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Monday
Aug152011

Attention Christina Romer: You Tried. You Failed. Shut Up.

UPDATE - Romer tries again with a NYT op-ed pushing more debt-laden stimulus.

HBO Video - Christina Romer with Bill Maher - Aug. 5, 2011

"To quote Tim Geithner who swears like a 7th grader, we're pretty darn fucked."

Former White House Stimulus Czar Christina Romer appeared Friday night on HBO's Real Time. You already know her Keynesian response having heard it before from Krugman, Delong, Reich, Galbraith and other Government Spending Gestapo: 'We weren't wrong.  The stimulus wasn't big enough, but Congress wouldn't give us the $200 trillion in useless waste that we wanted.'

Attention Christina, it's a debt-induced recession that can't be cured with more debt.  You tried. You failed.  Shut up.

---

 

Related stories:

Obama Admits Massive Stimulus Was A Failure: "Shovel-Ready Was Not As Shovel-Ready As We Expected"

 

Obama: Job Losses Prove That The Stimulus Worked

 

 

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Reader Comments (9)

The REAL Problem With The Downgrade

http://market-ticker.org/akcs-www?post=191700

[snip]

Note that given the utter fraud of allowing a bank to count "equity value" as capital, when it cannot be spent and is subject to 10% or more swings in value in a single day, means that precipitous stock price drops like this can instantly render a bank insolvent. We could have fixed that in 2008 and 2009 but of course that would have meant that banks would have had to actually go find capital from real people to make loans with, and that was unacceptable - so in addition to allowing them to "mark assets to fantasy" we also allow them to count as "capital" things you can't spend, thereby allowing them to generate profits from that phantom "capital" - and huge losses when the deception is revealed.......

.........But if the banks threaten to blow again due to capital problems there is no ability to save them this time and you will lose your deposit money as the FDIC has no money and Treasury cannot borrow enough with the debt limits in the way to save even one of these monster banks, say much less all of them.

If you have money in a TBTF bank - any of them - get it out of there right now. While the odds are not particularly high that the worst-case scenario will occur if it does you're totally screwed - exactly as you were in the 1930s when all the bank failures happened.
Aug 8, 2011 at 11:10 AM | Unregistered Commenterjohn
I follow the DB to increase my knowledge (& depression level) of all things related to this financial Katrina...but I can't say I am familiar with a TBTF bank noted in John's comment. Could it refer to "Those Banks That (are?) F**ked"?
Aug 8, 2011 at 12:11 PM | Unregistered Commenterlarry
S&P downgrades berkshire..... The news is happening too fast now. Even the robots can't keep up!.
Aug 8, 2011 at 12:27 PM | Unregistered Commenterjohn
@ Larry, "Those Banks That (are?) F**ked"?
Your right on with that reference.

Now that the panic driven Blame Game Olympics are underway get ready for an unbelievable tsunami of Lying Bull**it to pour out of Washington and Wall Street by way of the MSM Propaganda Mills.

I suppose now that some of the GOP presidential hopefuls are going to lead prayer meetings to try and get GOD to straighten out the economic crisis, they can blame GOD if things don't turn around. GOD probably won't point out how much responsibility the Republicans have for present situation like the Democrats do.

Has our society become so degenerate and apathetic we are going to allow these corrupt, criminal, parasites, most of them managing to get rich while destroying our country, to go unpunished for their crimes against the American People?

I say lock them all up and pray to God to set the innocent among them free.

heh,heh,heh, I like that idea!
Aug 8, 2011 at 1:50 PM | Unregistered CommenterSagebrush
sorry to disagree with you but facts are on my side: the tax cuts (which comprised 60%) in the so-called stimulus failed...

had we spent 1.2 trillion on actual keynesian stimulus (you know - rebuilding infrastructure - the failing bridges, pot-holed roads, etc.) folks would STILL be working... but politics came into play and of course everyone knew those folks who were working would vote democrat and instead the focus was to tank the economy in order to make obama a 'one-termer'... that's been the focus - not fixing the economy, not getting people to work, not fixing the budget problem - but this: 'we intend to make obama a one-term president' (that's mr. turtle head amongst others...)
Aug 8, 2011 at 2:49 PM | Unregistered Commenterthelonegunman
The economy can't be fixed. This is where you are wrong.
Aug 8, 2011 at 3:18 PM | Registered CommenterDailyBail
DB,
How about a variation of your title.
Republicans, Democrats, & Tea Baggers: You Tried.You Failed.Shut Up & get your sorry ASSES off this planet. You !+@)#^$%*()":{*@!~$%^&#&)?<{=~$@

Think it's too long?:
Aug 8, 2011 at 6:16 PM | Unregistered CommenterTR

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