« Are the Incentives of College Administrators Well Aligned with Social Welfare? Posner | Main | Why has the Recovery in Employment in the US been so Slow? Becker »

05/06/2012

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

John

Posner has had it right from the beginning. These libertarian evangelists would hate living in a world where their advice was actually followed (although they'd find a way to say the problem is we're still not being "Austrian" enough). I'm unemployed and plan on spending my time re-reading Overcoming Law. (Just finished Economic Structure of Tort Law.)

TANSTAAFL

Posner writes: "I don’t think there’s much else the government could have done to arrest the depression."

Quite the contrary, the government could stop slow-walking regulatory approvals for job-creating domestic energy projects such as the Keystone pipeline and offshore drilling in the Gulf and Atlantic continential shelf, and stop hurling up imaginary environmental horrors as barriers to oil and gas fracking. In addition, instead of bailing out bank shareholders and executives, the government should have used the TARP money for direct mortgage relief to underwater borrowers, allowing the residential real estate market to clear and resume functioning normally. Further, the government should have immediately cut the corporate tax rate (now highest among OECD nations), improving the economic incentives of U.S. companies to hire and their competitiveness with foreign companies in lower tax nations. These examples are not exhaustive, merely illustrative. Had the Obama administration taken these steps, among others, rather than spouting divisive class warfare rhetoric as a poor substitute for national policy, many more people could be back to work today.

Social Security Lawyer

What we need is an impetus for long term growth.

John@Classical Guitar Lessons for Beginners

I agree, the unemployment rate can definitely be misleading. I strongly believe the depression just accelerated the long term trend of reduced employment.

Thomas Rekdal

Judge Posner always has interesting things to say. If he did not, I would not check in every week. But this week is disappointing.

He says we did not have a big enough stimulus early enough. Well, we'll never know, will we?

He says we did not spend the stimulus on the right things. No kidding? (See the U.S. Constitution, Article I).

He says automation is destroying our job market. Grim outlook. Maybe, maybe not.

Here's my take: The origin of the problem is that we spent too much, both privately and collectively. We did so because we lost sight of the fact that this is not a good idea (a moral problem, not an economic one). It will take a long time to pay for our sins (how long I cannot say, because I am not an economist). But when we are done paying for our sins, things will be just fine, because we are a (reasonably) bright people, have lots of resources, and a (mostly) free market. Cheer up.

Online High School Diploma

This was a perfect post. Thanks for sharing!

Valentines Day Shoes

What has come into being in him was life, and the life was the light of all people. The

light shines in the darkness, and the darkness did not o vercome it.

Jack

Tans? Where did the real conservatives and conservators go? or were we always a nation of boosters willing to rape the environment?

Your "XL pipeline" was rerouted by request of Repubs in Nebraska. Now a new route is being considered....... and last I heard, being found lacking. Do you stop to weigh "fast tracking" against the acquifers of our breadbasket?

The rest seems "talk radio" as few pay the "highest corporate rate". There likely is SOMETHING that might be done to improve how and when it's paid, but I've not heard much consensus.

The well named "TARP" needed to be flung over the reeking mess as fast a possible... and getting assistance out to "underwater mortgagees" is a slow process in any case, and when their "robo-signed papers" have been chopped into confetti it's much worse.

And please! do remember the TARP was flung during the waning days of the Bush admin, with then Senator Obama being the stand up guy in the room as McCain fumbled with "notes" and Bush "having lost control of this meeting" left the room.

Just this week they're talking seriously about programs.... but some for the GSE's and something else? or nothing? for others?

"Oil?" and Keystone? Look, the Brit Pets' Gulf "whoopsie" was a $40 BILLION event for them and many of the Gulf are hardly "whole" as yet. The Admin was right to have a moratorium and take a look at, perhaps, sloppy procedures after an oil admin with little regard for regulation had been in office for eight years. Keystone is $7 billion, spent over several years... it's hardly an atom in a $15 trillion economy.

But! we will continue to be barraged by this stuff until November, eh?

Jack

Thomas:

The items you mention of Posner this week are dead on.

The stimulus was too small. Provably so and the shortcut is what we see.

Automation, not "China" IS the job killer of MFG.

"Good or bad?" "Good" would be that of the long bandied about "shorter work week". But! the dollars for that have been taken by those of the top one percent....... thus! unemployment and no retirement!


The fact that the unemployment rate was less than 5 percent before the depression may refute the suggestion of a long-term decline in employment.

"Moral problem?" During the false housing boom it was child's play for realtors and mortgage lenders to point out the facts of home prices running away and that they'd be better off stretching out to buy now rather than miss the boat. Were some "too greedy?" Likely, but most were just trying to house their family. Immoral?

If so, our "sins" in the private sector have been that of building too many homes....... and as you say that will, for the most part, sort itself out over time....... but perhaps some considerable time.

And Ha! in the Fed sector? Though it cost us $2 trillion has the failure of the "Bush tax cuts" to "increase revenue" finally put The Laffer Curve to the death it has long deserved? Will we again tolerate big lied into a costly war and NOT passing the hat to pay for it? And has the word "deregulation" become a tad suspect as should be the case?

bine

so good share

coach bags

I’ve been visiting your blog for a while now and I always find a gem in your new posts. Thanks for you
good.http://www.coachbagsoutletsales.com/

59fifty hats

Vehicles 59fifty hats made Some.4 sacks , just one interception and the other pressured fumble throughout his occasion during USC.

Coach Bags

Just wanted to add a comment here to mention thanks for you very nice ideas. Blogs are troublesome to run and time consuming thus I appreciate when I see well written material. Your time isn’t going to waste with your posts. Thanks so much and stick with it No doubt you will definitely reach your goals! have a great time!

block machine

Ningbo Yinzhou Nuoya Cement Block Machine Factory, a professional manufacturer and exporter of all kinds of Single and Multi Spring brick machine,concrete brick machine,block machine,We are a member of Building Block Association with excellent and advanced technology.

nike requin

Vermont and Massachusetts - because they had nothing else to lose. It's always a dangerous thing to corner a minority into such a corner when that minority will no longer accept being so marginalized.

Cheap NHL Hats

I have never read such a wonderful article and I am coming back tomorrow to continue reading. I really like this website , and hope you will write more ,thanks a lot for your information. You have a great web site here. If you would like you can see my web site. Hey Every one how are you doinging. hope you are having a wonderful day? Excellent, but it would be better if in future you an share more about this subject. Keep posting.
http://royzhuangjp.blog.com/
http://royhjp3.blog.com/
http://cheapmlbhats.blogspot.com/
http://www.myexit.org/blog/40295
http://royandwill.blog.com/

High School Diploma

I appreciate your help. You really helped me.

John Hope

Instead of reading these two boobies who merely regurgitate tired old neo classical cliches which got us into this mess in the first place read Steve Keen, Michael Hudson, william Black, Yanis Varoufakis and you'll actually learn something.

sell a business

at the current time there are big changes are taking places in the corporate and the changes in the currency value is also playing a vital role in making this kind of situations.

Paul Smith Online Shop

From your article, you can learn a lot of philosophy of life. Many aspects of your life, the article has its own unique perspective, and these ideas are worth learning from. This article of the classic collection.
http://www.paulsmith-outlet.com

Paul Smith Outlet Online

The discussion an on going discussion and analysis of the moral the fact that this is so ought to be an embarrassment to white liberals who are die. Thanks for sharing informative post. beautiful !!!
http://www.paulsmith-outlet.com

Nike Free Run

A depressing possibility is that the depression has accelerated what may be a long-term trend to reduced employment in many industries.

stollasocaips

dose for kids buy zithromax 8379 http://zithromaxsideeffectswww.com/#3966 - spectrum azithromycin drug

stollasocaips

buy alli weight loss pills 4106 http://buy-alli-diet-pills.com/#7304 - alli diet pills to buy

The comments to this entry are closed.

Become a Fan

May 2014

Sun Mon Tue Wed Thu Fri Sat
        1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31