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Thread: White House says economy is sound despite 'mess'

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    Re: White House says economy is sound despite 'mess'

    Quote Originally Posted by Goobieman View Post
    Ah. The economy is fixed, but we must keep fixing it. Gotcha.
    Not what I said.

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    Re: White House says economy is sound despite 'mess'

    Quote Originally Posted by winston53660 View Post
    Not what I said.
    Yes, it is.
    You argue that the economy is on the uptake -- that it is fixed -- and you argue that we need to keep spending the money that was supposed to fix said economy.

    So, at what point WILL you argue that the spending planned for over the next several years should be cancelled?

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    Re: White House says economy is sound despite 'mess'

    Quote Originally Posted by Goobieman View Post

    So, at what point WILL you argue that the spending planned for over the next several years should be cancelled?
    When the banks have paid back what they borrowed in full.

    While Bank of America aims to return the funds, Chief Executive Officer Kenneth Lewis praised TARP last week for preventing a financial “meltdown.” JPMorgan Chase & Co. CEO Jamie Dimon said it helped stabilize the banking system.

    Wells Fargo Assails TARP, Calls Stress Test ?Asinine? (Update1) - Bloomberg.com

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    Re: White House says economy is sound despite 'mess'

    Quote Originally Posted by winston53660 View Post
    When the banks have paid back what they borrowed in full.
    Why can't the additional spending be stopped while the banks pay back their loans?

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    Re: White House says economy is sound despite 'mess'

    Quote Originally Posted by Goobieman View Post
    Why can't the additional spending be stopped while the banks pay back their loans?
    Because at this point in time it would lead to an absolute collapse in our financial system and the dollar would not be worth the paper it is printed on IMO.

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    Re: White House says economy is sound despite 'mess'

    Quote Originally Posted by winston53660 View Post
    Because at this point in time it would lead to an absolute collapse in our financial system and the dollar would not be worth the paper it is printed on IMO.
    Somehow, there's a disconnect here, as what you;re sayimg makes no sense.

    We gave $X to the banks, that needs to be repaid, and we're planning to speld $Y on everything else.

    You're arguing that we need to keep spending $Y on everything else, until the banks repay $X.

    Where is the necessary relationship between those two things?

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    Re: White House says economy is sound despite 'mess'

    Quote Originally Posted by Goobieman View Post
    Somehow, there's a disconnect here, as what you;re sayimg makes no sense.

    We gave $X to the banks, that needs to be repaid, and we're planning to speld $Y on everything else.

    You're arguing that we need to keep spending $Y on everything else, until the banks repay $X.

    Where is the necessary relationship between those two things?
    What spending are you specifically talking about? I was talking about the loans to banks.

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    Re: White House says economy is sound despite 'mess'

    Quote Originally Posted by winston53660 View Post
    What spending are you specifically talking about? I was talking about the loans to banks.
    There is a LOT more spending planned than the loans to the banks.

    But even then -- we have to keep spending money on the banks until they pay it all back?

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    Re: White House says economy is sound despite 'mess'

    Quote Originally Posted by Goobieman View Post
    There is a LOT more spending planned than the loans to the banks.

    But even then -- we have to keep spending money on the banks until they pay it all back?
    Yes we do have LOAN banks/financial institutions money. Unless you want to see a total collapse of our banking system that would hurt a lot of innocent people.

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    Re: White House says economy is sound despite 'mess'

    A couple thoughts about assumptions behind the rhetoric here:

    1) Is there something to the climate of fear that the Obama administration is talking about? That is, can fear in and of itself contribute to a downward spiral where people stop investing and buying?

    If so, should the administration take it upon itself to inspire confidence?

    2) Has anything significant happened to the economy since the election season comments of McCain? It seems to me that you can point to a stabilization of the banking industry (which could be considered a fundamental) since then.

    If you answer "yes" to these questions, then I don't see much to criticize Obama on here except an awkward change in tone. This isn't just a political "gotcha", you have to form an opinion about what is and has been happening to our economy.

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