still more bailouts yet we proudly proclaim we were "paid back" ignoring things like the $1 Trillion to get "toxic assets" off the banks' books...
Other things. Even Michael Bennet, totally dedicated to voting whatever way he was told to by Obama, says that they spent that money without any noticeable benefit whatsoever.
Nigel and Onceler love to say we would be "worse off" if we hadn't. I can understand where they are coming from. It staved off a lower bottom, however the poorly constructed "stimulus" simply stretched the bottom they artificially created. We watched this happen to the Japanese in their "lost decade", but we can't learn from the past here in the US. We have to slavishly follow whatever people in our party want us to follow.
Now all this we've spent trying to "fix" what was supposedly caused by badly run government, and that same Administration now wants us to vote for more Ds in Congress because he "isn't done yet"...
I think we should make sure he's done, now.
It isn't the government fault the economy is not growing, it is the banks, they won't let loose of the money that we gave them! Isn't it ironic!Perception is reality:
You're right, thats the very reason Obama is President and Democrats are in control of the entire government....
Obamas tax cut was akin to a joke....what the voters see is that the federal tax rates (tables) are the same as they were in 2003...nothings changed.....they know there was NO TAX CUTS IN THE RATES.....
Voters know that they have less foolish money to enjoy. Bottom line.
The economy has grown in the last 4 quarters...yes it has...but where are the jobs? Unemployment is a record highs....it would be better if it people had jobs and economy shrunk.
Perception is reality...look how many pinheads still insist the lies perpetuated by the Dems about Bush, his wife, and his children still persist...I won't even begin with that list of lies.
It isn't the government fault the economy is not growing, it is the banks, they won't let loose of the money that we gave them! Isn't it ironic!
And electing the the most stupid bunch of candidates that have ever come down the pike!A $400 'tax credit'.... spread out over 26 paychecks is NOT $30.... it is $15.38. 30.77 for married couples (or $15.38 each if they are both working).
So no... most people don't see or feel that $15. Especially when the price of gas goes up. They see their disposable income falling. They see unemployment STAYING at 9.5% despite their President saying it wouldn't go above 8%.
They SEE the public sector unions being protected at THEIR expense. But nothing being done to protect THEIR jobs.
They see the health care bill as a fiasco. One that will RAISE health care costs and also raise our national debt.
They SEE the smoke and mirrors the Dems tried in order to pretend the health care fiasco would lower the nations debt.
They SEE the increase in red tape the small business owners will now face with all the 1099's they must produce.
They SEE that the Dems were more concerned with their party's ideological agenda than with actually trying to aid the economy and the growth of jobs.
They SEE that the Dems have done NOTHING with regards to the tax brackets for next year.
They SEE the what the uncertainty the Dems have created is doing to job growth.
They are therefore going to vote the Dems out of the House leadership next Tuesday.
They are therefore going to bring more balance to the Senate.
They understand the lies that the Dems keep parroting about it being the Reps that drove the car in the ditch. They understand that the two party system needed a massive shake up.
Say goodbye to Speaker Pelosi. Say goodbye to Senator Reid.
The people are pissed. The people will be displaying their displeasure of incumbents on Tuesday.
Perception is reality:
You're right, thats the very reason Obama is President and Democrats are in control of the entire government....
Obamas tax cut was akin to a joke....what the voters see is that the federal tax rates (tables) are the same as they were in 2003...nothings changed.....they know there was NO TAX CUTS IN THE RATES.....
Voters know that they have less foolish money to enjoy. Bottom line.
The economy has grown in the last 4 quarters...yes it has...but where are the jobs? Unemployment is a record highs....it would be better if it people had jobs and economy shrunk.
Perception is reality...look how many pinheads still insist the lies perpetuated by the Dems about Bush, his wife, and his children still persist...I won't even begin with that list of lies.
They have more money to spend. The tax cuts were applied to the withholding, so they get a little more in each paycheck. The reason the Obama administration did it thsi way, instead of a large check like Bush did (and then took back at tax time), is that large checks tend to be deposited into savings accounts, and therefore have little or no stimulative effect. A few extra bucks in each paycheck get spent immediately, and that's what the economy needs to stimulate it. If you were better informed...well, that isn't ever going to happen, is it? If a frog had wings, he wouldn't bump his ass every time he jumps, and we have a better chance of seeing a winged frog than a well-informed right-winger.
He said that back in the day, before he was noticeably behind in the polls... methinks you are desperate to forgive a D caught in a moment of truth.Damo, just as an aside, it's kind of disingenuous to use Bennet right now. He's in "say anytihng" mode to try to win an election....
He said that back in the day, before he was noticeably behind in the polls... methinks you are desperate to forgive a D caught in a moment of truth.
(BTW - He said this back in August, just after the Primaries.)
He said that back in the day, before he was noticeably behind in the polls... methinks you are desperate to forgive a D caught in a moment of truth.
(BTW - He said this back in August, just after the Primaries.)
BTW, in re: Bravo's comment that "it would be better if people had jobs and the economy shrunk." You all do realize that's not possible, don't you?
A $400 'tax credit'.... spread out over 26 paychecks is NOT $30.... it is $15.38. 30.77 for married couples (or $15.38 each if they are both working).
So no... most people don't see or feel that $15. Especially when the price of gas goes up. They see their disposable income falling. They see unemployment STAYING at 9.5% despite their President saying it wouldn't go above 8%.
They SEE the public sector unions being protected at THEIR expense. But nothing being done to protect THEIR jobs.
They see the health care bill as a fiasco. One that will RAISE health care costs and also raise our national debt.
They SEE the smoke and mirrors the Dems tried in order to pretend the health care fiasco would lower the nations debt.
They SEE the increase in red tape the small business owners will now face with all the 1099's they must produce.
They SEE that the Dems were more concerned with their party's ideological agenda than with actually trying to aid the economy and the growth of jobs.
They SEE that the Dems have done NOTHING with regards to the tax brackets for next year.
They SEE the what the uncertainty the Dems have created is doing to job growth.
They are therefore going to vote the Dems out of the House leadership next Tuesday.
They are therefore going to bring more balance to the Senate.
They understand the lies that the Dems keep parroting about it being the Reps that drove the car in the ditch. They understand that the two party system needed a massive shake up.
Say goodbye to Speaker Pelosi. Say goodbye to Senator Reid.
The people are pissed. The people will be displaying their displeasure of incumbents on Tuesday.
Or you can read about it yourself.How about you let us know exactly what he said and exactly when he said it.
I see you took it out of context because you want to continue to apologize for a D caught in a moment of truth. He was answering the question based on the spending in his term.Thanks.
So your position is that Bennett thinks the $787 billion stimulus bill came at a cost of $13 trillion and that he was not noticeably behind in the polls on August 21, 2010, ten days after Rasmussen showed him trailing by 5 points?
OK.
I go to Bloomberg! It is one of my news sources! i would say they listen to cnbc, then tune to Fox and loose their minds!Not really sure what to say about this, but it's interesting:
I guess all these folks getting their economic information from CNBC must have it on mute.
http://www.bloomberg.com/news/2010-...on-t-know-economy-expanded-with-tax-cuts.html
As if. I've spent the last decade we have known each other speaking against both R and D spending. Spending drives taxation, there is no getting around that. You can try to push it off to the future by using debt, but the reality of it is this election is about the spending.Methinks Damo is a little too eager to believe a "D" just because he seems to agree with an "R".
Damo - there is no "moment of truth" in saying that all of the actual spending in the stimulus - 100% of it - was wasted....
I see you took it out of context because you want to continue to apologize for a D caught in a moment of truth. He was answering the question based on the spending in his term.
I think Bennet believes that the $3 Trillion in spending that was added during his term is part of the $13 Trillion that has "nothing to show for it." Mostly because I take him at his word and within context. I also note that you said he said it now, during desperation time.
I agree he is desperate now, but I disagree that he wasn't telling the truth back then. Nowadays he desperately tries to crawfish out of the truth into ridiculous spin, during the desperation hour you try to back away from things like that especially when you first said you didn't support it yet continued to vote for every one of them.
I also think that you want to continue to support whatever comes so long as it comes from a D. More stimulus? If a D says so, you'll support it and say it saved us. More wireless wiretapping? It's all good, because it is a D in that office now.
I spoke against it back when the R was in the office, I spoke against it when the D was in office. I've been consistent in my position.