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I pick up the MSM, we are not getting the basis of stimulus and why it is urgent and important.
Paul Volker, former Head Federal Reserve, begins with this empahasis.
This is not a direct quote but very close.
He begins with explaining we are in a World Economic Crisis and as a former Super Power Economically, we must act.
Then he brings it to US, explaining that the Finacial System is in a credit crisis. They SIMPLY DO NOT HAVE THE CAPITAL to make loans. The first "TarP" given to the Financial Insitutions was enough to only stablalize the Banks Wall Street etc. THEY DO NOT HAVE THE CAPITAL TO LEND. The are frozen in place.
He explains that when the Market fails like this there is only one entity that can do anything to help the economy. Volker explains that Governments always step in these cases if any progress is to be made. Our Party has permitted the GOP to monopolize the airways with the GOvernment cannot help. The Government is the problem. The Government is answer---where are the Democrats. or do we have any Democrats???
Now the Stimulus is intended to get the economy on the ground (people) moving. Volker, Buffet and lots of knowledgeable economists say it has to be huge. Wall Street and main street must be both working.
Volker explains that we must have second round to Fincancial Insitutions to provide them capital to come out of their immobile state and start loaning again.
Get a grip. Get a spine. Conservatism does not have all the answer. The Democrats have got to stand up and say we believe in something. J. M. Keynnes (sp?) has guided many smart Democrats through some bad situations.
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