Quote:
Originally Posted by TimFreeh
The economy blew up because of the bubble in real estate prices, people were using the 'equity' in their homes to live beyond their means. This practice tended to keep up the economy until the bubble burst.
Now I have a related question for you... if the answer to our economic problems is to borrow more money for the government to spend to 'prime the pump' and 'get people back to work' why in this era of record governmental spending is the economy still in the toilet?
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It is widely accepted, except by the average Faux noise viewer, that the stimulus saved jobs and prevented the country from falling into a depression. Quite a few reports out that the recession was much worse than originally believed. My complaint, shared by many economists is the stimulus was NOT LARGE ENOUGH. But then hindsight is always 20/20.