Stimulus working, deficit can wait: Summers

[mRx 16]

I'm sure Lord Roosevelt's economic advisors were assuring the public that the New Deal was working in the early 30's.

Well, we all know how that turned out.

You're kidding, right? FDR was one of the most successful presidents in our history. No amount of revisionism can wipe his legacy away.

He was a tyrant, Steven.

He confiscated all the gold from the American people, so he could inflate worthless paper unchecked.

His disastrous policies led to healthy farmland being plowed under, agriculture rotting away in storage silos, all the while Americans were starving to death.

His hostile economic sanctions against Japan provoked the Pearl Harbor attack and our entrance into war, which killed nearly half a million Americans.

It's due to revisionism that he even has a legacy.

Can you cite your sources?

Gold confiscation. Executive Order 6102:

All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933

On agriculture:

The AAA was established under the New Deal to raise agricultural commodity prices. To do so, the supply needed to be restricted and farmers were compensated for this loss through subsidy. This created an artificial scarcity by paying farmers to destroy food, while hunger and malnutrition affected many Americans. Crops went fallow, piglets and pregnant cows slaughtered by government order. I can't find exact statistics on how many Americans went hungry, but I assume that's not a point you're contending.

On hostile economic sanctions:

The Export Control Act embargoed free exchange between the US and Japan. This included anything that could be used in warfare, including most importantly, oil.

From here,

The American oil embargo caused a crisis in Japan. Reliant on the US for 80% of its oil, the Japanese were forced to decide between withdrawaling from China, negotiating an end to the conflict, or going to war to obtain the needed resources elsewhere. In an attempt to resolve the situation, Konoe asked US President Franklin Roosevelt for a summit meeting to discuss the issues. Roosevelt replied that Japan needed to leave China before such a meeting could be held.

[mawilson 2,133]

Hey, if it's working, let's have a $700 billion stimulus every day! Heck, let's have a $300,000,000 trillion stimulus, we'll all be trillionaires.

[mRx 16]

Hey, if it's working, let's have a $700 billion stimulus every day! Heck, let's have a $300,000,000 trillion stimulus, we'll all be trillionaires.

Reductio ad absurdum is sometimes the only way to get people to see just how ridiculous it really is.

[GaryC 7]

Hey, if it's working, let's have a $700 billion stimulus every day! Heck, let's have a $300,000,000 trillion stimulus, we'll all be trillionaires.

You know, why couldn't the government instead of spending trillions to stimulate the economy rather just suspend all taxes for one year for everyone, business and individuals alike. It would cost less than the stimulus and I would bet the economy would recover a lot quicker.

[Pinocchio Liberal 268]

Hey, if it's working, let's have a $700 billion stimulus every day! Heck, let's have a $300,000,000 trillion stimulus, we'll all be trillionaires.

You know, why couldn't the government instead of spending trillions to stimulate the economy rather just suspend all taxes for one year for everyone, business and individuals alike. It would cost less than the stimulus and I would bet the economy would recover a lot quicker.

WHAT?

[ready4ONE 5,400]

Hey, if it's working, let's have a $700 billion stimulus every day! Heck, let's have a $300,000,000 trillion stimulus, we'll all be trillionaires.

You know, why couldn't the government instead of spending trillions to stimulate the economy rather just suspend all taxes for one year for everyone, business and individuals alike. It would cost less than the stimulus and I would bet the economy would recover a lot quicker.

WHAT?

Gary said: Why couldn't the government [the people who make sure you get your meds] instead of [means not do what they did, do something else] to stimulate the economy [your Republican heroes, with no small amount of help from my Democratic heroes along with incredibly messed up business people messed up the economy, you may have heard about that in between trips to the bathroom?]

then

Gary suggested: suspend [not impose, not collect] taxes across the board...

[GaryC 7]

Hey, if it's working, let's have a $700 billion stimulus every day! Heck, let's have a $300,000,000 trillion stimulus, we'll all be trillionaires.

You know, why couldn't the government instead of spending trillions to stimulate the economy rather just suspend all taxes for one year for everyone, business and individuals alike. It would cost less than the stimulus and I would bet the economy would recover a lot quicker.

WHAT?

Gary said: Why couldn't the government [the people who make sure you get your meds] instead of [means not do what they did, do something else] to stimulate the economy [your Republican heroes, with no small amount of help from my Democratic heroes along with incredibly messed up business people messed up the economy, you may have heard about that in between trips to the bathroom?]

then

Gary suggested: suspend [not impose, not collect] taxes across the board...

It seems like a simple solution. What would you do if you were able to keep your gross wages for a year? Business owners could hire more people. Unemployment would go down and the economy would recover. Rather than the government borrowing money and then give it to corporations just let everyone have some.

[mRx 16]

Hey, if it's working, let's have a $700 billion stimulus every day! Heck, let's have a $300,000,000 trillion stimulus, we'll all be trillionaires.

You know, why couldn't the government instead of spending trillions to stimulate the economy rather just suspend all taxes for one year for everyone, business and individuals alike. It would cost less than the stimulus and I would bet the economy would recover a lot quicker.

WHAT?

Gary said: Why couldn't the government [the people who make sure you get your meds] instead of [means not do what they did, do something else] to stimulate the economy [your Republican heroes, with no small amount of help from my Democratic heroes along with incredibly messed up business people messed up the economy, you may have heard about that in between trips to the bathroom?]

then

Gary suggested: suspend [not impose, not collect] taxes across the board...

You're absolutely right R4O!

Society couldn't possibly get along without the mighty and wonderous fist of government.

I read a peer-reviewed scientific article the other day which proves that government actually predates mankind!

[Pinocchio Liberal 268]

Hey, if it's working, let's have a $700 billion stimulus every day! Heck, let's have a $300,000,000 trillion stimulus, we'll all be trillionaires.

You know, why couldn't the government instead of spending trillions to stimulate the economy rather just suspend all taxes for one year for everyone, business and individuals alike. It would cost less than the stimulus and I would bet the economy would recover a lot quicker.

WHAT?

Gary said: Why couldn't the government [the people who make sure you get your meds] instead of [means not do what they did, do something else] to stimulate the economy [your Republican heroes, with no small amount of help from my Democratic heroes along with incredibly messed up business people messed up the economy, you may have heard about that in between trips to the bathroom?]

then

Gary suggested: suspend [not impose, not collect] taxes across the board...

You're absolutely right R4O!

Society couldn't possibly get along without the mighty and wonderous fist of government.

I read a peer-reviewed scientific article the other day which proves that government actually predates mankind!

If ppl spent as much energy takin care of themselves as they did lookin for a free ride we would all be better off.

[ready4ONE 5,400]

Hey, if it's working, let's have a $700 billion stimulus every day! Heck, let's have a $300,000,000 trillion stimulus, we'll all be trillionaires.

You know, why couldn't the government instead of spending trillions to stimulate the economy rather just suspend all taxes for one year for everyone, business and individuals alike. It would cost less than the stimulus and I would bet the economy would recover a lot quicker.

WHAT?

Gary said: Why couldn't the government [the people who make sure you get your meds] instead of [means not do what they did, do something else] to stimulate the economy [your Republican heroes, with no small amount of help from my Democratic heroes along with incredibly messed up business people messed up the economy, you may have heard about that in between trips to the bathroom?]

then

Gary suggested: suspend [not impose, not collect] taxes across the board...

It seems like a simple solution. What would you do if you were able to keep your gross wages for a year? Business owners could hire more people. Unemployment would go down and the economy would recover. Rather than the government borrowing money and then give it to corporations just let everyone have some.

The only problem with that solution, and granted the stimulus solution is a long way from playing out as either a success or failure, but the not collecting tax solution would not have saved the banks and financial institutions, and most importantly of course, Goldman Sachs from the ability to recover from the brink of destruction they were on.

I would suggest, perhaps the tax free year idea could be a potentially great idea if a second round of stimuli is needed. I would recommend taxing the greedy bee-yotches at Goldman though! And of course, a tax free year is meaningless for the ten percent unemployed.

[mRx 16]

Hey, if it's working, let's have a $700 billion stimulus every day! Heck, let's have a $300,000,000 trillion stimulus, we'll all be trillionaires.

You know, why couldn't the government instead of spending trillions to stimulate the economy rather just suspend all taxes for one year for everyone, business and individuals alike. It would cost less than the stimulus and I would bet the economy would recover a lot quicker.

WHAT?

Gary said: Why couldn't the government [the people who make sure you get your meds] instead of [means not do what they did, do something else] to stimulate the economy [your Republican heroes, with no small amount of help from my Democratic heroes along with incredibly messed up business people messed up the economy, you may have heard about that in between trips to the bathroom?]

then

Gary suggested: suspend [not impose, not collect] taxes across the board...

You're absolutely right R4O!

Society couldn't possibly get along without the mighty and wonderous fist of government.

I read a peer-reviewed scientific article the other day which proves that government actually predates mankind!

If ppl spent as much energy takin care of themselves as they did lookin for a free ride we would all be better off.

I've been designing a new Harley Davidson. It is very eco-friendly and gas-free. It runs on the corpses of liberals and illegal welfare recipients.

We'll ride our way to a better America!

[Pinocchio Liberal 268]

Hey, if it's working, let's have a $700 billion stimulus every day! Heck, let's have a $300,000,000 trillion stimulus, we'll all be trillionaires.

You know, why couldn't the government instead of spending trillions to stimulate the economy rather just suspend all taxes for one year for everyone, business and individuals alike. It would cost less than the stimulus and I would bet the economy would recover a lot quicker.

WHAT?

Gary said: Why couldn't the government [the people who make sure you get your meds] instead of [means not do what they did, do something else] to stimulate the economy [your Republican heroes, with no small amount of help from my Democratic heroes along with incredibly messed up business people messed up the economy, you may have heard about that in between trips to the bathroom?]

then

Gary suggested: suspend [not impose, not collect] taxes across the board...

You're absolutely right R4O!

Society couldn't possibly get along without the mighty and wonderous fist of government.

I read a peer-reviewed scientific article the other day which proves that government actually predates mankind!

If ppl spent as much energy takin care of themselves as they did lookin for a free ride we would all be better off.

I've been designing a new Harley Davidson. It is very eco-friendly and gas-free. It runs on the corpses of liberals and illegal welfare recipients.

We'll ride our way to a better America!

[GaryC 7]

Hey, if it's working, let's have a $700 billion stimulus every day! Heck, let's have a $300,000,000 trillion stimulus, we'll all be trillionaires.

You know, why couldn't the government instead of spending trillions to stimulate the economy rather just suspend all taxes for one year for everyone, business and individuals alike. It would cost less than the stimulus and I would bet the economy would recover a lot quicker.

WHAT?

Gary said: Why couldn't the government [the people who make sure you get your meds] instead of [means not do what they did, do something else] to stimulate the economy [your Republican heroes, with no small amount of help from my Democratic heroes along with incredibly messed up business people messed up the economy, you may have heard about that in between trips to the bathroom?]

then

Gary suggested: suspend [not impose, not collect] taxes across the board...

It seems like a simple solution. What would you do if you were able to keep your gross wages for a year? Business owners could hire more people. Unemployment would go down and the economy would recover. Rather than the government borrowing money and then give it to corporations just let everyone have some.

The only problem with that solution, and granted the stimulus solution is a long way from playing out as either a success or failure, but the not collecting tax solution would not have saved the banks and financial institutions, and most importantly of course, Goldman Sachs from the ability to recover from the brink of destruction they were on.

I would suggest, perhaps the tax free year idea could be a potentially great idea if a second round of stimuli is needed. I would recommend taxing the greedy bee-yotches at Goldman though! And of course, a tax free year is meaningless for the ten percent unemployed.

Screw the banks, the brought it on themselves. Bailing them out only rewards bad behavior. I wouldn't have bailed out any of the companies. That isn't the role of the government. The best thing the government could do is just let the bad companies take their lumps and give the economy a one year break from taxes. Companies that are still viable will use the break to expand and upgrade. They will take up the slack left over from the bad companies that will not survive. The banks will see relief because they will rise with the economy instead of trying to use baling them out and hopes it enables them to lend again. We found out the hard way that all they did was to horde the money and it didn't help anyone but the banks.

Giving every earner a years break from taxes would give that injection of cash into the economy a heck of a lot more than government projects.

And the 10% that are unemployed and wouldn't see a tax break. The recovery this would cause would make jobs for them. I would rather give someone a job than have a government agency taking care of them.

[Pinocchio Liberal 268]

Hey, if it's working, let's have a $700 billion stimulus every day! Heck, let's have a $300,000,000 trillion stimulus, we'll all be trillionaires.

You know, why couldn't the government instead of spending trillions to stimulate the economy rather just suspend all taxes for one year for everyone, business and individuals alike. It would cost less than the stimulus and I would bet the economy would recover a lot quicker.

WHAT?

Gary said: Why couldn't the government [the people who make sure you get your meds] instead of [means not do what they did, do something else] to stimulate the economy [your Republican heroes, with no small amount of help from my Democratic heroes along with incredibly messed up business people messed up the economy, you may have heard about that in between trips to the bathroom?]

then

Gary suggested: suspend [not impose, not collect] taxes across the board...

It seems like a simple solution. What would you do if you were able to keep your gross wages for a year? Business owners could hire more people. Unemployment would go down and the economy would recover. Rather than the government borrowing money and then give it to corporations just let everyone have some.

The only problem with that solution, and granted the stimulus solution is a long way from playing out as either a success or failure, but the not collecting tax solution would not have saved the banks and financial institutions, and most importantly of course, Goldman Sachs from the ability to recover from the brink of destruction they were on.

I would suggest, perhaps the tax free year idea could be a potentially great idea if a second round of stimuli is needed. I would recommend taxing the greedy bee-yotches at Goldman though! And of course, a tax free year is meaningless for the ten percent unemployed.

Screw the banks, the brought it on themselves. Bailing them out only rewards bad behavior. I wouldn't have bailed out any of the companies. That isn't the role of the government. The best thing the government could do is just let the bad companies take their lumps and give the economy a one year break from taxes. Companies that are still viable will use the break to expand and upgrade. They will take up the slack left over from the bad companies that will not survive. The banks will see relief because they will rise with the economy instead of trying to use baling them out and hopes it enables them to lend again. We found out the hard way that all they did was to horde the money and it didn't help anyone but the banks.

Giving every earner a years break from taxes would give that injection of cash into the economy a heck of a lot more than government projects.

And the 10% that are unemployed and wouldn't see a tax break. The recovery this would cause would make jobs for them. I would rather give someone a job than have a government agency taking care of them.

Gar, you dont need to explain! its obvious to us all.

[mawilson 2,133]

I would suggest, perhaps the tax free year idea could be a potentially great idea if a second round of stimuli is needed. I would recommend taxing the greedy bee-yotches at Goldman though! And of course, a tax free year is meaningless for the ten percent unemployed.

Don't even get me started on Goldman. They took the bailout money - our money - and used it

to trade some of the most aggressive, risky assets in the world - mortgage-backed securities,

commodities, oil. Oil prices gradually increased from $35 to $75 right after the government

"stress test" results had been announced when Goldman started buying, then dropped from

$75 to $60 when Goldman started selling to realize a profit. Now after posting record profits -

$6.8 billion from fixed income, currency and commodities trading - they're at it again.

Oil is climbing once again, ignoring the fundamentals.

Goldman paid the borrowed TARP money back with the free TARP money ($13 billion!) they got

through AIG. Imagine that - they bought insurance from AIG betting against the very same

assets they were selling to their investors! Is it a coincidence that Edward Liddy (AIG CEO)

was also a former Goldman Sachs Director? I don't think so...

It's just sick. And their government connections...

Henry Paulson (former Treasury Secretary) - former Goldman Sachs CEO

Robert Rubin (former Treasury Secretary) - former Goldman Sachs CEO

Stephen Friedman (former NY Fed Chairman) - former Goldman Sachs Director

The list goes on and on and on...