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09/18/2011

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TANSTAAFL

Jack/NEH/Observer -- may you raise a glass tonight for your President, whose policies drove down the Dow by 391 points today.

Jack

NEH, myself along with old style conservatives, farmers and those maintaining things have all noticed that delayed maintenance costs a LOT more than doing it in a timely manner.

I'd suppose, that by now, all? here would have seen one or another TV special showing the cracked cement of thousands of bridges that lets the corrosive water, and salt, got to work on the steel mandrel.

Soooooooooo, do we spend $2 trillion over the coming decade of SLOW construction, or "save our money" and spend twice or more than figure in the 2nd decade? I'd suggest $300 billion/year for the first 5 years to A. get a good start on it B. put folks to work who'd otherwise be on unemployment and later food stamps, then tapering off.

Surely at 2% current costs of borrowing it's better to staunch the decay and live with bottlenecks than to continue to ignore the problem.

Tans? Whew! Our "irrelevant" President with the power to tank markets? BTW what HAPPENED to the market? Man! back in 2000 all I heard was "If we can JUST get "business savvy" Repubs in office, the market will soar!!"

Well, they 'GOT IN' replete with majorities in both houses, promptly passed the unaffordable on inception tax breaks largely benefiting those already benefiting from harvesting 80% of the productivity gains of the last 25 years and looked the other way while the WS thieves corrupted the cancerously growing "financial sector" top to bottom. Still? no job gains and of course the DOW having gained nothing in the decade. Want to try the same formula again?

Jack

Forgot to mention: Nirvana a bit far out just now, mebbe go for survival and returning 5,000,000 folks to productive enterprise as wages that would gin up some tax revenue?

TANSTAAFL

Jack, your commentary suggests you are an "old style conservative" in the vein of that "old style leader," George III, whose unjust economic policies led my ancestors to revolt in the name of liberty and form our Republic.

With your comments, you and your ilk never pay heed to liberty; rather, you imagine how things might work if you could only call all the shots. Thankfully for the rest of us, you cannot.

Jack

Tans -- generally wrong. We LIKE liberty and aren't much for the ALL FOR THE RICH agenda of 20 years of "conservative" rhetoric bit SPEND and BORROW actuality.

BTW how far do you "feel" we can go with the ALL FOR THE RICH agenda? Income and wealth consolidation already being that of 1929 and 83% of the productivity gains going to the topmost few percent in the last 25 years?

http://lanekenworthy.net/2008/03/09/the-best-inequality-graph/

António Amaral

Wow, a full blogpost based on a single scarecrow (and semantic) fallacy - markets as Nirvana. It's not that at all - on top of a fallible system (markets), one cannot expect an even more fallible (and corruptable) system (the "markets" of politics and bureaucracy) to correct "deficiencies" and "wrongs". You cannot turn this on its head :D

NEH

Antonio, So your solution is ... Allow a fallible and corruptable system (i.e. the Market) to continue to operate unimpeded? As opposed to trying to regulate and control it in the Public Interest even if the controller is fallible. It's all we've got to work with. Unless of course, you can come up with a better solution. And I don't mean the "Nirvana Fallacy"...

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Minor note: The FHFA was not created until 2008, shortly before it became conservator of Fannie and Freddie. Therefore the regulatory failure in that space is more attributable to the predecessor agencies.

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Obviously there is a strong argument and support for deregulation especially when the benefits of regulation exceeds the cost. Historically we have seen government intervention in market failures succeed but it is without doubt that society and market is changing compared to after the second world war. It is without doubt that business serve economic functions to society and when it fails there is an impact on society. Also the welfare of society is a responsibility of government hence govt should intervene in situations which threatens businesses from fulfilling their economic responsibility to society.

Ganiyu

Obviously there is a strong argument and support for regulation especially when the benefits of regulation exceeds the cost. Historically we have seen government intervention in market failures succeed but it is without doubt that society and market is changing compared to after the second world war. It is without doubt that business serve economic functions to society and when it fails there is an impact on society. Also the welfare of society is a responsibility of government hence govt should intervene in situations which threatens businesses from fulfilling their economic responsibility to society.

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