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“The truth is, we and everyone else misread the economy,” confessed Biden.
Raw Story » Biden: ‘We misread how bad the economy was’ (http://rawstory.com/08/news/2009/07/05/biden-we-misread-how-bad-the-economy-was/ - broken link)
“The truth is, we and everyone else misread the economy,” confessed Biden.
Raw Story » Biden: ‘We misread how bad the economy was’ (http://rawstory.com/08/news/2009/07/05/biden-we-misread-how-bad-the-economy-was/ - broken link)
Agree.....misread, unread... hard to find two "experts" who can agree on the cause, predictions, solutions....MANY "misread" what was going to happen except for those who planned it.
Everybody but Krugman and a few progresive liberals.
We posted on this board that the stimulus was not big enough mainly because it had been watered down with needless tax cuts to placate the right. Spineless Dems...they will not hold their ground and let the right ruin the stimulus.
Economists around the country were waving the red flag about the stimulus and his budget.
The CBO and Blue Chip economists disagreed with his projections based on his use of "rosy scenario" numbers.
People were screaming to the rafters that what he had in mind would only make matters worse.
There is a clear record of this.
Moderator cut: rude The "Blue Chip" economistS supported a larger stimulus. They said the tax cuts were not as effective as government spending.....They wanted a LARGER STIMULUS. http://www.newser.com/story/52813/st...s-krugman.html
Correctly diagnosed the problem, incorrectly treated it. In medicine we call that malpractice, in politics we call that business as usual. It seems to me that the problem was well documented and identified, the solution - the stimulus - not being a necessary part of the fix. What the stimulus is intended to do will not fix the original issue, that being the financial crisis.
They are too easy on themselves, many saw it coming. And their projections are still too rosy. they will never learn. They know if they reveal the real picture cap and trade, and healthcare would be dead.
All I know is the Bush/Cheney cabal left a trainwreck economically that the entire WORLD has felt.
To think this economic tsunami of debt left over from 8 years of malfeasance is going to somehow cure itself is pure fantasy, it requires massive stimulus or we end up with another Depression. We have Herbert Hoover to show us how cutting spending will end up for the country. We have FDR to remind us how investment in America can jump start a recovery. The Depression lasted for a decade, this is not going to be a quick fix.
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