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Prospects of economic recovery in the near future are now being dismissed scornfully by private-sector financial analysts.
Three weeks ago, I noted Paul Krugman's observation that, once the Fed cut rates to zero, we had reached the limits of monetary intervention. Between the TARP bailout and the massive "stimulus" passed in February, we may have reached the feasible limits of fiscal intervention. And none of this has produced recovery, nor even any realistic hope of recovery any time soon.
The situation is not yet catastrophic, but . . . well, give them time. If the Democrats get what they want (the Waxman-Markey energy tax, socialized medicine, and another stimulus) it may suffice to bring about a Zimbabwe-style meltdown.
UPDATE: Welcome, Instapundit readers. This morning the professor adds a gloom-and-doom roundup, including Daniel Indiviglio's estimate that the actual unemployment rate is already 12 percent.
Fail! Rachel Maddow gets a $5 million salary cut! LOL
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The winning just doesn’t stop since the election! MSNBC has gone to CNN
like rating levels, even for their main
The post Fail! Rachel Maddow gets a $5 mi...
3 hours ago
I don't understand why Obama and company is so surprised. He went around telling everyone that only government could solve people's problems. Now they are shocked when everyone stopped their economic activity waiting for Obama to get things rolling.
ReplyDeleteIt's like Obama shoved the innovators and those with the ingenuity to get the economic gears turning away from the wheel and then wondered why they aren't steering the boat.
Great - The Mugabe economic package. That's all we need.
ReplyDeleteWe may have reached the feasible limits, but we have not reached the limits.
ReplyDeleteAs bad policy makes the economy worse, Obama/Congressional Democrats/the media will insist that the only solution is more of the same.
I can't see any possibility that any of those three will ever say "stop". I can't even see any possibility that any of those three will think "hmmmm, something's wrong with our policy".
Undoubtedly what Obama wants. Does Congress? If this stuff passes, Congress better leave the country before we catch them.
ReplyDeleteAmerica asked for change. Too bad they didn't specify what kind.
ReplyDeleteKrugman is an ass, and has been wrong on this mess all along. You mention him as some sort of authority... why?
ReplyDeleteNice blog though.
Perhaps the limits of 'stimulus' by spending, but not by tax cuts?
ReplyDeleteSpeaking of "Told you so", Sarah Palin is going to get the last laugh after another year or two of this lunacy.
ReplyDeleteYou can not create a socalist paradise without first destroying the democratic republic and the constitution that preceded it.
ReplyDeleteWelcome to the "on-the-job" training years.
ReplyDeleteWhen Obama's term is finally over, this country will look a lot like the south side of Chicago. A place where Obama had a hand in crafting his policies.
ReplyDeleteYou forget the fed can PAY people to borrow money at zero%.
ReplyDelete"Here, borrow a hundred only pay back 80."
Oh wait! . . . never mind.
The stiimulus may have had the tiniest of chances of doing some good for the economy if left stand on its own but when you add the Cap and Trade and Bobamacare into the equation then you have too many businesses affected of all size for them to feel safe about hiring with many also feel forced to reduce their workforce instead. People who are out of work or fear losing their jobs aren't generally inclined to spend money. A snowball effect, and in this case more of an avalanche.
ReplyDelete