You tell me what your alternative was, or show that collapse of the US economy was NOT an alternative, then we can talk. I'm already on the record with a supported position, and you've provided nothing but one liners. Your move.
The testimony is lovely reading as well.
Congressional Budget Office - Policies for Increasing Economic Growth and Employment in 2012 and 2013
It discusses and weighs the impact of a handful of suggestions which have been floated.
I may be wrong.
Revised downwards what a shocker, not to mention it cost around a million a job.
CBO: Stimulus added up to 3.3M jobs - Josh Boak - POLITICO.com
The economy would have been in much worse shape without the 2009 stimulus — which increased employment in the third quarter of this year by as many as 3.3 million full-time jobs, according to a report by the Congressional Budget Office.
Republican lawmakers and presidential candidates have blasted the $800 billion pumped into the economy through the American Recovery and Reinvestment Act as a waste of taxpayer dollars that failed to put people back to work.
The nonpartisan CBO figures offer a more nuanced picture of how government spending impacted an economy still coping with unemployment above 9 percent. It provides an alternative glimpse of an economy with even higher unemployment and drastically lower growth.
The CBO figures released Tuesday estimate that the stimulus package raised the gross domestic product this past quarter by 0.3 percent-1.9 percent.
The CBO report provided a broad range of the estimated number of full-time jobs created because of the stimulus — from a low of 500,000 to a high of 3.3 million jobs.
We were told that if we did not enact TARP that the markets might fall all the way to 7000. We did enact TARP and the markets still fell to 7000. All TARP did was put those who should actually be in prison back in the drivers seat.You tell me what your alternative was, or show that collapse of the US economy was NOT an alternative, then we can talk. I'm already on the record with a supported position, and you've provided nothing but one liners. Your move.
I don't remember ANYONE saying if we did not do TARP the market would fall to 7000, please cite a source.
Without TARP there would have been a LONG string of Lehman Bros. bankruptcies. How many banks, large and small, would have failed without TARP? Lots of them. A nation needs a banking system. What would we have looked like with bankrupt AIG, Goldman Sachs, Merrill Lynch, Morgan Stanley, Citigroup, Washington Mutual all going down in one quarter?
You think we were not headed to collapse? Housing industry died. Banking industry could have been nuked. Auto industry nearly died. Everyone was scared to death. TARP saved the financial industry and the auto industry. Stimulus plan reassured the nation and people's apprehension began to decline, and the consumer began to spend again, slowly.
Greenspan did play a role in the republican housing and mortgage debacle, but a minor role compared to the mortgage lenders and big investment banks. He drove rates too low in 2003 and 2004 and left them low for too long, which he did to get Bush re-elected in 2004, since Bush's tax cuts in 2001 and 2003 failed to stimulate the economy. Greenspan had power to regulate the banks and he failed to use it, being a free market advocate. By 2009, the time of the interview I quoted, Greenspan had NOT been fed chairman for 3 years, he was not speaking for the administration, and he has told the truth since he stepped down as fed chairman.
At the end of the day, we could have a failed banking system and failed housing market that spiral down the whole economy as people are laid off and quit consuming everything except food (that is what took down the auto industry) and we can wait and see how many industries fail and how far down we go until we hit only necessary businesses (lot of pain long and short term), or we could step in, print money, backstop the banks, and provide money to people so they don't have to stop all consumption (long term pain from inflation due to devalued currency). There was no painless way out of the financial crisis the republicans put us in. To believe otherwise is juvenile.
So, what was your other plan, and what do you cite to support it? Have you got anything beside a soundbite?
Last edited by finebead; 11-23-11 at 07:03 AM.