Stimulus or Give-Away?
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s.[1] It was the longest, most widespread, and deepest depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how far the world’s economy can decline.[2]The depression originated in the U.S., starting with the fall in stock prices that began around September 4, 1929 and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). From there, it quickly spread to almost every country in the world.
The Great Depression had devastating effects in virtually every country, rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33%.[3] Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by approximately 60%.[4][5][6] Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industriessuch as cash cropping, mining and logging suffered the most.[7]
Various countries around the world started to recover from the Great Depression at different times. In most countries of the world, recovery from the Great Depression began in 1933.[9] In the U.S., recovery began in the spring of 1933.[9] However, the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933.
There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and the 1937 recession that interrupted it).
The common view among mainstream economists is that Roosevelt’s New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt’s words and actions portended.[37][38] However, opposition from the newConservative Coalition caused a rollback of the New Deal policies in early 1937, which caused a setback in the recovery.[39]
http://en.wikipedia.org/wiki/Great_Depression
On September 20th, 2008 we were once again on the brink of such a collapse. Shock-waves are still being felt around the world with recent and projected bail-outs of Greece, Portugal and Iceland.
A Democratic Congress appropriated money for a Republican President to use to keep America from going over the brink. A Democratic Congress did the same for a Democratic President. It took ten plus years for America to recover from the Great Depression but we somehow expect to recover in one or two years this time and complain that our Government is spending our money recklessly on a failed program. All signs show that we are recovering. Now we again have the know-nothing conservatives trying to roll back our efforts.
People seem to forget how deep and severe the Panic of ’08 really. (Joko)
really was… I shoulda said. I’d like to see that new HBO Movie, Too Big To Fail. (Joko)
Why am I concluding my posts with my name in paranthesis? (Joko)
I think the severity of the current economic crisis is being downplayed by the regime in Washington, and its tame propaganda organs (which masquerade as the so-called “free press”), which is to say I’m not sure a very great deal was actually averted in 2008 & 2009 (but a lot of bankers got very rich, as seems to invariably happen, regardless of any other considerations).
According to former Assistant Secretary of the Treasury (and proud recipient of the French Legion of Honor), Dr. Paul Craig Roberts, the criteria used to calculate the unemloyment rate has been so degraded by the regime’s propaganda concerns (over the course of the last three decades), that the data which resulted in the 9.7 percent national unemployment figure (reported several months ago), would have translated into a 21.6 percent national unemployment figure, as measured by the criteria in effect 1981-82 (which compares rather interestingly to the approximate 25 percent national unemployment figure that historians tend to ascribe to the USA’s economic nadir in 1936).
Oh, and please don’t do Dr. Roberts the injustice of supposing he is just some partisan critic of the Obama administration, because I know of no former establishment figure who has been a more vocal critic of the regime in Washington during the entire post-9/11 era. Dr. Roberts was calling for outright revolution during the Bush/Cheney administration, and his blog postings can mainly be found at this excellent site: http://www.counterpunch.org/
(Its a left-wing site, and well worth persuing, irrespective of one’s particular place on the ideological spectrum.)
It’s the “get it now” part of our society that thinks this should be over so quickly. I’m hoping for a short period of time, but reality is probably closer to that decade that someone spoke of. In all reality very little of the stimulus money has been given out. I do believe it goes out clear up until 2016. Also how states used that money comes in play.
When researching the wild fires in Texas for a friend, I found myself on the Texas stimulus page. Out of the billions Texas received they only created 45 thousand jobs. They also used stimulus money to shore up their budget, all this and they have a rainy day fund that I believe is around 9 billion. Yet they are sitting there with their hand out for more FEMA money after cutting back 30% in there budget for forestry.
So basically my point is, states have mismanaged their stimulus money or gotten money when they don’t need it.
Somehow you leave out the facts…that Obama’s Stimulus/Tarp was four times bigger than the one Bush came up with. And you forgot to mention that Bush gave $600 to each working American…and Obama gave NOTHING to the working poor or middle class. Obama gave 4 trillion dollars to the richest Americans and flatly ignored everyone else. Governor Mike Huckabee said that works out to $220,000 per person that could have been spread around to each American.
You just don’t get it, John. Obama does not care about the poor people…he sat in the Oval Office and watched for his first two years in Office as 8 million Americans were made homeless by the very Bankers & Mortgage lenders that he’d just given 4 trillion dollars to.
You want to believe in Barack Obama…good for you. But you are supporting someone who does not care about the poor people.
I ask you…and I doubt you’ll answer…HOW MUCH DID YOU GET IN A STIMULUS CHECK UNDER OBAMA?
I wasn’t a big fan of the stimulus. I’m still not sure if I like it much. As you said, it’s going to be years before we’ll know if it worked. I’m no expert when it comes to money or economics, by a long shot. My bank account can testify to that fact.
But I’ve always hoped that it would work. I’ve hoped with all my heart that anything would help get us out of this big mess. It’s interesting to see Limbaugh types and Neocon bloggers that seem to take delight in everything bad that’s happened to this nation simply because they’ve found a way to blame it all on Obama.
Many people seem to think money is the driving force behind any recovery. I see interpersonal unity as a more valuable commodity. Considering the divisiveness that’s taken over our culture, I can’t help but feel like we’re probably screwed.