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But fiscal austerity wasn’t the only reason recovery has been so
disappointing. Many analysts believe that the burden of high household debt, a
legacy of the housing bubble, has been a big drag on the economy. And there was,
arguably, a lot the Obama administration could have done to reduce debt burdens
without Congressional approval. But it didn’t; it didn’t even spend funds specifically allocated for
that purpose. Why? According to many accounts, the biggest roadblock was Mr.
Geithner’s consistent opposition to mortgage debt relief — he was, if you
like, all for bailing out banks but against bailing out families.
There has been no initiative to restore that portion of Glass Seagal that was repealed via the Gramm Leach Bliley Act.
Dodd Frank is politically diluted legislation.
HARP was more of a stimulus than a foreclosure prevention program. Those in per foreclosure usually have substantial consumer debt that disqualifies them from a loan modification. In other words, it was designed tog help those most likely to hang on.
Seems to me that there is no appetite for reform within Congress, regardless of partisanship.
Yawn. Krugman is a one trick pony and he's at it again. MORE government spending and BIGGER government are his solution to every problem.
The funny part is he thinks record levels of government spending is "austerity". LOL
i bet you didn't even read the article. he isn't proposing "more government spending."
Quote:
In the end, the story of economic policy since 2008 has been that of a remarkable double standard. Bad loans always involve mistakes on both sides — if borrowers were irresponsible, so were the people who lent them money. But when crisis came, bankers were held harmless for their errors while families paid full price.
And refusing to help families in debt, it turns out, wasn’t just unfair; it was bad economics. Wall Street is back, but America isn’t, and the double standard is the main reason.
There has been no initiative to restore that portion of Glass Seagal that was repealed via the Gramm Leach Bliley Act.
Dodd Frank is politically diluted legislation.
HARP was more of a stimulus than a foreclosure prevention program. Those in per foreclosure usually have substantial consumer debt that disqualifies them from a loan modification. In other words, it was designed tog help those most likely to hang on.
Seems to me that there is no appetite for reform within Congress, regardless of partisanship.
Yes very little interest in congress for reform, the financial industry is in great shape at least for now but the risk is still there.
Dodd Frank was a slight improvement and the banks did everything they could to stop that bill, they should not be involved in risky investments and should go back to their all boring ways. Too much focus on raising capital, too much risk. Both parties should be interested in reform.
Yes very little interest in congress for reform, the financial industry is in great shape at least for now but the risk is still there.
Dodd Frank was a slight improvement and the banks did everything they could to stop that bill, they should not be involved in risky investments and should go back to their all boring ways. Too much focus on raising capital, too much risk. Both parties should be interested in reform.
Dodd Frank was intended to provide more oversight to the Big Banks. Yet it applies also to your local community bank, which had nothing to to with the housing bubble.
The problems in this country have little to do with the behaviors of small businesses, and lots to do with major corporations, unions, and non-profits.
Anyone have a guess s to why the laws passed cant address only those who cause the problems?
i bet you didn't even read the article. he isn't proposing "more government spending."
Yes, he is. It's quite clear in each of these statements that he advocates more government spending;
One reason for sluggish recovery is that U.S. policy “pivoted,” far too early, from a focus on jobs to a focus on budget deficits.
But fiscal austerity wasn’t the only reason recovery has been so disappointing.
And refusing to help families in debt, it turns out, wasn’t just unfair; it was bad economics.
Much of Mr. Geithner’s book is devoted to a defense of the U.S. financial bailout, which he sees as a huge success story — which it was,
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