Blue Mass Group

Reality-based commentary on politics.

The Emergency Economic Stabilization Act of 2008 must be enacted.

By

So Reps. Delahunt and Lynch (hopefully Rep. Tierney has come to his senses) if you still plan to vote no and the bill fails, lets hope that all the economists and financial brainiacs are wrong about the expected financial devastation.  Otherwise, it will be on your heads.  And eventually the people who keep calling to tell you to vote no will realize what a horrible mistake that was, just in time for you to be voted out of office.  (BTW, I seem to remember the public was overwhelmingly in favor of invading Iraq, until things started going horribly wrong.)          

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    • If the bill, or something very similar, does not pass, then the economy will very likely collapse.  That is not a threat; it is a prediction with an extremely high probability.  Almost every economist and financial expert agree on this point.  Doing nothing will lead to a meltdown.  

      • You must live a sheltered life. Besides CNBC’s Jim Kramer how many economists do you know? đŸ™‚
        Try reading this …

        <

        p>”We ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action.” – 231 eminent Professors of Economics,
        including 3 Noble Laureates, organized by Professor John Cochrane (University of Chicago).

        <

        p>http://bradsherman.house.gov/0…

        <

        p>And if you get bored with reading and would rather just be entertained while waiting to be rescued, then turn your TV onto the same old debate being replayed on Cspan and while the catch phrases fly play along with a game of

        <

        p>                BANKER BS BINGO đŸ™‚

        <

        p>http://futurejacked.blogspot.c…

        • I have very limited cable access and do not get CNBC.  I just find a lot of cable news programs to be too lacking in real news and factual information.  Is Jim Kramer that guy who yells?

          <

          p>In any event, I will try to find some time to read the item you posted at some point today; I’ve only had a chance to skim it.  I am sure that, even though I only have a graduate degree from the London School of Economics, I will not get bored.

          <

          p>In the meantime, here are just a few economists and financial experts who think the bill, flawed as it is, should pass:  

          <

          p>Joseph Stiglitz, who I think is cited in the piece you posted as being against the bailout.  Apparently he has changed his mind.  

          <

          p>Paul Krugman, professor of economics and international affairs at Princeton and a NYT columnist.

          <

          p>A number of people at the Brookings Institute, including Alice Rivlin

          <

          p>Warren Buffet, who knows something about the financial system.

          <

          p>Oh, and there is Barack Obama.  I know, I know, he is not an economist or an expert in the financial system, but he is a candidate for President of the United States.  Surely that should have some significance for some people?  

          <

          p>

      • I have not seen nor in my discussions with colleagues any indication that

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        p>

        That is not a threat; it is a prediction with an extremely high probability.  Almost every economist and financial expert agree on this point

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        p>The feeling is true that the situation is extreme and needs a solution may I suggest you read the open letter to congress again.

        <

        p>here is a link to the letter
        http://faculty.chicagogsb.edu/…

        <

        p>I would point out the following in the letter

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        p>

        For these reasons we ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action, and to wisely determine the future of the financial industry and the U.S. economy for years to come.

        <

        p>I would suggest that collectively the feeling is the rush is a bandage at best and at least a potential disaster in that is fails to stabilize the economy. I welcome you to look at my other posts on the issue and the one where i start the dialogue to look at an alternative that may need to be Phase 2.

        <

        p>I expect that it will pass but I sure would not be disappointed if it is not. I do think we have wasted weeks running around shouting about the sky falling when we should be getting together a board to come up with a great plan, this is not one. I give it less then a 1 in 4 chance of success.

        <

        p>Just my Opinions
        Best to all

          • Notice the Dow Jones?
            Buy the rumour .. Sell the news.
            They will have you back here in a few months when they demand more .. they already want it. They can taste it.
            Smmel the fear … weakness … Ooh-oohh
            And you’ll be right there, “the sky is falling”.
            Be very scared”!
            Right behind Obama or McCain or whatever tool they use to make you feel all warm and cozy.
            Enjoy the show. Just dont expect a lot of actual aid from your government because they are down to paying off their bribes in IOUs and your needs arent high on their priority list

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