Economist Dean Baker (PhD) on the bailout

[Panzerbear]

WATCH AND LEARN. for those who are still in doubt whether or not the bailout was even necessary.

[The King Of Peasants]

Definitely agree but our congress seems easier to move by fear then the people! Good thing Obama and McCain stood against the tide of fear.

[Rush Limbaugh]

Good thing Obama and McCain stood against the tide of fear.

Thats a joke right?

Lunacy.

This is whats called socialism in my book. Soon the government will own or control everything.

[danzig]

Well what I find amusing is 700 billion to industry most capable of (in terms of employees) weathering the recession storm is easy decision for congress but 25 billion to GM who's workers will be hit the hardest being middle class is a very long, drawn out decision. Biggest question for me is, where is the line drawn in terms of bailouts. Our goverment has bailed out investment banks but it balks about bailing out actual citizens...why? Mind you Im not for bailing out much of anyone but if going to bail out one why not the other.

[LoZz]

Well what I find amusing is 700 billion to industry most capable of (in terms of employees) weathering the recession storm is easy decision for congress but 25 billion to GM who's workers will be hit the hardest being middle class is a very long, drawn out decision. Biggest question for me is, where is the line drawn in terms of bailouts. Our goverment has bailed out investment banks but it balks about bailing out actual citizens...why? Mind you Im not for bailing out much of anyone but if going to bail out one why not the other.

as someone who is contracted out by GM UK i really hope they get the money.....


i think all bailouts are doing is putting off the inevitable. and maybe making a softer landing but i still think things are going to go tits up in a big way for alot of us regardless of what governments do. if a market wants to fall it will fall

[JP226]

I agree with him in principle, but he doesn't give any specifics.

Well what I find amusing is 700 billion to industry most capable of (in terms of employees) weathering the recession storm is easy decision for congress but 25 billion to GM who's workers will be hit the hardest being middle class is a very long, drawn out decision

there is a very key difference beyond the what's seen on the surface. Wallstreet is apart of the framework of our economy, kinda like infrastructure or a good justice system. You have to have a stock market to facillitate and encourage investment and foster economic growth. GM is just a company. And even if GM went under they have so many tangible assets that is is more difficult for them to out and out collapse like some of the financial companies. With or without a bailout GM will be fine, as will most of it's employees. They may not like losing their 100k job to drive a forklift or may even have to multi task, but the employees and unions will get over it. Note i'm not defending teh bailout, it's just it's not an apples to apples comparison.

[The King Of Peasants]

Thats a joke right?

Yes...

I agree with him in principle, but he doesn't give any specifics.

It seems he thinks we should just leave it alone altogether.

[JP226]

It seems he thinks we should just leave it alone altogether.

I got that, he just didn't get into the "why."

[Panzerbear]

what specifics did you need?

[JP226]

A "why" would be nice. What would it be better to not bailout wallstreet? Letting the rich wallstreet fatcats go under isn't really an answer. That's class warfare.

[Panzerbear]

A "why" would be nice. What would it be better to not bailout wallstreet?

let me guess, because the well-being of the CEOs and the shareholders should be irrelevant for the overwhelming majority of the taxpayers, who are stuck paying the bill???

there should be an obvious pro- and contra- analysis. its recession. happens. banks go under and people do lose jobs. nothing is different this time. except that the wallstreet fat cats decided to rip off the US taxpayers by a trillion dollars in the mean time.

[the_mango55]

A "why" would be nice. What would it be better to not bailout wallstreet? Letting the rich wallstreet fatcats go under isn't really an answer. That's class warfare.

So when the rich bankers let the people who can't afford to pay their mortgages go bankrupt, rather than bailing them out, is that also class warfare?


The car industry is a whole different beast.

They need to get rid of the unions. That's what is killing the American car industry.

For God's sake, the auto manufacturers can't even fire people without giving them 6 figures in severance pay.

[Last Roman]

WATCH AND LEARN. for those who are still in doubt whether or not the bailout was even necessary.

while I hate all his rhetoric about the "elites" ultimately I agree with him. The bailout was stupid.

[Panzerbear]

whats wrong with bashing the irresponsible elites who are using people's ignorance for their own gain?
the guy obviously did his homework. so let him .

[Rush Limbaugh]

Giving these companies money isnt going to improve the product nor make people buy cars or lower the price. You want people to buy cars then give them money for expressly that purpose. 10% say of any new US car. Not some stupid tax deferment but a check. All that money is going to pay of their debt to their socialist programs.

[Каие]

Oh holy NO! A pHD!

Yeah stfu minor, Nobel laureate of Economics coming through. Enter Paul Krugman.

• http://www.telegraph.co.uk/finance/e...don-Brown.html
• http://www.nytimes.com/2008/10/13/op...13krugman.html

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Yeah my stfu was aimed at Baker, not any member.

[JP226]

let me guess, because the well-being of the CEOs and the shareholders should be irrelevant for the overwhelming majority of the taxpayers, who are stuck paying the bill???

He's an economist, i'd like an economic analysis instead of a glorified opinion.

Oh holy NO! A pHD!

Yeah stfu minor, Nobel laureate of Economics coming through. Enter Paul Krugman.


http://www.telegraph.co.uk/finance/e...don-Brown.html
http://www.nytimes.com/2008/10/13/op...13krugman.html

Krugman is an ass. I'm still in utter amazement that the guy got a nobel. This is the guy who in part helped create the housing bubble with his aa/dd analysis and suggesting that inducing these asset bubbles is a good thing.

[Scar Face]

He's an economist, i'd like an economic analysis instead of a glorified opinion.

Don't you go on and on about how you are an expert on these matters?

I've never seen you give an in depth analysis of your opinons either. You give vague, condescending answers, and then you just disappear from the thread...

[Rush Limbaugh]

This whole thing reminds me of putting people on life support and bankrupting them and their families because thats where it will lead. Their trying to keep a dead horse alive. Shoot the poor thing already. The same people who back this sure pulled the plug on Terry Shiavo fast enough.

[Каие]

It's absolutely no surprise to me you think Krugman is an ass. Any ways, why don't you challenge him to a debate, best of the economic nobels?

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Oh yeah you don't have a nobel prize in economics.