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I apologize if this shows up twice; I'm guessing the 1st shot got lost in the ether. So my question is: where did all the money come from for the huge S&P burst in the 90's? Where had it been parked before? Similarly: does that burst indicate the internet/computing value creation really taking hold or is it just some regulatory alteration to the landscape that created the illusion of wealth through increased leverage +/or credit? Thanks, if anyone answers!
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a: the tax receipts did go up due to growing income, but the growth in income (it should be crystal clear at this point) was due almost entirely on credit! Greenspan held the rates down and the credit flowed - creating houses and yes jobs. This was obviously not sustainable. b: I don't think it's cherrypicking to claim that "we will have created more jobs in this year than in the entire Bush presidency"; it's just a question of net vs. gross. there's more of course, but I can leave it there for now....
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I think the problem is congress is full of fallible old men who just don't believe your path is the right one. There are others, many with very fine reputations as economists etc. who posit that we can't spend our way out without increasing the deficit through the roof and ending up like Greece. You will say it isn't true and show them the evidence but that's not what they believe, period. They 'trust' the other side more. Or, it's possible they are just too short sighted or are crooked. But the main problem is Congress doesn't have enough members who believe what you believe and Obama can't legislate it himself, even if he wanted to. If dems pull a minor loss or even a victory in midterms expect Obama to do much more stimulus, but if it's a republican route, less. Push through the Frank bill not Dodd, and toughen Frank, and dems will have a nice platform of reform accomplishments to make more stimulus possible.
Toggle Commented Apr 7, 2010 on Giving Up on Policymakers at Economist's View
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Jan 25, 2010