We've discussed before how that $10 trillion number is bogus. It
includes the balances of all accounts covered by FDIC, that is, the
first $250,000 of every consumer bank account in America. The only
way it'll be spent is if every bank in America defaults on the value
of every savings account. If that happens, we'll have bigger problems.
I agree on the point about Federal Reserve secrecy.
On Mar 9, 2009, at 6:35 PM, Kevin Callahan wrote:
On Mar 9, 2009, at 3:04 PM, Lawrence Sica wrote:
On Mar 9, 2009, at 5:56 PM, Kevin Callahan wrote:
http://www.commondreams.org/view/2009/03/09-3
As a result, Mr. Obama's promise that his plan will create or
save 3.5 million jobs by the end of 2010 looks underwhelming, to
say the least. It's a credible promise - his economists used
solidly mainstream estimates of the impacts of tax and spending
policies. But 3.5 million jobs almost two years from now isn't
enough in the face of an economy that has already lost 4.4 million
jobs, and is losing 600,000 more each month.
Would more be better? Yes. but I'd prefer slightly conservative,
more realistic numbers than to hear repubs whine that he did not
meet the projections. Krugman, whom I respect, is never truly
satisfied that enough can be done.
blogger says:
The stimulus is just one-tenth of the $10T the federal government is
putting Americans on the hook for, thus far. The biggest chunk is in
un-auditable, closed door Federal Reserve transactions that even US
Senator Bernie Sanders can't get Bernanke to talk about in open
questioning at Senate committee hearings.
Where's Krugman on this point? And why doesn't he ever say how much
the stimulus should be? "Not enough" is not an answer! If he doesn't
know -- and gosh, after winning a Nobel Prize last year and writing
all these articles about what to do, you'd think he might -- then
why are we even still listening to what these expert economists have
to say about anything? I wouldn't trust them to run a candy store,
let alone suppose that they could run the economy from their Wall
Street towers.
See 2/9/09 "U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs":
http://www.bloomberg.com/apps/news?
pid=washingtonstory&sid=aGq2B3XeGKok
--Larry
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