…

First, Sachs confirms — on MS-NBC, no less — that the Obama administration and Democrats in Congress had no strategy for long-term growth.

MS-NBC: See-BS. (Statement of unknown origin.)

conservative talk radio: ” we told you so.”

moonbatkiller on June 7, 2010 at 12:58 PM

And when it all really collapses, I think Will Smith in “I, Robot” will have the quite worth repeating, to our shame and deep regret-”You know, somehow, “I told you so” just doesn’t quite say it.” But, the lefties, progressives and socialists all would be like the Bruce Isamy on the Titanic saying “But this ship is unsinkable!”
as I’ve said, ad nauseum, there are 5 reasons American haters give for their programs failing for years, decades…
1. Not enough money has been spent (recent news)
2. Not enough time has elapsed (oh, this is like single malt Scotch- it needs to age 70-160 years?)
3. The right people haven’t been in charge (unlike the people who wrote the program)
4. It just needs to be tweaked/amended
5. Any combination of the above.
That’s all the further away we are from heaven on earth my friend!

Ford said TARP has been paid back. I thought it was only shuffled around to look like it was paid back. Any HAers got more info on that?

itsnotaboutme on June 7, 2010 at 5:22 PM

It really doesn’t matter as the Fed is buying back Treasury debt from the Primary Dealers (who are there to prevent a bond market dislocation), which amounts to indirect monetization. The snake eating its own tail…this should end wonderfully.

That being said, Keynes made two fatal assumptions; that government had the ability to hold on to surpluses, and that it had the foresight to deploy those funds to the “right” areas of the economy.

You can also argue that, outside of assuming government had that kind of fiscal discipline with tax revenue (it never does), that downturns would be quicker, sharper, and recoveries more robust if government would just stay the hell out of the way of the market.

So really, I guess it’s a roundabout way of saying Keynes was an idiot.

Ford said TARP has been paid back. I thought it was only shuffled around to look like it was paid back. Any HAers got more info on that?

itsnotaboutme on June 7, 2010 at 5:22 PM

As far as I know it’s actually been paid back, but it’s basically been paid back with the FED printing press.

Anyone who believed the term “shovel ready” referred to projects that actually existed had to be a Democrat who still believes in the tooth fairy.

It was the old she is senile gambit. Completely ignoring Helen’s long held pro-arab positions.

Helen Thomas too ”” to sit in the white House Press Corpse?

2 more unemployed.

What DOES happen when the debt situation becomes unsustainable? Inflation? Depression? Corruption? Cronyism? And then on the count of 3 we all begin wiping our asses with the Constitution? I’m ready. Let’s go. Whatever it is, let’s do it.

Paul-Cincy on June 7, 2010 at 3:50 PM

Nobody knows for sure, because there has never been a nation like the U.S., we have reserve currency status and unless we screw up the currency then as the world crumbles the dollar will look better and better. It’s safe to say that our borrowing will go on longer than other nations.

When people lose faith in governments ability to pay, then the bond markets will dry up, and if they are stupid, then they may choose to print money. I think the way it will happen will be a deflationary cycle followed by an inflationary cycle, and maybe even hyper inflation.

… as the financial situation becomes inevitabvly more dire in resoponse to the statist takeover, I fear such recourses will become more common.

Archimedes on June 7, 2010 at 3:35 PM

Makes me think of that song that was supposedly banned from the airwaves during the Depression (“Sunday, gloomy Sunday…“)

Last week, Vice President Joe Biden told Charlie Rose on PBS that the stimulus was “an absolute success.”

FU, VP JB. I have bankrupt friends and friends on food stamps. Smart people, with college degrees in technical fields, who were once productive citizens with jobs.

Its purpose wasn’t to rescue or re-start the American economy. Its purpose was to transfer wealth to the pockets of the Political Class…

The Stimulus worked just as it was intended to. It was not a failure.

Labamigo on June 7, 2010 at 2:39 PM

Well said. It should have been suspicious from the get go hearing a bunch of Liberals saying that the Stimulus/TARP was going to somehow “trickle down” to the masses.

Like I’ve said before, the Marxists are not afraid of money nor of owning it. They feel they deserve it for the great work they do on behalf of the Proletariat. They simply think that they squeeze enough out of the fat cats to keep the Proles happy…and subservient…for their own good.\

Giving the Commies the greatest amount of leeway possible, one could argue that they know that Capitalism cannot go on forever, that wealth and resources are not infinite. They smell a power vacuum forming not only in the political and social arenas, but certainly in the economic ones as well. Because they can see this, they feel they are uber-intelligent, enlightened visionaries who are the best ones to pick up the pieces when it all falls apart-because they say they are.

Marx himself may have been poor by choice, but his buddy Engels was not. The guerrillas fighting in the jungles are but one weapon of the Communists. Long ago they figured out that money was a far more effective weapon, and besides, few of them want to be living in a shelter half in the jungles themselves and maybe even get shot.

$700,000,000,000.00 worth

http://www.youtube.com/watch?v=WzG0xpkjWrA

Whatever his issues I’m glad of that, but as the financial situation becomes inevitabvly more dire in resoponse to the statist takeover, I fear such recourses will become more common.

ernesto on June 7, 2010 at 1:37 PM

I see you are blowing hot air on that wind generator to power your Ipad.

Recovery!