The Stimulus Didn't Work

[Heracles 417]

I thought the majority of that went towards bailing out banks.

Just the other day I saw a report that said they had hardly spent any money that was supposed to go towards actually stimulating the economy.

That's the same one I saw too. The big bank bailout was in the first package started under Bush. the recovery act is Obama's.

WHY

Why what?

Both of them assisted the banks.

[spookyturtle 9,466]

I thought the majority of that went towards bailing out banks.

Just the other day I saw a report that said they had hardly spent any money that was supposed to go towards actually stimulating the economy.

That's the same one I saw too. The big bank bailout was in the first package started under Bush. the recovery act is Obama's.

WHY

Why what?

Both of them assisted the banks.

My point was that most of the money is yet to be spent in the 2009 recovery act. The first one was basically all dumped into the financial market. The latest one supposedly is going to be used to finance projects and create some real world jobs, not just go to bailing out aliling banks and companies. Supposedly.

[dalegg 143]

Even if the stimulus worked, is working, or will work, so what?. Any economy that must be propped up for the next 10 years with nearly a trillion dollars added to the national debt each of those years by the government is nothing to be proud of.

[HAL 9000 96]

Even if the stimulus worked, is working, or will work, so what?. Any economy that must be propped up for the next 10 years with nearly a trillion dollars added to the national debt each of those years by the government is nothing to be proud of.

We should then rethink the way we allow corporate interests to dictate how we live our lives then. You know... so that kind of thing doesn't happen again.

[spookyturtle 9,466]

Even if the stimulus worked, is working, or will work, so what?. Any economy that must be propped up for the next 10 years with nearly a trillion dollars added to the national debt each of those years by the government is nothing to be proud of.

Nor is the prior administration that destroyed it.

[dalegg 143]

Even if the stimulus worked, is working, or will work, so what?. Any economy that must be propped up for the next 10 years with nearly a trillion dollars added to the national debt each of those years by the government is nothing to be proud of.

We should then rethink the way we allow corporate interests to dictate how we live our lives then. You know... so that kind of thing doesn't happen again.

oh brother.

[dalegg 143]

Even if the stimulus worked, is working, or will work, so what?. Any economy that must be propped up for the next 10 years with nearly a trillion dollars added to the national debt each of those years by the government is nothing to be proud of.

Nor is the prior administration that destroyed it.

yes, the prior administration so destroyed the economy that it cannot be brought back to life without infusing a trillion dollars from the government fro the next ten years. uh huh.

Edited September 18, 2009 by dalegg

[spookyturtle 9,466]

Even if the stimulus worked, is working, or will work, so what?. Any economy that must be propped up for the next 10 years with nearly a trillion dollars added to the national debt each of those years by the government is nothing to be proud of.

Nor is the prior administration that destroyed it.

yes, the prior administration so destroyed the economy that it cannot be brought back to life without infusing a trillion dollars from the government fro the next ten years. uh huh.

I'm glad we agree. How would you go about fixing it if you were in a position to do so?

[dalegg 143]

Even if the stimulus worked, is working, or will work, so what?. Any economy that must be propped up for the next 10 years with nearly a trillion dollars added to the national debt each of those years by the government is nothing to be proud of.

Nor is the prior administration that destroyed it.

yes, the prior administration so destroyed the economy that it cannot be brought back to life without infusing a trillion dollars from the government fro the next ten years. uh huh.

I'm glad we agree. How would you go about fixing it if you were in a position to do so?

Well, from my understanding, we are already heading out of the recession so its fixed now, isn't it? What's with the next 8 trillion dollars? Why is it needed?

The point is that the economy was not "destroyed". The financial system pretty much was, but the banks were bailed out, and they are still here and if you have good credit you can still get a loan. I just got one 3 months ago and it was as easy as ever. We had a recession like we've had many times and we would get out of it without the governments help as we've done before.

Edited September 18, 2009 by dalegg

[spookyturtle 9,466]

Even if the stimulus worked, is working, or will work, so what?. Any economy that must be propped up for the next 10 years with nearly a trillion dollars added to the national debt each of those years by the government is nothing to be proud of.

Nor is the prior administration that destroyed it.

yes, the prior administration so destroyed the economy that it cannot be brought back to life without infusing a trillion dollars from the government fro the next ten years. uh huh.

I'm glad we agree. How would you go about fixing it if you were in a position to do so?

Well, from my understanding, we are already heading out of the recession so its fixed now, isn't it? What's with the next 8 trillion dollars? Why is it needed?

The point is that the economy was not "destroyed". The financial system pretty much was, but the banks were bailed out, and they are still here and if you have good credit you can still get a loan. I just got one 3 months ago and it was as easy as ever. We had a recession like we've had many times and we would get out of it without the governments help as we've done before.

It was/is the worst recession since the Great Depression. The financial system was a disaster. Do you think it would recover qucker without any gov. intervention? Do you think that the current intervention helped at all or do you think it made it worse?

[thepizzadude 26]

Well, from my understanding, we are already heading out of the recession so its fixed now, isn't it? What's with the next 8 trillion dollars? Why is it needed?

The point is that the economy was not "destroyed". The financial system pretty much was, but the banks were bailed out, and they are still here and if you have good credit you can still get a loan. I just got one 3 months ago and it was as easy as ever. We had a recession like we've had many times and we would get out of it without the governments help as we've done before.

Ummm yah BUT all the banks are not still here and neither is a few trillion dollars in equity, where did it go...to the banks you speak so highly of. Then on top of that to COVER THEIR AZZES after they got bailed out by US they have raised most everyones interest rates to cover the losses they will sustain because of their lax lending efforts that put us in this mess to begin with.

And I hate to say it but WITHOUT the gov's stepping in on this one and using the NEWLY printed money to bail out the banks i'm sure we would be in QUITE THE SHYTPILE WE may have avoided up until now. If they had not stepped in on the automobile industry the only one left now would be FORD, and the gov owns a big chunk of the new GM, I really didn't know the government was in the private industry business.

[Heracles 417]

It was/is the worst recession since the Great Depression. The financial system was a disaster. Do you think it would recover qucker without any gov. intervention? Do you think that the current intervention helped at all or do you think it made it worse?

If the government had not intervened, the large banks would have collapsed.

Try getting a loan when there are no large banks. We would go back to the Mr Potter days.

[Dan J 277]

A lot of the money loaned to banks as part of the TARP program will get repaid, and some of the large banks have already done so, with interest.

The TARP program will probably loose money on AIG and the auto companies. But overall in keeping the banking system from collapsing it did its job and that is seen in the recovery of the stock market.

Its going to take a lot longer to rebuild the jobs lost in the recession, and its unlikely we will return to the unemployment levels we once had, unless we create another bubble. With or without the stimulus jobs always take longest to recover after a downturn. Its likely companies may spend money improving efficiencies before spend the money to hire new workers.

[mawilson 2,133]

They spent all of the money already?

Not even close.

Soooo... it hasn't not worked then yet has it?

I say give it a chance before declaring it a failure.

[Pinocchio Liberal 268]

EASY! When the money is gone, so goes the fvckin temp. jobs it created. Now were left a 1000 billion in debt. YAY!