Video: After Porkulus, now what?
posted at 8:18 am on February 18, 2009 by Ed Morrissey
Our friend Dan Mitchell of the Cato Institute returns after the passage of Porkulus to tell us what to expect next. How do we get faster growth in an age of Keynsianism? How do we ensure prosperity when a government starts displacing capital? Dan explains what policies we need to press on the Obama administration:
Basically, it comes down to ending Keynesianism, and Dan rightly points out that Obama didn’t start the process; that started in the Bush administration. I’d say the key here is sound money, but that would take some Reagan-like courage to suffer through a severe recession in order to tighten the money supply and roll back debt. Mitchell says that politicians rarely choose that path, preferring intervention, and it doesn’t appear that we have any Reagans in our midst at the moment.
Blowback
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History repeating itself.
Republican goes Keynesian, trashes economy, Dem takes over, makes it worse.
1929 & 2008.
jgapinoy on February 18, 2009 at 8:21 AM
So many people have focused on what caused the great depression, and how to avoid that. It’s becoming readily apparent that the better question is what prolonged it.
JiangxiDad on February 18, 2009 at 8:22 AM
Pray
Brat4life on February 18, 2009 at 8:25 AM
Evidently, some behaviors are human nature, and nearly impossible to avoid. I’m afraid we haven’t said goodbye to wars, famines, depressions and other human-caused tragedies.
JiangxiDad on February 18, 2009 at 8:25 AM
What worries me is that the last time history went this way, it resulted in a world war and the death of many millions.
And this time, there would be nukes from the start.
Harpazo on February 18, 2009 at 8:25 AM
Time to tighten belts another notch and pray for another leader with the courage Reagan had.
OmahaConservative on February 18, 2009 at 8:25 AM
Or Hope for Change
Brat4life on February 18, 2009 at 8:26 AM
Honest to God, I feel like my country has been stolen away from me. I am 46 years old, and I cannot remember any time in my life, even during personal crises, when I have felt so much unease.
BigD on February 18, 2009 at 8:28 AM
Well, for Reagan’s recession, we just cut interest rates.
And today, interest rates are… zero.
Time for: negative interest rates!!!
e-pirate on February 18, 2009 at 8:28 AM
I have been saying this since the beginning of this whole mess (and for decades before that). I will say it once more:
The fact that everyone in government is talking about “the economy” and not “the monetary system” shows that they are morons who have no understanding of the simplest concepts. This is a fraud perpetrated on America and the American public and, until these criminals are taken out of government and thrown in jail, there will be nothing left for decent people to do about this.
The looters have taken over. And, not only are they looters, but they are retarded fascists, too. Until they are thrown out of the halls of power, this country has no chance.
Capital is already looking for a place to go, and the minute it identifies a friendlier nation, it will be off and running, leaving nothing but a smoking corpse in place of this once great nation that voted for a suicidal path led by a band of retarded marxists, America-haters and general idiots.
progressoverpeace on February 18, 2009 at 8:30 AM
I’m crossing my fingers that with mass media, internet, etc. and other things that didn’t exist anything like they do today that Americans will not let Obama get away with what FDR did in the 1930s. That way we can turn it around faster since we won’t have unique thing like WW 2 was to drag our sagging asses out of the doldrums.
gsherin on February 18, 2009 at 8:34 AM
They will fit well with the negative income tax rates that this lying administration and Congress have come up with (tax cuts for people who don’t pay those taxes). Morons.
progressoverpeace on February 18, 2009 at 8:35 AM
Bush I = Jimmy Carter then Reagan
Bush II = Barack Obama then ?
I hope we have had enough of the Bush’s and liberal Republicans!
sabbott on February 18, 2009 at 8:39 AM
Whoops, I meant Bush I = Bill Clinton
It was Gerald Ford = Jimmy Carter then Reagan… Sorry just woke up and need my coffee!
sabbott on February 18, 2009 at 8:40 AM
The Liberals bashed Bush,wasn’t helpful,
then they railed against the Iraq War,
and that didn’t gain traction,so they
used the economy ‘Doomsday Scenario’ to
win the election,by scaring the living
h#ll out of voting Americans!
Then, they seeked support for the bailout,
while Nancy bashed Bush,of 8 years of Failed
Policies!
Then,Hopey/Changey whinned about Rush running
the Republican Party from his EIB microphone!
The Liberal Party,MADE THIS MESS,and now own it!
The Republican Party needs to address this,in a
form of video,like the “Path to 911″,accept its
the “Path to the take over of the Liberal Party,
and its absolute takeover of America,through
engineering of the home mortgages to the poor and
destitue”!
Nobody seems to care how the h#ll this came to be,
an almost 4 Trillion Dollar Tax and Spend Liberal
Socialist scam!
And,for the coupe de’gra,the MSM will report falsely
of the successs of Obama,the bailout,as a hero,setting
him up for another term!
Meanwhile tho,Obama’s voters are still waiting for
ascension above the poverty line!
canopfor on February 18, 2009 at 8:41 AM
Trojan Pig
Mr. Joe on February 18, 2009 at 8:43 AM
It’s been more than four weeks, and I still haven’t seen my gold doubloon excreting pastel unicorn. Not even a drunken leprechaun! What’s up with that?
Such leadership we have! No inspiring speeches; only gloom and doom from our grinning Messiah. Instead of trying to instill a measure of confidence in our economy and His shiny new spending binge, He’s already out stumping for more of the same; namely spending more of our future money in such a way that turns capitalism on its ear.
Any bets on the length of time ’til the next spending binge?
We are embarked on a road that leads straight over a cliff.
hillbillyjim on February 18, 2009 at 8:46 AM
Are you sure about that?
DaveC on February 18, 2009 at 8:46 AM
I don’t think it’s going to take too many months more like the current one before Obama’s popularity goes way south despite the MSM’s best efforts. Nixon and Reagan both won 49 states w/o talk radio and conservative blogs.
There is no good way for this to end if we pile up 4-5 trillion in debt in such a short period of time. There is no way we will have a robust recovery if we have much of one at all, and there is no amount of race-baiting and bull$hit specches by Obama that will stop the Dems from paying the price.
gsherin on February 18, 2009 at 8:52 AM
I have never seen so much pessimism all in one place. My God. I guess if you’re determined to scare yourself silly it’s really you’re own right to do so… but gees. “The sky is falling! The sky is falling!”
KMC1 on February 18, 2009 at 8:54 AM
Didn’t it also lead to the Ice Capades the last time? shudder.
PackerBronco on February 18, 2009 at 8:55 AM
Now, Dave. I have to tell you that there is an ugly little sexist contingent in the Republican Party that does not take Sarah Palin seriously because she is 1) too pretty, and 2) tougher than they are.
Doesn’t matter if she’s a governor, doesn’t matter if she has a track record of busting up special interests, doesn’t matter if she understands energy, doesn’t matter what her conservative bona fides are.
They are threatened by her.
BigD on February 18, 2009 at 8:55 AM
I was disappointed by this video. I was hoping that it was going to be something I could send to my sister, whom I’m trying to bring over from dark side. She’s somewhat business oriented, and so she would have been able to follow a nuts and bolts explanation of: how lower taxes stimulate the economy; how regulation hurts the economy; how large deficits impact the economic situation, etc. I’m not saying he should have spent 10 minutes on each of these items, even a sentence or two on each would have been very enlightening to those who get their economic analysis from the NYT and CNN. Instead, he presented all these things in an axiomatic way, without making a case for them. For the choir, it was fine, but not really necessary. For potential converts–not much good at all.
smellthecoffee on February 18, 2009 at 8:56 AM
super-sized *facepalm*
JetBoy on February 18, 2009 at 8:58 AM
And “they” are a small minority who can’t stop her. If she wants the 2012 nomination, it’s hers.
Doughboy on February 18, 2009 at 9:04 AM
The fatal flaw in this video is that he assumes that “growth is good” is a universal truth but it’s exactly what the environ-nazis are against. Obama prays at the altar of Gaia so there is no hope until he is gone.
I am at least as conservative as anyone here but conservatism rests on two important principles: morals and liberty. Social conservatives and libertarians need to work out an accomodation on morals or conservatism is dead because while you are divided, your liberty will be taken.
Obama is also a progressive but his core is marxism and so he is completely rigid. That is his only weakness. But unless the right gets their act together soon (and I don’t see this happening) he will get his 8 years.
gh on February 18, 2009 at 9:05 AM
Don’t hurt yourself there, JB.
hillbillyjim on February 18, 2009 at 9:07 AM
BTW. Palin gets it and she will not run in 2012 if she sees a stronger candidate to support. Jindal or Steele are both good (all the argument over details are a sign of the stupid divisions I’m talking about in my post above). There seem to be a few others but skin colour is an important tactical asset (unfortunately).
gh on February 18, 2009 at 9:08 AM
I was in the fifth row center on October 5, 2008 in Omaha’s Music Hall when Palin came to speak and I gotta’ say, “I Felt This Thrill Going Up My Leg” when she spoke. Seriously.
OmahaConservative on February 18, 2009 at 9:09 AM
I’m extremely worried about the global monetary crisis that’s just starting. For possibly the first time ever, all of the major currencies in the world are soft — and they’re all in trouble. Gresham’s law has gone global.
Obama’s fiscal policies are going to further destabilize the dollar, which is currently seen as the safest/most stable currency. But I think the nations of the world are eventually going to call for a different, harder currency to stabilize their economic systems and ensure that their wealth won’t evaporate due to the foolishness of American politicians.
Unfortunately, we all live in interesting times now.
Harpazo on February 18, 2009 at 9:11 AM
We’ll have a jobless recovery if we get one at all. Meaning there will be jobs of the bureaucratic nature, and with all the leaches looking to latch on to government, Federal agencies will claim they need them just to service the newly created poor.
A population that’s perpetually stupid is the underlying problem. Exit question: How long before the unwashed masses begin a revolt with results of bloodshed?
larvcom on February 18, 2009 at 9:13 AM
Sorry, I took him for a spike buck.
Kinda tasted funny too, but the good news? My farts don’t smell now.
TexasDan on February 18, 2009 at 9:13 AM
If it’s truly a repeat, then we’ll need a good, old fashioned knock-down, drag out war to complete the cycle.
Hmmmmm…
BobMbx on February 18, 2009 at 9:14 AM
There’s an even bigger ugly little community among the MSM. Don’t know if they are sexist or not(liberals are always yelling about their inclusiveness). But, you know what, I’d feel a lot better about this recession if Sarah were at the helm. She actually has some experience running things.
jeanie on February 18, 2009 at 9:15 AM
heh…I swear, this Palin-mania has gotten comical.
But when this “porkulus” ends up throwing our economy in a downward spiral, is Sarah Palin really the most qualified to fix it?
And that might just be the defining issue for the 2012 POTUS race. There’s simply other far more qualified than “you betcha” out there to handle that.
JetBoy on February 18, 2009 at 9:17 AM
Ya know–now that I give that more thought, I’d feel better if McCain were in charge too. Anyone but this guy with the learner’s permit up there in the WH.
jeanie on February 18, 2009 at 9:18 AM
lol. Minarchism has been a failure, but I agree with this video. Another good one, Dan.
Libertarian Joseph on February 18, 2009 at 9:18 AM
JetBoy on February 18, 2009 at 9:17 AM
No matter how comical, it couldn’t be any more comical than watching Barry and company struggling for air. Talk about being in over your depth.
jeanie on February 18, 2009 at 9:20 AM
I adore Sarah Palin. She’s smart, capable, and tough, with a great many strengths and conservative principles. And I cheered when McCain picked her for VP.
But she’s no Reagan.
Ronald Reagan would have wiped the floor with her on foreign policy and economic policy. I’m not saying she’s bad, but Reagan was good.
Stop trying to make her someone she’s not. There will never be another Reagan; anyone as good or better will be known by his or her own name.
Trying to force-fit Reagan’s mantle on Palin is a disservice to her and runs the risk of not noticing when someone better comes along.
I vote we admire Palin and Jindal and Pawlenty and Perry and all the other good, young Republican governors for what they are: bright, conservative future-leaders of the Republican party. Let’s rejoice that the GOP’s bench is that deep, and not try to make one person the star.
Harpazo on February 18, 2009 at 9:20 AM
Hey Jetboy. After that 747 size f**kup of nominating Backdoor John, and his pathetic campaign, you moderates aren’t allowed to criticize potential nominees. Bill Clinton doesn’t get to lecture me on marital fidelity; and moderate Repubican McCain flunkies don’t get to lecture the rest of us on picking a candidate that has a snowballs chance in hell of actually winning something other than a media popularity contest.
austinnelly on February 18, 2009 at 9:22 AM
I started really worrying about this back during the Asian currency crisis. The fact that such a large problem was touched off by the idiocy of tiny, little Thailand led me to conclude that the system was too unstable (in its current form) to survive for much longer.
We were not being protected by the Fed, whose sole task was to insure the integrity of the US Dollar, and nothing else. The Fed had no business messing around in the economy or doing anything that strayed outside of the care of the dollar.
There was never more than one currency in the world system – the US dollar. All of the rest just hitchhiked on our currency, the same way that their economies have hitchhiked on ours and their defense has been borne by us. And for all of our generosity to the world, they have done nothing but spit in our faces. And now we have, ourselves, imported and trained such a large number of America-hating Americans that this was all inevitable.
Obama’s fiscal policies are going to further destabilize the dollar, which is currently seen as the safest/most stable currency. But I think the nations of the world are eventually going to call for a different, harder currency to stabilize their economic systems and ensure that their wealth won’t evaporate due to the foolishness of American politicians.
Unfortunately, we all live in interesting times now.
Harpazo on February 18, 2009 at 9:11 AM
Obama is going to kill the dollar, which kills America – even the twisted socialist state that the idiot messiah is trying to force on us. As to what the rest of the world thinks, they can all go pound sand, as they have (for the most part) been nothing but thorns in our side for so long.
When things get really bad, the US (if it still exists) will figure out that the solution to two major problems, simultaneously (the monetary problem and the war being waged on us by the arab/persian/muslim world) can be solved in one fell swoop by us taking back the gulf oil fields that we let the primitives steal in the forced nationalization waves of the 50′s and 60′s. That would put a hrad backing behind our currency and leave the arab/persian/muslim world totally defanged.
progressoverpeace on February 18, 2009 at 9:23 AM
Name 3. 3 that won’t sell out conservative principles’ to garner an extra vote or avoid having to answer a tough question in public. Good luck…[start Final Jeopardy music now...]
The “fix” is no secret. Anyone who has successfully balanced their checkbook, budgeted their household cashflow and say, cancelled a vacation or a trip to the movie house because they couldn’t afford it is qualified to fix the financial problems of this country.
The real problem is finding someone (a politician? Ha!) who will do what needs to be done without regard to how the “fix” impacts their political future. That is Sarah. I have no doubt of that.
BobMbx on February 18, 2009 at 9:25 AM
+1
JiangxiDad on February 18, 2009 at 9:26 AM
Two ideas with which no one should find fault. Communicate them to family and friends.
First, get your personal debt under control. A corollary is that we should re-introduce the notion of shame and apply it to anyone we know who avails himself or herself of personal bailouts in any circumstances other than personal catastrophes. Mere financial discomfort doesn’t count. It’s time to grow up.
Second, and maybe a little off topic, but we’ve got to create and cultivate an attitude of absolute intolerance for illegal drug use in this country. The demand we have in this country is so great that it’s creating problems in Central and South America that will spill over to us soon. Obama’s spending $5 million on PSAs to promote marriage? How about a deluge of PSAs tracing “casual, innocent” drug use back to the violent crime that it supports? Sure, it may not do anything for current addicts, but it’s time to disabuse our countrymen of the notion that there’s such a thing as “casual, innocent drug use.” I don’t give a rat’s a** that our current president smoked dope and did blow. It’s a blight on our society that we need to call out and combat. Screw you if you don’t agree.
BuckeyeSam on February 18, 2009 at 9:27 AM
I messed up this quoting in my above post:
Obama is going to kill the dollar, which kills America – even the twisted socialist state that the idiot messiah is trying to force on us. As to what the rest of the world thinks, they can all go pound sand, as they have (for the most part) been nothing but thorns in our side for so long.
When things get really bad, the US (if it still exists) will figure out that the solution to two major problems, simultaneously (the monetary problem and the war being waged on us by the arab/persian/muslim world) can be solved in one fell swoop by us taking back the gulf oil fields that we let the primitives steal in the forced nationalization waves of the 50’s and 60’s. That would put a hrad backing behind our currency and leave the arab/persian/muslim world totally defanged.
progressoverpeace on February 18, 2009 at 9:28 AM
7/4/09
RightWinged on February 18, 2009 at 9:31 AM
You forgot the other example; 1974
Vashta.Nerada on February 18, 2009 at 9:31 AM
True. But remember, she’ll have several more years experience actually governing and to prepare. Right now we’re looking for people to grow into Reagan’s mantle. He didn’t go from actor to President overnight.
dominigan on February 18, 2009 at 9:32 AM
Sarah would also know when she needed advice and who was best suited to give to her. Rahm, on the other hand, puts political advantage first and everything else second. And no, ‘Rahm’ is not a typo. Michelle puts black advantage first and every thing else second(no, not a typo either) and Davie goes for the big extravaganza regardless of cost. There now, I’ve finally gotten to Barry whose role in all this is pretty obvious.
jeanie on February 18, 2009 at 9:33 AM
Hey JetBoy:
Kevin Hassett at Bloomberg News has an excellent article today titled” How Harvard Narcissists With MBAs Killed Wall Street.”
You might want to read it.
BigD on February 18, 2009 at 9:34 AM
Strange, because the only thing Palin seems worried about these days IS her political future. Again, I admire and appreciate her for what she’s accomplished. But she’s no serious POTUS candidate.
As for your 3 question…I’d take Jodi Rell (Conn) or Charlie Crist (Fla) or even Bobby Jindal (La) over Palin on the economy.
Respectfully, I’m more “right” than “moderate”…but Ill say again, McCain lost because you ultra-cons aren’t only misled about McCain, you couldn’t bring yourselves to support the guy. You guys put Obama in the Oval Office. I won’t ever forget that.
JetBoy on February 18, 2009 at 9:39 AM
After Porkulus, now what?
Even more, bigger, better porkulus!
Why would you imagine it would stop?
There are no pauses in the march to socialism.
SKYFOX on February 18, 2009 at 9:44 AM
I doubt there will be very much nation-on-nation fighting. In the global economy, that’s not as useful as it once was. Though I could see there being some fights in Eastern Europe. The larger issue, I think, will be strikes and riots on a massive scale.
hawksruleva on February 18, 2009 at 9:45 AM
Good article. I’m not necessarily looking for Haaaarvard intellectuals as candidates…just someone with a proven track record of fiscal responsibility and success, with a long-term plan to save us from the economic mess this country is headed for now.
JetBoy on February 18, 2009 at 9:47 AM
And that might just be the defining issue for the 2012 POTUS race. There’s simply other far more qualified than “you betcha” out there to handle that.
JetBoy on February 18, 2009 at 9:17 AM
Remember, Reagan was written off as a hollywood lightweight, a doddering fool, and worse before his turn at the helm. Leadership sometimes can be found where you least expect.
Our next leader must have some big brass ones, as well as common sense and a willingness to confront the entrenched establishment. So far, Palin has exhibited those characteristics for all to see. I believe that she would not hesitate to use the veto pen; something that we have seen used far too sparingly
Look down your nose at her if you want. I am not willing to write her off at this point.
hillbillyjim on February 18, 2009 at 9:50 AM
More, please.
BNCurtis on February 18, 2009 at 9:51 AM
If Ahmedinejad, Putin, or________ (name your favorite despot) see their domestic position slipping for economic, or other, reasons, I doubt seriously that their calculus would include an aversion to war. It’s an old, old story–turn the people’s attention outward by creating a common enemy to rally them around when the reins of control are slipping at home.
A global economic downturn makes this scenario more, not less, likely.
hillbillyjim on February 18, 2009 at 9:59 AM
The idiots are just getting started!
Obama signs $787 Billion Stimulus Bill Into Law
Obama to Detail Mortgage Relief Plan on Wednesday
Obama Considering Second Stimulus Bill
New Bank Bailout Could Cost $2 Trillion
GM, Chrysler Call for $22 Billion More in Loans
w00t!
Rae on February 18, 2009 at 9:59 AM
I don’t look down my nose at her…I just don’t see her, at this moment, as an emerging GOP frontrunner. In time, who knows…it’s way early yet.
As for a leader of which you describe, I can’t agree more. It’s just not Palin. Well before anyone coined the term “Fred Head” I was pushing for Thompson as the nominee. His biggest mistake was jumping in the race too late, and that “fire” in him never really blazed during the primaries.
Reagan Redux is a dream…albeit a good dream. We were blessed as a nation to have him.
JetBoy on February 18, 2009 at 10:02 AM
what do you mean “Now What”
I was under the impression that we are now to wait for orders from Dear Leader before we do anything…
alexraye on February 18, 2009 at 10:02 AM
No we cut Capital Gains Taxes, we cut SPENDING, we lowered business taxes… We reduced the size and scope of the federal gov. More money in the hands of those that WORK and CREATE and BUILD, less to the lazy fat bastard welfare freaks and far left radicals…
Mark Garnett on February 18, 2009 at 10:03 AM
That is exactly what made Reagan so great compared to the cowards that now run government.
Ronaldus Magnus – A man of guts and testicular fortitude!
Dritanian on February 18, 2009 at 10:06 AM
I, too, am a disappointed Fred!Head. I still believe it’s way too soon to worry about 2012 and that we need to do all we can to get the pendulum going the other way in 2010.
Maybe Sarah will get the media-savvy thing going in time; maybe not. Right now, we need to get our message out and encourage all the resistance that can be mounted to this Marxist Freight-train that is running amok as we speak.
Maybe if it gets too far out of control, some common-sense Democrats in the House and Senate will be forced by political survival instincts to vote against more of these incredibly stupid spending binges that are bound to concentrate power in DC and usurp it from the people.
A guy can dream, can’t he.
hillbillyjim on February 18, 2009 at 10:14 AM
I remember “keep the change” had an interesting comment on a similar thread a week back. His/her observation was that (I am paraphrasing here): in any consumer oriented society, with increase in population, debtors will vastly outnumber people with assets, thereby triggering an irreconcilable push towards socialism. To which I have only one solution, let the conservative led states set an example of fiscal conservatism and job growth (eg TX), so that people can begin to appreciate the fiduciary appeal of conservatism. Already, we are hearing of Bobby J. thinking of refusing all/part of the Fed stimulus to Louisiana. Feel free to comment on this.
peter_griffin on February 18, 2009 at 10:23 AM
Read this http://mises.org/freemarket_detail.aspx?control=488
Libertarian Joseph on February 18, 2009 at 10:23 AM
McCain lost because he was almost as liberal as Oabama.
Johan Klaus on February 18, 2009 at 10:49 AM
Actually interest rates were quite high throughout Reagan’s term. He tolerated a swift and hard tightening to squeeze inflation out of the economy. Mortgage rates were as high as 18% in 1982 and did not fall below 10% until 1988 (I know – I bought my first house with a 10% FHA loan in January of 1988 and was thrilled to get one of the first 10% mortgages.)
The economic situation is bad today but for different reasons than it was in 1980. Today we are probably in a classic liquidity trap – something economists have long feared but never really seen. There aren’t a whole lot of options for getting out of it.
rockmom on February 18, 2009 at 11:31 AM
Check their ACU ratings…tells a different story.
See, this is what conservatives and the GOP especially have to do. Us two probably don’t see eye to eye on everything…and there is a lot of disunity within the party on a few key issues. But we need, as a party, to find unity and cohesion. Because without it, we’ll never win.
JetBoy on February 18, 2009 at 11:33 AM
McCain lost for many reasons. He was an incredibly bad candidate and his candidacy is the single best example of how the RNC does not know the people who give them money and volunteer for the Party.
Angry Dumbo on February 18, 2009 at 11:34 AM
More to Ed’s point, what politician would support tightening the money supply?
None.
Which is why we are screwed.
At least we are starting to ask the right questions. : ))
Angry Dumbo on February 18, 2009 at 11:37 AM
Anyone who voted for amnesty (let alone tried to shove it down our throats at every opportunity and tried to slip it in stealthy the rest of the time) earns an ACU rating of -50, so far as I’m concerned. Frankly, anyone who supports amnesty for illegal aliens (and worse, giving them American citizenship) should be brought up on charges of treason.
progressoverpeace on February 18, 2009 at 11:41 AM
That’s why monetary policy is the Fed’s job – it’s supposed to be, anyway.
progressoverpeace on February 18, 2009 at 11:43 AM
What incentive does a politician have to tighten the money supply?
None.
Which is exactly what chance we have of a tight money policy from the Fed.
At least we are starting to ask the right questions.
Angry Dumbo on February 18, 2009 at 11:49 AM
I believe monetary policy is apolitical as much as I believe that judges simply call em as they see em.
Everything is political. As it should be, so it is.
Angry Dumbo on February 18, 2009 at 11:53 AM
More to the point, federal agencies do not exist in a political vacuum, those appointed by the executive branch to lead the agencies most certainly do not.
Angry Dumbo on February 18, 2009 at 12:01 PM
According to my dad (investor & financial expert), the Fed is going to swiftly limit the money supply once the economy recovers.
The way I understand it, in Sept. ’08, President Bush, Paulson, & the Fed had to chose between inflation & depression; they chose inflation. In turn, the Fed began printing more money, & they proposed TARP to stop the hemorrhaging. Once the economy stabilizes through precise economic stimuli, the Fed is to reel in the money supply as quickly as possible. It’s essentially what Volcker did in the late ’70s, only backwards.
At least, that’s the way it is supposed to work.
youngTXcon on February 18, 2009 at 12:03 PM
We need to realize that options available to lending nations are no longer available to debtor nations; we are now a debtor nation. We do not have control over the interest on our debt when much of our debt is owed overseas. The Chinese are already warning us that inflation is not acceptable. At the very least, they will demand higher interest rates which will mean that more of our wealth will be shipped abroad, further weakening our economy.
The US controls real wealth in our natural resources. It is past time when we should be tapping into these assets in order to generate real wealth and good paying jobs.
Drill now, build nuclear power plants and use our abundant coal in a responsible way. Carbon dioxide is essential for life, not a pollutant!
Laurence on February 18, 2009 at 12:44 PM
In that case, Ronald Reagan gets a -100 for passing a blanket amnesty on millions of illegals the likes of which McCain never even endorsed.
JetBoy on February 18, 2009 at 12:47 PM
Great video (go and rate it), but they need to work on the lighting.
Tzetzes on February 18, 2009 at 7:18 PM
Porkulus: The series.
Oh Pork 2 is right around the corner just as soon as the market goes under 6000. and…. still money won’t go to the people. Its people who buy the cars, the building materials, the clothing etc. We’ll all be cardboard stand-ups soon blowing in the wind with no economy at all pretty soon.
johnnyU on February 18, 2009 at 9:37 PM
Keep it that way.
sethstorm on February 19, 2009 at 1:04 AM
-Infinity for PATCO and its impact outside of unions.
sethstorm on February 19, 2009 at 1:05 AM