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Originally posted by Sestias
Well, here goes. Threads with economists in them tend to die very early here on ATS (they're just not sexy or exciting like talk show personalities) but I'm posting this article because I think the subject is worth attention.
Paul Krugman is a Nobel Prize-winning economist and on the faculty at Princeton University, so he really can't be dismissed all that easily.
Krugman, like many other economists, is once again reminding us that though a larger-scale catastrophe has been averted, it will take at least until 2010 before the whole economy rebounds.
Instead of griping that miracles haven't happened in 8 months (and therefore there has been no good at all from the stimulus packages) it is wise to look at the bigger, longer-term picture.
It seems counterintuitive to argue that more spending will get us out of a worldwide depression, but that's what many responsible economists have been saying and it appears they were right.
www.azcentral.com
(visit the link for the full news article)
Originally posted by RolandBrichter
These parasites that are held up as trusted experts know very well how close they are to losing everything...
They will literally say anything to prolong Ponzinomics.
Very soon, smug asshats like this will be running for their very lives..
How will so much of the doom sayers on ATS go on?
No complete meltdown, no internal US revolution or civil war... no food riots.
Originally posted by ProfEmeritus
reply to post by HunkaHunka
Haven't you checked the board lately for popular threads?
Here are the things you cite as gloom and doom:
No complete meltdown, no internal US revolution or civil war... no food riots.
There are dozens of threads on each of those topics. In addition, there are thousands of members that believe those things are/will happen.
Originally posted by HunkaHunka
reply to post by ProfEmeritus
Really? What does Conspiracy have to do with doom and gloom?
I don't get the comparison.
Originally posted by HunkaHunka
reply to post by Donnie Darko
Fair enough, one mans end of the world is another mans beginning.
Why was the previous one scary to you? Although I agree it was unsustainable as so many regulations were being pealed away from it.
Originally posted by contemplator
Didn't Krugman say Obama was wrong in his plan. Looks like it's working fine considering. I used to like this guy but lately he's turned into an attention seeking media whore.
The “happy talk” campaign in the US media and coming from the White House is just that: Happy Talk.
To get a real picture of what is happening with this economy, here are a few things to keep in mind.
Yes, the huge layoffs that saw the number of new unemployed jumping by 6-700,000 per month in the early part of this year seem to be over, and now new unemployment is rising by “just” 500,000 a month or so, but that’s because all the major employers have already shut down or shut down entire shifts. There are not that many people who can be laid off any more, at least in large groups. This gets painted as “the pace of layoffs is slowing” as if that’s good news, but it is the opposite.
But there is more trickery and misinformation regarding unemployment statistics, too. One has to do with the oft-noted claim that the number of people collecting unemployment benefits is declining especially the long-term unemployed. But the reason for this is not that people are finally finding jobs. It’s that unemployment benefits are being exhausted. The upper limit for collecting unemployment benefits in the US is 79 weeks, and that’s only in some states where unemployment is particularly high. In other states it is 72 weeks or even as low as 59 weeks.