Henwood:
It's hard to believe that close to $1 trillion will be "nugatory." It's around
7% of GDP.
And even with a modest multiplier, it approaches 10%.
Gulick:
Admittedly I was exaggerating for effect... but apparently not so much so that
you
deemed my post unworthy of your attention ;)
Two retorts: 1) When I composed my remarks one thing I had in mind was a
worsening
financial crisis and a worsening "real" (sic) economy. I was thinking in
particular of the coming
plague of credit card/car loan/etc defaults, and the chimerical credit
derivatives that will
fail to prevent lender insolvency. Will this not take the edge off the stimulus
package?
2) I have witnessed you comment yourself that the bulk of the package will
simply put
cash in the hands of heavily indebted households and they will use said cash to
ameliorate
said debt loads.
Henwood:
...even the wet dream legislation of Barry, Larry, and Tim couldn't get through
the Senate.
Gulick:
You follow this stuff for a living and I don't. Please enlighten me as to what
whets the wet
dreams of the aforementioned triumvirate. Do you mean the emergent TARP stage
two proposal
which looks to be an even bigger rip-off than the "bad bank" rip-off? Or do you
mean their ideal
stimulus package (the content of which eludes me)?
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