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View Full Version : Advice for Obama: $1T Stimulus Needed to 'Keep Economy from Collapsing'



stephanie
12-10-2008, 02:29 PM
holy moly

Posted Dec 10, 2008 12:00pm EST by Aaron Task
The debate in economic circles over a stimulus package right now is not "Yes or No?" but "How big?"

A $1 trillion stimulus package is necessary, says James Galbraith, economics professor at the University of Texas at Austin and author of The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too.

His advice for President-elect Obama: "You're not going to spend too much."

If the economy responds the government can scale back spending but action "across a broad array" of areas is necessary; not so much to revive growth but "to keep the economy from collapsing," says Galbraith, the son of famed economist and author John Kenneth Galbraith.

Because of the "massive oversupply in housing" and "massive" distress in the credit markets, the current downturn ultimately "could be considerably worse" than the 1980-82 recession (currently the worst post-World War II recession), the economist says.

For that reason, he believes the term "stimulus" is for suckers, because it suggests a quick recovery, which is highly unlikely.

Among Galbraith's recommendations:

read it all and comments..
http://finance.yahoo.com/tech-ticker/article/143086/Advice-for-Obama-1T-Stimulus-Needed-to-'Keep-Economy-from-Collapsing'?tickers=^dji,^gspc,^ixic,QQQQ,SPY,DIA, TLT

Noir
12-10-2008, 02:41 PM
Does James Galbraith have the ear of Obama?

Yurt
12-10-2008, 02:41 PM
is this on top of the current 700 billion stimulus?

manu1959
12-10-2008, 05:43 PM
lets see there are 300,000,000 of us ....

and they want to hand out 1,000,000,000,000 .....

they should just give every us citizen 3,333.33 dollars us and see what happens......

LiberalNation
12-10-2008, 06:44 PM
i wana check.

manu1959
12-10-2008, 09:05 PM
i wana check.

nope the suits and aflcio are getting it......don't worry though it will trickle down to you.....they won't squander a trillion dollars again......

Hobbit
12-10-2008, 10:48 PM
Stop giving my f---ing money away to people who have already demonstrated overwhelming amounts of general incompetence!

My entire family tree traced back to Adam probably hasn't made the equivalent of one trillion dollars, yet the government keeps handing out checks like these as if they're free.

5stringJeff
12-11-2008, 07:03 PM
Stop giving my f---ing money away to people who have already demonstrated overwhelming amounts of general incompetence!

My entire family tree traced back to Adam probably hasn't made the equivalent of one trillion dollars, yet the government keeps handing out checks like these as if they're free.

:clap: :clap: :clap:

avatar4321
12-11-2008, 08:36 PM
Do these people have any idea how much 1 trillion is?

If not please give me two;)

manu1959
12-11-2008, 08:49 PM
the big mistake the government made was telling the bank they had to make 5%.....all the banks did was look at the us consumer who has proven to be insolvent and decided to loan the money elsewhere or invest in assets that they can get a 5% return on......

this is the same government that passed the law that created this mess....demand ceo's cut pay but hang onto thiers....demand ceo's not fly on private jets but do so themselves.....demand ceo's cut thier perks but maintain their own.....

i would like to see a legislator offer to cut thier pay and perks.....

lead by example....

LiberalNation
12-11-2008, 08:57 PM
Do these people have any idea how much 1 trillion is?

all just numbers on a screen and paper they print.

red states rule
12-12-2008, 06:15 PM
http://www.strangepolitics.com/images/content/145460.bmp