Comments | scorpioatl: "Economic Stimulus" (TURD)

scorpioatl

"Economic Stimulus" (TURD)

Feb 06, 2009 16:26

Okay, I know there are a lot of Obama fans out there, but I just can't hold my tongue on this one...

I do economic development for a living-- business recruitment, retention and expansion. I also offer companies tax incentives to relocate into my county if they bring high paying jobs and have capital investments that bump up my tax base over time ( Read more... )

Comments 5

westcbear February 7 2009, 00:20:45 UTC

What exactly do you do for a living again? (I'm sure you've told me, but I forget.)

scorpioatl February 7 2009, 00:54:29 UTC

I manage the Economic Development Program for a county government in metro Atlanta. My job is to create quality jobs and encourage investment/development to increase the tax base.

mellowtigger February 7 2009, 04:39:53 UTC

I agree, but as I keep harping about... we are already IN the hyperinflationary period of our exponential economy.

The bailout package is not paying for our immediate stimulus needs (as its name would indicate). It is paying for past debts that can in no way be repaid. Moreover, an even bigger stimulus package will be needed within 12 months in order to keep the cycle going. (Again within 8 months, again within 4 months, etc.)

The bailout package is intended to delay exposing the failure of our economic foundation. That's why it costs so much to accomplish so little.

So sayeth this economic pessimist. :)

peteli February 7 2009, 06:08:39 UTC

I'm surprised you succumed to the fallacy of dividing the cost of the stimulus by one year's worth of salary. And not including multiplier effects.

kodiakva February 7 2009, 06:14:17 UTC

Several points at once...

(1) Obama, in this instance, is totally clueless and unbelievably irresponsible. Just look at the numbers....

I tend to agree. This is certainly a heroic effort to attempt to get the economy moving again, but as I find in all organizations, heroic attempts are always counter productive: they either miss the target (and are a complete waste of resources and time) or hit the target but create other difficult problems.

(2) This is going to destroy the value of the U$ Dollar...Potentially, but not yet. There are still major piles of MBSs, CDOs, etc. that are illiquid now, which at last 'pricing' had an estimated value of $52 trillion, and those were bought on credit. Now their collective value is effectively $0 since their market prices are indeterminate. To our financial system, the loss of the money and credit extended to originally buy these is the working definition of deflation ( ... )