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Thread: Economists: Failure to raise debt limit could lead to recession

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    Re: Economists: Failure to raise debt limit could lead to recession

    Quote Originally Posted by xpiher View Post
    Which is better, cutting entire departments of government slowly or suddenly? What will "shock" the economy more?
    And to think, I thought maybe we could quit spending billions bombing Libya, Afghanistan and Iraq.

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    Re: Economists: Failure to raise debt limit could lead to recession

    Quote Originally Posted by Hicup View Post
    I can't think of one respected economist... Oh wait, um, what's an economist exactly? LOL


    Tim-
    Just another A-Hole with an opinion.
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence." - John Adams

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    Re: Economists: Failure to raise debt limit could lead to recession


    The GOP response I'm sure is we don't need no stinking experts!
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Economists: Failure to raise debt limit could lead to recession

    Lead to a recession? LOL What we are in now is worse than a recession,recessions come and go. We are now in stagnation even worse.

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    Re: Economists: Failure to raise debt limit could lead to recession

    OK, Lets see the first economist on the list, George Akerlof.

    http://w3.epi-data.org/temp2011/economist_letter2.pdf

    "http://www.theatlantic.com/politics/archive/2009/02/an-interview-with-george-akerlof/676/"




    Earlier this week I spoke with George Akerlof, a professor of economics at Berkeley and a winner of the 2001 Nobel Prize in economics, about his new book, Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism. The book, which Akerlof wrote with Robert Shiller of Yale, concerns departures from the full-employment economy: How do we explain the fluctuations of the business cycle, or the existence of involuntary unemployment?

    According to Akerlof and Shiller, the traditional economic answers to these questions are tortured and unsatisfying. In search of a better answer, they turn to John Maynard Keynes's notion of the animal spirits: "the restless and inconsistent element in the economy" that is not easily explained by reference to rational actors with simple economic motivations.
    So he is a Keynesian. Check.
    Last edited by Shadow Serious; 07-05-11 at 10:31 PM.
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    Re: Economists: Failure to raise debt limit could lead to recession

    Quote Originally Posted by Shadow Serious View Post
    So he is a Keynesian. Check.
    Oh please, feel free to list the hundreds of conservative economists that think defaulting on our financial commitments will be a good thing.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Economists: Failure to raise debt limit could lead to recession

    Quote Originally Posted by 1Perry View Post
    And to think, I thought maybe we could quit spending billions bombing Libya, Afghanistan and Iraq.
    The war cost aren't even 2trillion a year. You can end them today, and you'd still have a budget short fall. What I was addressing with my question is what will happen if the government defaults. Either debts won't be paid or government agencies will suddenly vanish.
    Hayek - too liberal for republicans

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    Re: Economists: Failure to raise debt limit could lead to recession

    Also on the list is "Stimulus Man" Alan Binder:

    Alan S. Blinder: My Economic Wish List - WSJ.com

    FEBRUARY 4, 2009

    While wiping my desk lamp the other day, a genie appeared, offering me -- you guessed it -- three wishes. I first asked him to restore my portfolio to its former glory. He demurred: "No, I only grant wishes for the national economy. And I only do things that real policy makers can do -- no magic for this genie. But think big. We're in a mess."


    So here's what I wished for:

    - Stimulus that works. My first wish is that Congress quickly pass a large stimulus bill that exhibits intelligent design. The overall number being discussed, in the $800 billion plus range, seems reasonable to me even though some economists are clamoring for much more. My wish relates to the package's composition.

    My first worry is the spend-out rate -- stimulus is, after all, about shortening recessions. Given the choice, I'd prefer an $800 billion stimulus with $600 billion spent in the first 12 months to a $1 trillion stimulus with $300 spent in the first 12 months.
    Not too dated and still looking for more
    An Enlightened Master is ideal only if your goal is to become a Benighted Slave. -- Robert Anton Wilson

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    Re: Economists: Failure to raise debt limit could lead to recession

    Quote Originally Posted by Catawba View Post
    Oh please, feel free to list the hundreds of conservative economists that think defaulting on our financial commitments will be a good thing.
    That is a fallacious arguement. Not raising the debt limit does not mean we will default on anything. Maybe we will have to quit bombing Libya.

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    Re: Economists: Failure to raise debt limit could lead to recession

    Quote Originally Posted by Catawba View Post
    Oh please, feel free to list the hundreds of conservative economists that think defaulting on our financial commitments will be a good thing.
    Which is not quite the same thing as borrowing even more money to meet existing commitments. Sorry the keg is almost to the foam its tapped out.
    An Enlightened Master is ideal only if your goal is to become a Benighted Slave. -- Robert Anton Wilson

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