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View Diary: Republicans have no clue how people manage their budgets, Part II (94 comments)

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  •  I think the story on that... (2+ / 0-)
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    sethtriggs, catwho

    (talking about ARRA) is that the President really wanted to do a moonshot type program - a clean energy grid, for example.  But then his advisers came back and said it'd be very difficult and wouldn't put money into the economy right away - like a tax cut would, for example.  And that was that.  

    The other thing going on was that the administration SEVERELY miscalculated the length and depth of the recession (they get a little forgiveness, because at the time there weren't good numbers on how much the economy had shrunk; not total forgiveness, though, because even at the time ARRA was criticized for being too small to fully stimulate the economy).  So, doing a clean energy grid as a long term project didn't make sense, when they thought we just needed a one year, short term bump to the economy.  

    •  Sorry... (4+ / 0-)
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      AoT, Odysseus, Noodles, ssgbryan

      Don't buy that completely.  Many economist were saying 1.5 trillion in direct stimulus was what was needed.

      'Guns don't kill people, video games do - paraphrased from Lamar Alexander (Sen-R-TN)'

      by RichM on Thu Mar 21, 2013 at 10:53:23 AM PDT

      [ Parent ]

      •  Advisers vs. Economists (2+ / 0-)
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        MPociask, Noodles

        Most of his advisers were "economists" only in the strictest sense of the term. They were also incorrect about a great many things. Of course, he's the one that chose them.

      •  And those I followed saw the 2nd recession coming (2+ / 0-)
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        Odysseus, MPociask

        They said what would cause it citing in great part how deregulation and ever lower taxes with ever higher borrowing on two wars were behind it. Robert Shiller was all over the growing housing bubble and sub-prime issues years before that nightmare. And as extraordinary an economic collapse as it was it was foolish to not to assume it would be long term and treat it as such. Especially when so many variable rate mortgages where scheduled to balloon over the next two years...

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