Second Stimulus: Jesse Jackson hits nail on the head; WHY NOT MORE DISCUSSION AT TPM???
http://www.suntimes.com/news/jackson/1654263,CST-EDT-Jesse07.article
This article outlines in general form the argument of why we need both (a) a unified progressive coalition on the economy and (b) in particular, a second stimulus, including a massive bailout both of state/local governments and of homeowners facing foreclosure. There is LOTS of discussion going on at elite levels, especially on the RW about a second stimulus, but even those supporting it, like Warren Buffett, are NOT necessarily going to support the right KIND of second stimulus, and the need for it NOW.
There are liberal/progressive economists here at TPM Cafe & its affiliates. WHY DON'T WE HEAR MORE FROM BOTH COLUMNISTS AND DENIZENS ABOUT THIS CRUCIAL ISSUE AT TPM, AND OTHER GRASSROOTS PROGRESSIVE VENUES? It seems to be yet another of the many hounds that don't bark in the landscape of US politics.
Here's a few NEW linx on the subject, or urgently relevant to it, in addition to the many posted last time:
http://www.newsnet5.com/money/19991494/detail.html
(States Using Stimulus $ Just to Stay Afloat)
(Warren Buffett says second stimulus might be needed, current policy like 'half a viagra mixed w/ candy')
http://www.reuters.com/article/newsOne/idUSTRE56846L20090709(Obama Administration Economist Laura D'Andrea Tyson says 2d Stimulus Needed)
http://online.wsj.com/article/SB124709595712615003.html
(Wall St Journal on whether 2d Stimlus Is Needed -- reflecting Wall St's skepticism) http://www.nytimes.com/2009/07/10/opinion/10krugman.html
KRUGMAN -- THE STIMULUS TRAP http://www.forbes.com/2009/07/08/jobs-report-mortgages-unemployment-recession-opinions-columnists-nouriel-roubini.html
"BROWN MANURE NOT GREEN SHOOTS" -- Roubini Says Economy Hasn't Bottomed Out Yet, Predicts 11% Unemployment
http://www.washingtonpost.com/wp-dyn/content/article/2009/07/09/AR2009070902568.html?hpid=opinionsbox1 WASHINGTON POST EDITORIAL ON STIMULUS -- recaps many of the skeptical arguments popular w/Wall St and GOP, but w/o dismissing idea
http://www.cbsnews.com/blogs/2009/07/09/politics/politicalhotsheet/entry5147716.shtml "The Dicey Politics of the Second Stimulus" -- News Article Summarizing Controversy & history
"Warren Buffett says second stimulus might be needed, current policy like 'half a viagra mixed w/ candy'"
- I just love this.
So we need a second stimulus to FIX CURRENT POLICY?
July 11, 2009 2:24 PM | Reply | Permalink
No, we might need a second stimulus because the first one was half-assed. Any dumbass should know that, it doesn't require an MD!
The question remains whether one can count on borrowing oneself out of a recession, or by contrast one should just let the economy contract back towards reality and then move forward from there. That is, the long-term cost of borrowing sometimes exceeds the short term stimulus' beneficial effects even if it's 100% viagra.
July 11, 2009 3:48 PM | Reply | Permalink
"we might need a second stimulus because the first one was half-assed"
- You guys just keep on giving.
What makes you think that the second stimulus is NOT going to be half-assed?
July 11, 2009 5:40 PM | Reply | Permalink
Will two half-assed stimuli will give us one fully formed asinine one?
July 11, 2009 6:31 PM | Reply | Permalink
LOL, perfect!
:-)
July 11, 2009 6:57 PM | Reply | Permalink
The first three discussion topics on TPM are about Israel. TPM seems to be choosing to focus more narrowly in recent months.
July 12, 2009 10:37 AM | Reply | Permalink