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Greatest Bush Accomplishment : Turning around Bill Clinton recession- More proof today! *another update*!
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"In a week in which US stock markets hit 16-month highs, surely there is some room for optimism? Stiglitz was having none of it. 'The huge tax cut in the US was very badly designed to stimulate the economy. And there has been a huge increase in mainly military spending. Yet what is remarkable is how little stimulus has been given. The US economy is still in a precarious state,' he said.
Rarely does the dismal science become so Prozac-inducing. But his pessimism arises from the fact that he is no believer in market infallibility. As a theorist, his work concentrated on labour market imperfections arising out of access to information. He is now extending this analysis to capital markets. Indeed his new book, Roaring Nineties, sets out what he sees as the multiple policy errors that sowed the 'seeds of destruction' in the American economy.
But surely 'destruction' is a little strong? 'Dealing with the deficit will absorb the US political economy for years to come. We're back to the Reagan era. The trade deficit has the underlying problem of what will happen when foreigners decide to stop funding the US deficit. On the private side there is a huge gap in private pension funds. Any other economy would be under water.'"
Stiglitz on the US economy
So when will the foreigners decide to stop funding the US deficit? Right now the South East Asian economies are pouring money into the US to keep their own currencies from growing too strong in comparison to the weakening US dollar. Japan for example are not going to let the US do what they did in the 80's when the dollar lost more than 50 per cent of it's value compared to the Yen. This had catastrophic consequences for the Japanese economy, which was on a bubble. Only now are there minute signs of recovery in Japan. Since the Chinese refuse to let their Yuan float the Euro is left to take the brunt of the irresponsible policies of the Bush administration.
Rarely does the dismal science become so Prozac-inducing. But his pessimism arises from the fact that he is no believer in market infallibility. As a theorist, his work concentrated on labour market imperfections arising out of access to information. He is now extending this analysis to capital markets. Indeed his new book, Roaring Nineties, sets out what he sees as the multiple policy errors that sowed the 'seeds of destruction' in the American economy.
But surely 'destruction' is a little strong? 'Dealing with the deficit will absorb the US political economy for years to come. We're back to the Reagan era. The trade deficit has the underlying problem of what will happen when foreigners decide to stop funding the US deficit. On the private side there is a huge gap in private pension funds. Any other economy would be under water.'"
Stiglitz on the US economy
So when will the foreigners decide to stop funding the US deficit? Right now the South East Asian economies are pouring money into the US to keep their own currencies from growing too strong in comparison to the weakening US dollar. Japan for example are not going to let the US do what they did in the 80's when the dollar lost more than 50 per cent of it's value compared to the Yen. This had catastrophic consequences for the Japanese economy, which was on a bubble. Only now are there minute signs of recovery in Japan. Since the Chinese refuse to let their Yuan float the Euro is left to take the brunt of the irresponsible policies of the Bush administration.
Red:
Most of this discussion is nonsense. Presidents can actually do very little about economic conditions, other than curb spending. The Fed has more power than Bush at this point. Unless Bush is going to start a New Deal style public works program like FDR! Bwuahahaha!!! The best thing Bush could do is to veto a lot of spending bills which is not something I've seen him do. This deficit is dreadful and it is due to the tax cut (a spending bill from my perspective. 🙂 ) and the exhorbitant costs of this war. Where are the Republicans who support fiscal conservatism? Sheezh....
-Robert, who's going out to max all his credit cards and then declare bankruptcy so he can tell the judge he was just following Uncle Sam's lead.... 🙂, I need a new SATA hard drive, anyway....
Most of this discussion is nonsense. Presidents can actually do very little about economic conditions, other than curb spending. The Fed has more power than Bush at this point. Unless Bush is going to start a New Deal style public works program like FDR! Bwuahahaha!!! The best thing Bush could do is to veto a lot of spending bills which is not something I've seen him do. This deficit is dreadful and it is due to the tax cut (a spending bill from my perspective. 🙂 ) and the exhorbitant costs of this war. Where are the Republicans who support fiscal conservatism? Sheezh....
-Robert, who's going out to max all his credit cards and then declare bankruptcy so he can tell the judge he was just following Uncle Sam's lead.... 🙂, I need a new SATA hard drive, anyway....
You put alot of faith in what you hear on the news don't you? Do you think those reporters have a clue what is really happening? There is an election coming up.... we found them and the Pres is waiting for the right time to spring the news. Cmon... quit putting so much faith into ignorant reporters who follow the word of just about anyone and publish it like it's the gospel.
kylebisme
Diamond Member
well not anyone, but pretty much anyone who they think they can use to further their agenda; the Niger-Iraq uranium "intelligence" comes to mind as a specific example. but more to the point, i simply found it alarming that you have so much faith in the idea that the adminstartion has already captured Saddam and Ossama despite the lack of any evedence to back your claim.
You ARE kidding, right? The very moment they are captured you may be certain the political value of that find will far outweigh ANY intelligence value and the world will know. This administration is so hard up for good news it mails phony letters to newspapers! Good grief, man, get a grip. They outed a CIA operative in their zeal to shore up their house of cards which is already laying splayed upon the floor.
-Robert
-Robert
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