Krugman: $700 billion stimulus 'may not be enough'

[babylonsister]

Run time: 02:50 https://www.youtube.com/watch?v=5XZkt6rPOOE   Posted on YouTube: November 24, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: November 25, 2008 By DU Member: babylonsister Views on DU: 1081

 

[lisa58]

1. He's right - it will probably be in the trillions when all is said and done

[Frisbee]

2. Didn't take Obama long to ruin the economy.

:sarcasm: Well, at least that's how the right-wing will be spinning it.

[democracy1st]

11. Even the rightwing can't spend their way out of this mess it's hitting home now

[dixiegrrrrl]

3. Enough ...won't be enough.

Even Krugman don't get it.
There...is...no...enough.
The "losses" were paper, guess-timates.
But now the entire economy is spiraling down, and all the bailout monies are trying to fix BS numbers, not jobs.
Making disgustingly rich bankers into filthy disgusting richer bankers will not save my neighbor's job, his house, his medical insurance.

Of course, if that IS the point of this apparently pointless approach to financial Armageddon, then we
the people need to realize this.

[babylonsister]

4. He's talking about job stimulus, not bailouts. nt

[Better Believe It]

5. Krugman and Roubini Are Right: At Least 600 billion needed in 2009

That will help create a few million useful jobs badly need for schools, roads, etc.,

[babylonsister]

6. Yes. I like the fact that Obama will be meeting with all the governors

next week to find out just how bad it is out there. It's a start.

[penguin7]

7. Krugman is out and out WRONG!!!!!

He is going to make it so going to the grocery store costs One Thousand Dollars to fill the cart.

It is insanity.

[JJ]

8. Have you been to the grocery lately?

Krugman is the only one that has been consistently right(correct), and he has never preached the voo-doo Reaganomics.

[penguin7]

9. Krugman is preaching bailouts,

and the prices at the grocery store are going through the roof.

These bailouts have been a complete fiasco with a large dose of grand theft.

[whistle]

10. Austerity is not the answer either, so bailouts without accountability

...is stupid but totally in line with Bush's eight years of stupidity policy. I say put the financial system into bankruptcy and begin restoring the FDR model of the New Deal, fixed exchange rate credit backed responsible and directed fiscal policy for the next 40 to 50 years. The republicans had their shot and they failed totally.

[deepwater152]

12. like give more drugs to a drug addict.the bailouts ruined our country.

Greenspan refused to let people fail. And so we've had no failure in the financial community and now we've spent trillions of dollars bailing out Wall Street for their mistakes and that's damaging the whole economy - 300 million Americans to bail out a million people and their failures. This is not good for America. We're damaging the system. We're weakening the system dramatically.

Why are we bailing out Citibank? Why are 300 million Americans having to pay for Citibank's mistakes? The way the system is supposed to work... people fail, and then the competent people take over the assets from the failed people and you start again from a new, stronger base. What we're doing this time is they're taking the assets from the competent people, giving them to the incompetent people, and saying, "Ok, now you can compete with the competent people." So everybody's weakened. The whole nation is weakened. The whole economy's weakened. That's not the way it's supposed to work.

There are many banks, many brokers, many homeowners, many citizens who've been sitting there, doing what they were supposed to do, minding their manners, not getting extended, waiting for this to happen, knowing that someday all of this foolishness is going to wind up as a disaster. Now, instead of being rewarded, they're being punished. All these homeowners who did nothing wrong are now having to pay for the people who did crazy things like buying four homes with no job. This is weakening America dramatically.