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Thread: Nobel prize winning economists expressing horror at Pres. Obama's economic "plan"

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    Elite Member Grimmlok's Avatar
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    Thumbs down Nobel prize winning economists expressing horror at Pres. Obama's economic "plan"

    The U.S. government plan to rid banks of toxic assets will rob American taxpayers by exposing them to too much risk and is unlikely to work as long as the economy remains weak, Nobel Prize-winning economist Joseph Stiglitz said on Tuesday.

    "The Geithner plan is very badly flawed," Stiglitz told Reuters in an interview during a Credit Suisse Asian Investment Conference in Hong Kong.

    U.S. Treasury Secretary Timothy Geithner's plan to wipe up to US$1 trillion in bad debt off banks' balance sheets, unveiled on Monday, offered "perverse incentives", Stiglitz said.

    The U.S. government is basically using the taxpayer to guarantee against downside risk on the value of these assets, while giving the upside, or potential profits, to private investors, he said.

    "Quite frankly, this amounts to robbery of the American people. I don't think it's going to work because I think there'll be a lot of anger about putting the losses so much on the shoulder of the American taxpayer."

    Even if the plan clears banks of massive toxic debt, worries about the economic outlook mean banks could still be unwilling to make fresh loans, while the prospect of a higher tax burden to pay for various government stimulus plans could further undermine U.S. consumers, he said.

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    I think that's 3 now.. his plan is basically the TARP plan, just with fancier language.. that did absolutely nothing.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member Sweetie's Avatar
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    He seemed to help Clinton out.

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    Elite Member MrsMarsters's Avatar
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    And..what has he done for us lately? Really, I honestly don't know.

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    A*O
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    OK, so instead of bitching about how everyone is wrong, why don't these high falutin' Economists tell us how it SHOULD be done?
    If all the women in this place were laid end to end, I wouldn’t be surprised - Dorothy Parker

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    Elite Member MontanaMama's Avatar
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    Quote Originally Posted by A*O View Post
    OK, so instead of bitching about how everyone is wrong, why don't these high falutin' Economists tell us how it SHOULD be done?
    What the *#$R()#*#*&$#* are you talking about A*O??? That comes dangerously close to intelligent common sense and you know we can't have any of that floating around..we may only naysay, poo poo and if really enraged, guffaw.

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    Elite Member Fluffy's Avatar
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    Nouriel Roubini generally likes the Geithner plan:
    I see the Geithner plan as being relevant only to banks that are solvent. For those that are found - after stress tests - to be insolvent I see as the proper solution - -as I have widely written - to nationalize them and thus clean them up to prepare them for re-privatization.

    The stress test should do a triage between banks that are illiquid and undercapitalized but solvent given the provision of capital and liquidity and those that, under a reasonable stress scenario are effectively insolvent. Those that are insolvent should be nationalized.
    The Daily Dish | By Andrew Sullivan (March 25, 2009) - Contra Krugman

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    Elite Member kingcap72's Avatar
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    Quote Originally Posted by A*O View Post
    OK, so instead of bitching about how everyone is wrong, why don't these high falutin' Economists tell us how it SHOULD be done?
    Exactly.

    It's easy to complain about a plan, rather than come up with an alternative. And where were all of these economists when we were heading into this mess?

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    Elite Member Grimmlok's Avatar
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    sounding a hundred warnings nobody bothered listening to.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member kingcap72's Avatar
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    Some were sounding warnings and others were going right along with it. Just like the Republicans and the Dems.

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    Elite Member Fluffy's Avatar
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    ^I don't think that's necessarily true. There are some that are just hacks and got more press, but econs like Roubini, Krugman were sounding warnings for a long time.

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    Elite Member kingcap72's Avatar
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    ^^Yeah, I know Krugman was. Hell, I wish he had a job in Obama's cabinet.

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