Thread: $700 Billion Bailout for Financial Firms

Originally Posted by ebaconjr

It's kind of like a rhino with a pancake on his head doing a two-step to disco music in the morning. I could tell you, but you wouldn't believe it coming from me.

Just found this: Greenspan had little writing experience. Powerful men shouldn't play with philosophy if they don't write. Bush doesn't write, either. In fact he claims his e-mails are privileged or lost. I see a pattern here.

Originally Posted by Greenspan

"I'm always an objective observer, standing off the stage, examining the play going on, but never on the stage," he says. "But they wanted me on the stage, which meant writing in the first person. And that was a struggle."

Writing is nature's way of letting you know how sloppy your thoughts are.

Originally Posted by Potemkine

Originally Posted by JimboIncinerator

Quote from: Agamemnon on 09/26/08, 02:36 PM
Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it. – Ronald Reagan (1986)


Don't quote Reagan on economics. His plan was detrimental in the long run. Short term it was fine and dandy. But long term? PA LEASE. His Reaganomics is what caused the financial bust in the early 90's when Bush senior was president. Raise spending and cut taxes? Doesn't work without getting a recession.

Link of for revenue of the US for the past X number of years.
http://www.usgovernmentrevenue.com/charts.html

Now if im not mistaken... bush cut taxes relatively soon after he was in office (dont know exact time somebody should look). The governments revenue has skyrocketed!! Interesting isn't it.

Where are you seeing sky rocketed?

I am seeing a bounce back and forth....then an increase starting in 2004. How much of that though is due to inflation, or redefined taxes? Plus it is taking into consideration 2009 and 2010. Last time I checked it was the end of September 2008 2009 if far off still, and it is not taking into consideration current conditions.

The slope (rate of change) has increased at a greater margin than from the beginning of the graph (1992 ish) to 2002/3 to 2003 to 2008. The growth is past the rate of inflation.

And to top it off, taxes are less to boot!

Originally Posted by ...bigdog...

...but bias, you're pretty well stocked.

Be fair and tell him about the deregulation part where the Republicans thought they could innovate a system that trumps "if you loan out a buck then you better make sure the borrower can pay you back". Oh, and how they marketed that ingenious system to middle-class whites. Don't wanna leave that out.

The graph dips after the tax cut, then farts around a while, then inflation and fake GDP increases start a gradual increase. There is no "Skyrocketing revenue from taxcuts". Thats neocon propaganda speak.

The key here is that the congress which is trying to enact a rescue plan, doesn't have the slightest idea of what it would take to make the economy better.

Here is something it would be VERY good for everyone to know. Take some economics classes, and you will learn that the most powerful force in the economy is Expectations.

Now, knowing that, what exactly needs to be done to rescue the economy? No one knows. If anyone knows, I'd bet on it being Mr. Greenspan. Obviously some people here (bacon) have some reservations about the man, but his political ambitions and prejudices aside, he is probably the worlds best expert on the economy.

So, what are all the sudden economic geniuses in our congress doing? Trying to throw money at a problem and hope it fixes itself. Think of it this way. If you are trying to fix a problem with your car, every halfway decent backyard mechanic knows that guessing and dumping money into new parts that aren't broken is the incorrect way to go about things. This is what the government is doing.

A future bailout plan may work, and it may not. No one knows. But it would certainly help if people expect it to work. After all, would the Dow have dropped 777 pts today if people didn't expect the bailout to pass? No. No one in congress or adivising them knows what they are doing, even people like Mr. Greenspan only have a pretty good idea of whats going on. Economics is not a science, its educated guesswork.

If Obama is a clown what does that make McCain? A 4 year old with a temper? At least Obama can conduct himself like an adult and talks coherently about the issues at hand.