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Plus, the "total collapse" argument was BS. Wrong, and many well respected economists will tell you you're wrong.

by jeromec 16y ago

tomjen3 16y ago
Sources?
Mystalic 16y ago
I'd appreciate a citation to back up your claims. I'm pretty sure I could also find plenty of economists on the other side as well.
- jeromec 16y ago
  Here you go... Economists agree: Legislation Reid led to passage prevented economic collapse Excerpts: Krugman: Government intervention helped avert "second Great Depression." In his August 9, 2009, New York Times column, Nobel laureate Paul Krugman wrote that governmental actions kept the U.S. from going into "a second Great Depression" ... Blinder and Zandi: Policies "probably averted what could have been called Great Depression 2.0." In July, former Federal Reserve vice chairman Alan Blinder and Moody's Analytics chief economist Mark Zandi issued a report citing analytic models to demonstrate that the "multifaceted and bipartisan" response to the financial crisis, including the Troubled Asset Relief Program and the American Recovery and Reinvestment Act - both of which passed the Senate under Reid's leadership -- had a "huge" effect on real GDP, jobs, and inflation, and "probably averted what could have been called Great Depression 2.0" ... U.S. Chamber president: Stimulus needed because "we thought we were days away from a global recession." ... AEI's Malkin: Policy response "averted" global depression. From a January outlook report by the American Enterprise Institute's John H. Malkin ... Nowakowski: Policies have "averted depression." In a September 13 column, David Nowakowski, director of credit strategy at Roubini Global Economics, wrote that the Federal Reserve's fiscal policies, "along with the fiscal stimulus," have "averted depression, reversed a short bout of deflation, and helped unemployment from reaching 1930's levels." ... Romer: Policies made difference between recovery and "second Great Depression." In her September 1 farewell speech, Christina Romer, outgoing chairman of President Obama's Council of Economic Advisers, praised the stimulus package and the Obama administration's use of TARP funds and said: "I am proud of the recovery actions we have taken. I believe they have made the difference between a second Great Depression and a slow but genuine recovery. http://mediamatters.org/research/201010220033 http://mediamatters.org/research/201010220033
  - lionhearted 16y ago
    Dude, mediamatters.com's tagline is "Help us fight conservative misinformation" - that's not exactly an unbiased source. Or really any sort of respectable source to talk about economics at all. You already know what their position is going to be from the tagline.
    - jeromec 16y ago
      The source doesn't matter as I'm providing quotes from a range of well respected economists, including Nobel laureate Paul Krugman, and Christina Romer, former chairman of President Obama's Council of Economic Advisers.
      - jbooth 16y ago
        Not to mention quotes from AEI and the president of the Chamber of Commerce, which essentially became a conservative advocacy organization this past election.
      - lotharbot 16y ago
        Paul Krugman is well respected among one subset of economists and thought of as a total loon by other major subsets of economists. I don't know much about Christina Romer, but is there any reason to believe she and Krugman constitute a "range" of economists?
        jeromec 16y ago
        More than those two are quoted.
      - lionhearted 16y ago
        The point is that you can't cite a partisan political site as evidence of a consensus. You already know what their positions are going to be - they're going to reference economists that agree with them (who tend to be affiliated with the Democrats, like Kurgman and Romer) and not economists who disagree with them.
mchouza 16y ago
Wrong, and many well respected economists will tell you you're wrong. Yes and other well respected economists (at least at the time) told that we were in a "Great Moderation": http://en.wikipedia.org/wiki/The_Great_Moderation http://en.wikipedia.org/wiki/The_Great_Moderation

Plus, the "total collapse" argument was BS. Wrong, and many well respected economists will tell you you're wrong.

by jeromec 16y ago

Plus, the "total collapse" argument was BS. Wrong, and many well respected economists will tell you you're wrong.

tomjen3 16y ago

Sources?

Mystalic 16y ago

I'd appreciate a citation to back up your claims. I'm pretty sure I could also find plenty of economists on the other side as well.

jeromec 16y ago
Here you go... Economists agree: Legislation Reid led to passage prevented economic collapse Excerpts: Krugman: Government intervention helped avert "second Great Depression." In his August 9, 2009, New York Times column, Nobel laureate Paul Krugman wrote that governmental actions kept the U.S. from going into "a second Great Depression" ... Blinder and Zandi: Policies "probably averted what could have been called Great Depression 2.0." In July, former Federal Reserve vice chairman Alan Blinder and Moody's Analytics chief economist Mark Zandi issued a report citing analytic models to demonstrate that the "multifaceted and bipartisan" response to the financial crisis, including the Troubled Asset Relief Program and the American Recovery and Reinvestment Act - both of which passed the Senate under Reid's leadership -- had a "huge" effect on real GDP, jobs, and inflation, and "probably averted what could have been called Great Depression 2.0" ... U.S. Chamber president: Stimulus needed because "we thought we were days away from a global recession." ... AEI's Malkin: Policy response "averted" global depression. From a January outlook report by the American Enterprise Institute's John H. Malkin ... Nowakowski: Policies have "averted depression." In a September 13 column, David Nowakowski, director of credit strategy at Roubini Global Economics, wrote that the Federal Reserve's fiscal policies, "along with the fiscal stimulus," have "averted depression, reversed a short bout of deflation, and helped unemployment from reaching 1930's levels." ... Romer: Policies made difference between recovery and "second Great Depression." In her September 1 farewell speech, Christina Romer, outgoing chairman of President Obama's Council of Economic Advisers, praised the stimulus package and the Obama administration's use of TARP funds and said: "I am proud of the recovery actions we have taken. I believe they have made the difference between a second Great Depression and a slow but genuine recovery. http://mediamatters.org/research/201010220033 http://mediamatters.org/research/201010220033
- lionhearted 16y ago
  Dude, mediamatters.com's tagline is "Help us fight conservative misinformation" - that's not exactly an unbiased source. Or really any sort of respectable source to talk about economics at all. You already know what their position is going to be from the tagline.
  - jeromec 16y ago
    The source doesn't matter as I'm providing quotes from a range of well respected economists, including Nobel laureate Paul Krugman, and Christina Romer, former chairman of President Obama's Council of Economic Advisers.
    - jbooth 16y ago
      Not to mention quotes from AEI and the president of the Chamber of Commerce, which essentially became a conservative advocacy organization this past election.
    - lotharbot 16y ago
      Paul Krugman is well respected among one subset of economists and thought of as a total loon by other major subsets of economists. I don't know much about Christina Romer, but is there any reason to believe she and Krugman constitute a "range" of economists?
      - jeromec 16y ago
        More than those two are quoted.
    - lionhearted 16y ago
      The point is that you can't cite a partisan political site as evidence of a consensus. You already know what their positions are going to be - they're going to reference economists that agree with them (who tend to be affiliated with the Democrats, like Kurgman and Romer) and not economists who disagree with them.

mchouza 16y ago

Wrong, and many well respected economists will tell you you're wrong. Yes and other well respected economists (at least at the time) told that we were in a "Great Moderation": http://en.wikipedia.org/wiki/The_Great_Moderation http://en.wikipedia.org/wiki/The_Great_Moderation