Comments on: Why The Toxic Asset Program Is Such A Waste Of Money, And A Way Forward http://themoderatevoice.com/27280/why-the-toxic-asset-program-is-such-a-waste-of-money-and-a-way-forward/ An Internet hub with domestic and international news, analysis, original reporting, and popular features from the left, center, indies, centrists, moderates, and right Wed, 15 Feb 2012 15:28:17 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Jim_Satterfield http://themoderatevoice.com/27280/why-the-toxic-asset-program-is-such-a-waste-of-money-and-a-way-forward/comment-page-1/#comment-177239 Jim_Satterfield Sun, 22 Mar 2009 19:11:23 +0000 http://themoderatevoice.com/27280/why-the-toxic-asset-program-is-such-a-waste-of-money-and-a-way-forward/#comment-177239 I also agree with much of what Galbraith is saying. Economists operate on assumptions. These assumptions have been shaped by their education and how that education colors their view of recent history. It has led to an easy dismissal of any possible lessons that should be learned from the Great Depression and even earlier crises. It also leads, IMO, to a complete inability to recognize how changes in modern communications and transportation should be affecting their views of current events and attempts to project the future. Political conservatives suffer from wearing the same blinders as well.<br><br>In regards to your last paragraph, the problem with the views of those who think all we need is a strengthened sense of individualism is that in reality we already have too much of that. I don't think there is any ideology that isn't bad for you if taken to too great an extreme, including individualism, and if there is anything I hear our political conservatives harping on is how bad it is for us to use our only common representative organization, the government, to do anything for the country as a whole by helping individuals survive financially. I also agree with much of what Galbraith is saying. Economists operate on assumptions. These assumptions have been shaped by their education and how that education colors their view of recent history. It has led to an easy dismissal of any possible lessons that should be learned from the Great Depression and even earlier crises. It also leads, IMO, to a complete inability to recognize how changes in modern communications and transportation should be affecting their views of current events and attempts to project the future. Political conservatives suffer from wearing the same blinders as well.

In regards to your last paragraph, the problem with the views of those who think all we need is a strengthened sense of individualism is that in reality we already have too much of that. I don't think there is any ideology that isn't bad for you if taken to too great an extreme, including individualism, and if there is anything I hear our political conservatives harping on is how bad it is for us to use our only common representative organization, the government, to do anything for the country as a whole by helping individuals survive financially.

]]> By: pachigordo http://themoderatevoice.com/27280/why-the-toxic-asset-program-is-such-a-waste-of-money-and-a-way-forward/comment-page-1/#comment-177173 pachigordo Sun, 22 Mar 2009 00:52:36 +0000 http://themoderatevoice.com/27280/why-the-toxic-asset-program-is-such-a-waste-of-money-and-a-way-forward/#comment-177173 Nice Job again Mikkel - I also read the longer article by JK Gailbraith as well. I still think that our current financial/banking system is ethically and numerically bankrupt - we cannot save it by propping it up with more money. The American public lost all its trust in the major banks and financial institutions and they will never win back our trust with more outrageous salaries, bonuses, commissions, while the vast majority of Americans have to deal with the reality of a deep recession. Our future is going to be vastly different from the past and it will take some time to come up with a sustainable new world economy. <br><br>I was starting another blog myself on this subject but now Mikkel has gotten me thinking about more things. This is the point of good blogging and I welcome more readers to particpate and take up the slack here. Even hoping for the best from this latest Geithner toxic asset plan, it will take time and money. I wrote a prior blog (guest column) saying we need to put together an alternative financial/banking system to pick up the slack for the rest of the economy while we tackle the mess the financial/banking sector made of itself. And if we have to alter policies, at least it will have limited impact on the ability of businesses and Americans to borrow necessary funds and conduct their financial affairs through a few new good banks free of any toxic assets and run by people with the best interests of the general public in mind. <br><br>Remember, every trillion dollars we spend or borrow is about $3,300 per capita divided among all 300 million Americans. I also agree that both political parties are still acting as if it is 2005 instead of 2009. I look forward to many other comments and new blogs on this very important topic. <br><br>Best wishes to all and Happy Springtime from Marc Pascal in Phoenix, AZ (where it has been well into the upper 80's each day for the past 2 weeks). Nice Job again Mikkel – I also read the longer article by JK Gailbraith as well. I still think that our current financial/banking system is ethically and numerically bankrupt – we cannot save it by propping it up with more money. The American public lost all its trust in the major banks and financial institutions and they will never win back our trust with more outrageous salaries, bonuses, commissions, while the vast majority of Americans have to deal with the reality of a deep recession. Our future is going to be vastly different from the past and it will take some time to come up with a sustainable new world economy.

I was starting another blog myself on this subject but now Mikkel has gotten me thinking about more things. This is the point of good blogging and I welcome more readers to particpate and take up the slack here. Even hoping for the best from this latest Geithner toxic asset plan, it will take time and money. I wrote a prior blog (guest column) saying we need to put together an alternative financial/banking system to pick up the slack for the rest of the economy while we tackle the mess the financial/banking sector made of itself. And if we have to alter policies, at least it will have limited impact on the ability of businesses and Americans to borrow necessary funds and conduct their financial affairs through a few new good banks free of any toxic assets and run by people with the best interests of the general public in mind.

Remember, every trillion dollars we spend or borrow is about $3,300 per capita divided among all 300 million Americans. I also agree that both political parties are still acting as if it is 2005 instead of 2009. I look forward to many other comments and new blogs on this very important topic.

Best wishes to all and Happy Springtime from Marc Pascal in Phoenix, AZ (where it has been well into the upper 80's each day for the past 2 weeks).

]]> By: D. E.Rodriguez http://themoderatevoice.com/27280/why-the-toxic-asset-program-is-such-a-waste-of-money-and-a-way-forward/comment-page-1/#comment-177165 D. E.Rodriguez Sat, 21 Mar 2009 22:42:00 +0000 http://themoderatevoice.com/27280/why-the-toxic-asset-program-is-such-a-waste-of-money-and-a-way-forward/#comment-177165 Thanks for a very constructive and thought-provoking post, Mikkel. It does in fact point to actual steps that can be (and some are being) taken to rebuild our economy.<br><br>I (surprise!) do like James Galbraith's ideas, with some caveats, and you have mentioned some.<br><br>I particularly support (Surprise, again!) Galbraith's idea (as quoted by you) that "targeted benefits will not only be necessary to provide a dignified living, but that the money will be quickly spent and flow back into the economy in a constructive way. Moreover, government jobs for the unemployed have the potential to provide a surplus of income that will be used to repair household finances and give a framework for the eventual return of a private credit dominated economy."<br><br>As to the continuing "refuse to accept stimulus funds for the unemployed" saga by my Texas guv., I may have a few more words to say, if time and energy, this weekend.<br><br>Thanks again.<br><br>Dorian Thanks for a very constructive and thought-provoking post, Mikkel. It does in fact point to actual steps that can be (and some are being) taken to rebuild our economy.

I (surprise!) do like James Galbraith's ideas, with some caveats, and you have mentioned some.

I particularly support (Surprise, again!) Galbraith's idea (as quoted by you) that “targeted benefits will not only be necessary to provide a dignified living, but that the money will be quickly spent and flow back into the economy in a constructive way. Moreover, government jobs for the unemployed have the potential to provide a surplus of income that will be used to repair household finances and give a framework for the eventual return of a private credit dominated economy.”

As to the continuing “refuse to accept stimulus funds for the unemployed” saga by my Texas guv., I may have a few more words to say, if time and energy, this weekend.

Thanks again.

Dorian

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