Galbraith lays it on the line

[kcshocker11]

http://finance.yahoo.com/tech-ticker/article/375136/%22A-Truly-Extraordinary-Slump%22-Reports-of-Robust-Recovery-Premature-James-Galbraith-Says?tickers=XLF,XHB,%5Edji,%5EGSPC,DHI,TOL,PHM

Listen to both videos!

Galbraith says we need 2nd stimulus.

"We need a substantial intervention"

"If the government is no longer providing the impetus for economic stabilization, where is it going to come from?"
That's the question University of Texas professor James Galbraith asks of those advocating for the government to reduce spending and start eliminating programs supporting various parts of the economy.

"I'm in favor of thinking about exit strategies [but] I'm not in favor of implementing them," Galbraith says. "It's way, way too early. Government spending - that is absolutely the reason why this has not turned into the [second] great depression."

"What's the strategic direction of economic growth going forward?," he asks.

Answering his own question, Galbraith says the U.S. "could use a decade of public capital investment to rebuilt common infrastructure." Furthermore, we need to "mobilize and direct resources" to tackle the twin challenges of energy independence and global climate change, he says.

"Unless we come to grips on the strategic question, we're not going to be making adequate progress toward sustained economic recovery,"

8)

He states the first stimulus was meant for shovel ready projects and was as good as you could get for policy done in 3 weeks. He believes we now need long term stimulus!


Please Mr President time for a second stimulus!

[wu_shizzle]

Did we really have a first one?

This government you seem to trust so much can't accurately account for much of any of the first bailout, so how can we accurately measure it's effectiveness?

[kcshocker11]

Pretty simple we didnt fall into a second great depression. Just like JKG said. 8)

[wu_shizzle]

On a whim I thought I'd look this guy up...

Writing for the progressive "Mother Jones", Galbraith argues that modern America has fallen prey to a wealthy, government-controlling "predatory class":

"Today, the signature of modern American capitalism is neither benign competition, nor class struggle, nor an inclusive middle-class utopia. Instead, predation has become the dominant feature — a system wherein the rich have come to feast on decaying systems built for the middle class. The predatory class is not the whole of the wealthy; it may be opposed by many others of similar wealth. But it is the defining feature, the leading force. And its agents are in full control of the government under which we live."

Link

The man is not a fan of capitalism... go figure.

[ShockTalk]

The United States infrastructure is a mess and quickly heading to become a disaster. This is something that government, Federal and State, will need to address sooner rather than later. Since monies (lots of it) will need to be spent on our infrastructure, now and in the furture, ramping up these many projects would put a lot of people to work.

[ISASO]

How about this?

Instead of giving 20, 30, 40, 50% of your income to the government why can't everyone give a flat 90% of their earnings to President Obama, Jeremiah Wright, Bill Ayers, Ezekiel Emanuel and George Soros.

Wouldn't life be so much better?

We could all wake up around 9:30am and hang around at the house until the Obama Work Shuttle came to pick us up and deliver us to the work site. Lunch provided for us, the work shift would end at 5. Go home, pick up the wife and kids and take them to the Common Kitchen for dinner. Then maybe listen to a Jeremiah Wright sermon before heading back to your two room flat for a good night's sleep.

[Capitol Shock]

Wake up and smell the coffee for God's sake...this government is completely out of control and spending us into oblivion.

Tax cuts across the board and a steep reduction in government spending. The facists currently controlling the government can't allow that to happen though.

They are the new modern age crack dealers trying to make every individual and class completely dependent on government so they never lose power. We are bankrupting the country following the lead of California and New York where liberialism reigns and looks what that's done for them.

Capitalism is our only hope.

[kcshocker11]

On a whim I thought I'd look this guy up...

Writing for the progressive "Mother Jones", Galbraith argues that modern America has fallen prey to a wealthy, government-controlling "predatory class":

"Today, the signature of modern American capitalism is neither benign competition, nor class struggle, nor an inclusive middle-class utopia. Instead, predation has become the dominant feature — a system wherein the rich have come to feast on decaying systems built for the middle class. The predatory class is not the whole of the wealthy; it may be opposed by many others of similar wealth. But it is the defining feature, the leading force. And its agents are in full control of the government under which we live."

Link

The man is not a fan of capitalism... go figure.

.
You had to look up JKG. Ask any economist who he is. 8)

[WuDrWu]

You know something kc, your regular posts remind me not to drink the water when I visit in 2 days.

Something is making you incredibly, shall we say, not smart. 2nd stimulus......stunning.

[shocklight]

I thought the second part of the first stimulus was being held back for re-election?

So, we are talking about a whole new stimulus? What will this one be for?

How much more can the dem's screw this up? Opps, I almost forgot about so called healthcare reform, i.e. takeover!

BTW, how many jobs will be lost in the Healthcare industry, when the dem's are done?

Can we say 15-20% unemployment!

So, just how is that hope and change thing working out for you?

[SB Shock]

The United States infrastructure is a mess and quickly heading to become a disaster. This is something that government, Federal and State, will need to address sooner rather than later. Since monies (lots of it) will need to be spent on our infrastructure, now and in the furture, ramping up these many projects would put a lot of Illegal Immigrants to Work.

Fixed

[SB Shock]

Pretty simple we didnt fall into a second great depression. Just like JKG said. 8)

It not over yet. From people I know who work in the finance world - the worst is yet to come.

Spending money we already don't have will only hasten what is coming next.

[ShockTalk]

The United States infrastructure is a mess and quickly heading to become a disaster. This is something that government, Federal and State, will need to address sooner rather than later. Since monies (lots of it) will need to be spent on our infrastructure, now and in the furture, ramping up these many projects would put a lot of Illegal Immigrants to Work.

Fixed

Ha Ha. Stick your head in the sand and maybe it'll go away. Not!

This problem involves a lot more than unskilled or semi-skilled workers. But since you bring it up, yes, I don't like the Illegal Immigrant situation either. So much so that I believe two wrongs (illegal couple) don't equal a right (their child who's automatically a US citizen because its born in the US).

[ISASO]

OK Marxist brainiacs, with only about 15% of Stimulus I spent, where will we get the money to fund Stimulus II?

Exactly where will the money come from?

Given the well-documented historical fact that the government cannot bend the cost curve of anything downward or do anything in a cost-efficient manner, exactly where will the money come from?

1. Debt?
2. Taxes?

[shockall]

No wonder Obama felt like he had to bow to every Asian he met on his recent trip. He probably wants to borrow some more money!