I’m totally pissed over the incredible amount of debt Washington just dumped on us, our children, grandcildren etc.. They did not have to pass this expensive of a bill. This is not stimulus, it’s total fiscal irresponsibility. They are screwing future generations with political pork, pet projects, and a plethera of wasteful spending. just so they can bypass the regular budget process, all in the name of “Stimulus” And the MSM just pats us on the head.

Hell Obama and the Democrats haven’t even figured out where they are going to get the money to pay for this boondoggle. At least the costs for the Iraq war were stretched out over a decade. And you can bet that this won’t be the only unfunded spending bill the Democrat controlled Congress and White House will pass. How are we going to pay for this?! What if they cant fund it?

IMO, If the founding fathers were alive today, they would be organizing a new revolution.

Like or Dislike: 0  0

Aye: I think the Dow story, going back to Geithner’s big debut, needs to be a post in itself.

The five day drop has been 718 points. How much is that in lost wealth? Greater than the cost of the stimulus bill I’ll wager.

Like or Dislike: 0  0

Final update, 4:04pm, post bill signing.

Yeah, the stock market is really feeling stimulated.

Like or Dislike: 0  0

Wall Street reacted to Obama’s plan today:

UPDATE: Down 284.58 (3.63%) @ 1:19pm

Like or Dislike: 0  0

@openid.aol.com/runnswim:

One comment which is ridiculous is that the New Deal “prolonged the Depression by 7 years.” Given that Roosevelt didn’t take office until 1933 and economists peg the end of the Depression as the 1939 ramp up for war, that’s mathematically impossible (the 7 year “prolongation”).

You’ll have to argue with these economists about that one Larry.

Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt.

After scrutinizing Roosevelt’s record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.

Here’s more:

Such often-stated claims are incorrect. Misguided federal policies caused the downturn that began in 1929, and they prevented the economy from fully recovering for a decade. Policy blunders by the Federal Reserve, Congress, and Presidents Herbert Hoover and Roosevelt battered the economy on many fronts. The events of the 1930s influence economic
policymaking today. Many people think that we need a big government to prevent, or to reverse, recessions. But the 1930s illustrate that activist policies increase, not decrease, economic instability. Government interventions reduce the flexibility that markets need to adjust to shocks and return to growth.

Robert Higgs, of the Independent Institute, talks with EconTalk host Russ Roberts about the Great Depression, the New Deal, and the effect of World War II on the American economy. Using survey results, financial data, and the pattern of investment in the 1930s, Higgs argues that New Deal policies created a climate of uncertainty that prolonged the Great Depression. Using consumption data, he argues that prosperity did not return during wartime, but rather after the war when government intervention in the economy subsided.

So, there we have several economists expressing the same opinion that the New Deal extended the Great Depression.

Unlike the author of your source, I am unwilling to simply toss a TRILLION dollars down a rat hole using our “best guess” as to whether it will work or not.

No economy in the history of the world has ever spent its’ way out of a recession.

It’s never happened.

Like or Dislike: 0  0

@Scott Malensek:

Here are some figures for you from the Treasury Direct website.

I keyed in 1/19/2001 because that is the closest day to President Bush’s first inauguration.
The figure was: $5.728 Trillion

The last day before of Rep control of Congress was 1/3/2007.
The figure was: $8.677 Trillion

Increased by $2.949 Trillion over 6 years = . 4915 Trillion per year.

~~~~~

The first day of Dem control of Congress was 1/4/2007.
The figure was: $8.671 Trillion

The figure for today 2/16/2009 is: 10.759 Trillion.

Increased by $2.099 Trillion over 2 years = 1.088 Trillion per year.

~~~~~

Of course that bill Obie signs into law tomorrow will drastically change those figures.

His upcoming effort to address the mortgage issue will affect it as well.

The editorial which accompanies the graphic is here.

Like or Dislike: 0  0

Again Larry, I’d like to know when the big defict, debt doubling thing happened? Was it before/after the Dems took Congress? Additionally, let’s recall that IF Repubs are to blame as you’re suggesting for the “greatest generational theft” in history, then can one responsibly and accurately mention that without mentioning the fact that Repubs were voted OUT of both houses of Congress for their actions or even that very same perception? I’d hate to be the one suggesting that it’s ok to put the country 9-10 TRILLION dollars in the hole because Repubs put the country in the hole and didn’t get away with it, but somehow Dems can do twice as much and be held LESS to account?

Like or Dislike: 0  0

One other comment I’d like to make is the following:

On this blog, I’ve seen frequent references to both the New Deal and Japan’s “Lost Decade” as arguments against a government stimulus.

One comment which is ridiculous is that the New Deal “prolonged the Depression by 7 years.” Given that Roosevelt didn’t take office until 1933 and economists peg the end of the Depression as the 1939 ramp up for war, that’s mathematically impossible (the 7 year “prolongation”). The other thing is that the New Deal wasn’t at all like the current “stimulus” package. In particular, the really toxic part of the New Deal was the so called “National Recovery Administration,” which was blamed for creating cartels and stifling competition. There is nothing like the NRA in the current stimulus.

http://money.cnn.com/2009/02/10/news/economy/yang_newdeal.fortune/index.htm

With regard to Japan, that experience actually does support Obama’s claim that it is an “emergency” to get the stimulus legislation passed and off the ground. Japan’s own economists blame their prolonged problems on their failure to act at once, until long after a deep feeling of economic hopelessness had set in.

http://www.guardian.co.uk/business/2008/sep/30/japan.japan

As I keep saying, I am personally the most conservative person one could find with regard to the economy. I think that all budgets should be balanced, and I’d never cut taxes a nickel without cutting spending a nickel, nor would I raise spending a nickel without raising taxes a nickel. The only exceptions would be for true investments, of the same type that I might make in running a business. Investments which would allow me to realize future profits, in a time frame which would allow me to pay off any money I needed to borrow to finance my investments.

But I really do believe that there is enormous hypocrisy going on, with all this talk of “generational theft,” from a party which presided over the greatest generational thefts in history.

>>It’d be interesting to see what it was 2001-2006 vs 2007-today. I saw a Bloomberg article that claimed something like 9.7 TRILLION had been spent since last fall (that’d be the dems, no?)<<

If you come across a link, I’d like to read the details.

How many Bush vetoes did the Dems override?

- Larry Weisenthal/Huntington Beach, CA

Like or Dislike: 0  0

It’d be interesting to see what it was 2001-2006 vs 2007-today. I saw a Bloomberg article that claimed something like 9.7 TRILLION had been spent since last fall (that’d be the dems, no?)

Like or Dislike: 0  0

It’s an entirely fair point.

Thank you.

Like or Dislike: 0  0