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  • Robert Reich is an idiot [Edit or Delete]2 comments
    Jul 20, 2011 1:25 PM
    Robert Reich is a vertically challenged liberal crybaby that wrongly equates job creation with economic recovery. He buys into the lie that more stimulus spending will equate to more job creation and more growth. The truth of the matter is:

    -The obama stimulus failed to add any meaningful amount of jobs and unemployment is higher than ever

    -S&P 500 companies are doing awesome with 10% unemployment so there's no incentive to hire .

    -Stiumlus money passes between an army of middlemen before a cent even reaches the companies that are supposed to do the hiring. 

    -Except for the diehard libs, stimulus spending is very unpopular
    Here are just a few companies that have smashed expetations yet again or the 11th or so quarter in a row:
    Yet according to the libs and libertarians the economy is still weak because of the absence of job creation, the lack or presense of a debt ceiling, out of control living cost inflation, and falling home prices. Those things don't matter.Sorry. Don't need jobs creation in this economic boom.  Pain at the pump still good for the eonomy. Surging gas, oil and food prices will not have any negative impact on growth whatsoever. 
    I guarantee two years from now Washington will be spending more than ever on the same stuff like tax cuts, medicare, homeland seurity, defense and the dow will be at 16,000 at least. And more complaining by the blog and TV pundits about pain at the pump as well as useless senate hearings about oil speulation etc
    There is no compelling evidence:
    ...that the debt ceiling will curtail growth
    ...that the August 2nd deadline, if missed, would have detriment to the bond market and or economy
    ...that surging oil food and gas prices will hurt S&P 500 profits & GDP growth 
    ...that falling home prices and job loss will hurt S&P 500 profits & GDP growth 
    ...that the fed will ever raise interest rates again
    ...that there is a Euro or debt crisis
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  • Wow. Robert Reich is an idiot, but I'm not seeing much critical thought in your blog. So your theory is that a year or so of strong corporate earnings indicate future profitability -- regardless of whether input costs go up (energy, etc) or if there's an employed consumer base to buy goods and services?
    21 Jul 2011, 10:16 AM Reply Like
  • What he is saying is that the conditions under which we have experienced economic growth since 2008 are not going to change. Hence, it goes up. No need for lower unemployment. No need to change the spending plan (in fact we must spend more and more into eternity since the government is now the buyer of last resort). The debt ceiling will either be eliminated or increased for all time.

    Unless you like the idea of MASSIVE deflation in everything in the world for the foreseeable future, you will agree we need to stay on our current path of low interest rates, easy money, and bailouts. All of which GREATLY benefit equities and commodities prices. The US government/fed will ensure this and if they don't, we need an ENTIRELY new framework for how economies of the future are going to work. That won't happen. The money talks.
    22 Jul 2011, 02:40 PM Reply Like
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