The list of economists opposing the bailout...

[PVnRT]

There are 44 economists from the University of Chicago on it. Fourty-fucking-four.

Do some DUers just not know what that school has produced and continues to? Read about Freidman and Hayek. Read about what they did to Chile after the CIA installed Pinochet. Trickle-down economics? Reaganomics? Guess who invented it?

And now they're legitimized because they oppose the bailout? Do you want to hand over the reins to these people and see what happens?

Would DUers be defending Limbaugh and Cheney if they signed that letter?

I do not "like" this bailout. But when the dam is about to burst, you don't spend weeks figuring out what to do, you get a quick fix to buy you time. That is what this amounts to. It makes this election all the more criticial to get a good majority in both houses, get Obama in the White House, so that there CAN be investigations, re-regulation and a stable economy again.

[ixion]

1. when the damn is about to burst...

you don't pump more water into the reservoir behind it.

Just sayin'...

[PVnRT]

5. Wrong analogy

This is more like discovering corroded supports near the base of the dam. You grind off the rust, apply some inhibitor, put temporary supports in place, then you get the engineers in to redesign it.

[ixion]

12. ah... I see we disagree on fundamentals

you believe the damn is essentially strong, and it just needs some redesign.

I believe the damn has lost integrity, and is going to collapse no matter what the engineers do.

[izquierdista]

2. You sold me

If those dimwitted assholes are against it, that's all I need to know. It will probably be remembered as the one right thing that * did in his Administration.

Well, maybe that's giving * too much credit; more like he was pushed into the right decision after all the other ones were exhausted.

[Tallison]

7. Statistically, the Chimp will eventually write Skakespeare

I'm no economist, but I've spent all day every day of my 7-day vacation reading every thing I can on this conundrum, and this legislation is necessary.

[Tallison]

3. Thank you

That some just don't get the urgency of this crisis and the measures necessary to contain it is really dismaying. I wonder if some such posters wouldn't be temporarily more at home over at Freeperville until time vindicates the intervention.

[stray cat]

4. Many house republicans are against the bail out as well....

[Tallison]

9. As a minority, opposing it is a political 'freebie' for them

since it's not on their shoulders that the consequences of inaction will fall.

[izquierdista]

22. They remind me of toddlers

Can't be blamed that their full diaper has left a trail of turds across the carpet....

[MannyGoldstein]

6. Inaction Is Usually Better Than Ill-Informed Action

Think "Iraq War"

[stray cat]

11. or New Deal?

[MannyGoldstein]

13. Which Was Directed At Middle Class Americans

Not bankers.

[stray cat]

15. True - but it was action without completely knowing outcome

[MannyGoldstein]

18. True - But FDR Started By Saying "This Might Not Work"

It was part of his plan for "bold and persistant experimentation". We just don't hear about the experiments that failed 70+ years ago.

Also, note the word "usually".

[ShortnFiery]

20. Exellent point! Also "Patriot Act" and "Perscription Drug Bill." eom

[girl gone mad]

8. And Bush is the biggest supporter of the bailout.

I agree with the economists statement in its entirety.

Do you agree with Bush?

[Tallison]

10. In this case, Congressional Dems agree with Bush on the necessity of intervention

and I agree with both.

[girl gone mad]

21. Politics makes for strange bedfellows.

I disagree with the need for this specific bill. There are better options which should be considered.

It's interesting to note that the people pushing this bill have been denying that there was even a problem for years. Most of the people I know of who saw it coming are opposed to this bill.

[Tallison]

23. On two out of your three points we can agree

:hi:

[PVnRT]

14. I agree for the need of an immediate, temporary fix

to buy us time until more substantive measures can be put in place.

[daa]

17. No it is Pelosi and Reid

oh yeah, old Nancy and the house sneak voted without debate to end the Nuclear Proliferation Treaty and sell to India, a non-member.

So tell me, how does it feel to make your neighbor's house payment while you have no health care?

[rgbecker]

16. Its all about Confidence.

This bailout is about confidence to advert a run on the banks and the dollar, which would essentially stop the economy in its tracks. Think about it: Look at all the talk about getting your money out of the bank just among those without any significant savings...then imagine those controlling considerable assets, and thousands of them. People are so uncertain that they are taking money out of circulation, buying treasuries with less than 1% return, just because they are afraid of the markets. If people don't have some confidence there will be no investment in solar energy, high mpg cars, or anything else and that is why it is essential for the US to send the message that America is still in business.

The blame game the right wing conservatives are leading is attractive to the moral compass in all of us, but this is not about finding crooks, but rather reassuring investors, workers, retirees and everyone else that there is no reason to head for the mountains with your survival weapons. Look to Obama's reaction. He is in the know and is being advised by the best minds in world.

[daa]

24. Not about confidence

Japan tried to artificially prop up property values for a decade and it did not work. Wells Fargo isn't in trouble. Who cares if Goldman goes under? Paulsen because he ran the place and Pelosi? Duh. So how does paying off rich bankers make be confident? It makes me feel broke.

[MadHound]

19. Even a stuck clock is right twice a day

Hell, perhaps even these Chicago school economists realize the gravity of the disaster that we're facing if we pass this bailout. Whatever the reason they're right, this bailout is going to be a huge disaster for us, even if we do nothing.

It works like this, we take on another trillion in debt, on top of an already shaky debt system. Moody's was considering downgrading US Treasury bonds back in January. Add this large amount of debt, and I'll guarantee our bonds will be officially downgraded(hell, some commercial houses already did a downgrade, simply at the news of this proposal). Do you realize what happens when bonds get downgraded? We have no money, no money for government, no money for Social Security, no money for defense, no money for anything. This will be a disaster of much greater severity than if we simply did nothing.

There are good sound economic reasons to oppose this plan, perhaps you should educate yourself before spouting off.

[elfin]

25. U of Chic Economists - isn't that the

school of thought that gained prominence and influence in Repug administrations and with conservative columnists beginning with Nixon?

Shaky memory here, but no time for research just now - Milton Friedman et al?

[RoyGBiv]

26. Yes ...

Friedman. Deregulate everything.

[RoyGBiv]

27. Thank you for doing that ...

I'd started to point this out when that list first started being repetitively posted, but I was looking up the backgrounds of the other people on the list as well so it could be a comprehensive statement.

That can be a little difficult.

Suffice to say, many of those on the list that aren't directly from U of Chicago school of through are at least influenced by it.

[chill_wind]

28. And the other 106?

The list spans the political spectrum, from liberal to libertarian to conservative.

[moodforaday]

29. Why are the Chicago profs opposed?

Are they opposed because they don't think the crisis is real enough or dangerous enough to warrant such a draconian interference, or are they opposed because they recognize that there is a crisis but the bailout will not prevent it, maybe even make it worse?

There's a heck of a difference there.

[RoyGBiv]

30. They're opposed because ...

... their school of economic theory is responsible for getting us in the mess in the first place.

They're Milton Friedman disciples ... or in the academy, descendants of his school of economic theory.

Deregulate anything.

They don't like the idea of a bailout, naturally, but this is driven by a dislike of any sort of government intervention in the financial markets.