policy makers need to forget everything they thought they knew about the world in the summer of 2009
and look at the situation with fresh eyes"
and just who does brad suggest might accomplish this ??
err or "someone like" them
and just what might they do brad ???
i mean now he wants the sunk cost fetishists gentle ben and tiny tim
OUT !!!!
goes he still think his earlier remedies could power a swift job recovery ??
reviewing :
"The Fed via quantitative easing could take as much risk as it wanted to onto its balance sheet and replace the risky assets it bought with safe assets that the private sector wanted to hold--the Fed could push its balance sheet up from $2 trillion to $3, $4, $5, or even $6 trillion if needed. The Treasury could use its HAMP money to grease the refinancing of troubled mortgages. If HAMP wasn't enough the Treasury owned Fannie and Freddie: they could borrow at nearly the Treasury rate and refinance every house in the nation if necessary in order to get mortgage risk off of banks' books where it constrained lending and off of households' obligations where it constrained spending. The Treasury could use additional TARP money as the grease via the PPIP to take tail risk onto its books and so transform risky into safe assets. The Fed could take the TALF program and use it as a wrapper to make the long-run infrastructure projects we needed to undertake sources of the safe assets the private sector wanted to hold.
Even with a Congress gridlocked and neutralized, the Fed and the executive had enough power through their ownership of Fannie and Freddie, through the Federal Reserve act, and through the TARP to do everything necessary to guarantee a strong recovery"
such is the elite prog-neo lib response then and prolly still now
do they believe anymore ??
seems pk doesn't
but brad ????
talk about sunk cost based fetishism
ya these all should be done if for nothing at least for their internal equity
but job market recovery requires
not an end run around
but a march straight thru the congress
ie a stimpak II
an eye popping freshet of funds
out flowing thru the transfer system
and a vast payroll tax holiday and a health premium rebate
funded by uncle
administered by and fed thru the corporate plans
and an SSI refund of the index theft
etc etc etc
brad:
the post 1980 elite liberal fantasy
of running a perpetual national prosperity and progress machine
by means of the unelected fed board alone is ...dead
ie new keynesian pipsqueaking won't cut the whole block of fuckin ice
now around the national production system ......no not by a long shot
a giant block of ice you NK's couldn't anticipate because you couldn't produce em
even with your air conditioning models set to desert mode
