Archive for the ‘politic’ Category

Economists Say “Stimulus Spending is Dead Wrong” for Economy

January 28, 2009

More and more economists and experts are coming out against the stimulus…

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Most of Washington has reached quick consensus: Government must do something big to shock the economy, and it should cost between $800 billion and $900 billion.

By Eamon Javers, Jim VandeHei
Politico

But dissident economists and investment professionals offer a much different take: Most of Washington is dead wrong.

Instead of fighting over what should go in the economic stimulus bill, pitting infrastructure spending against tax cuts and contractors against contraceptives, they say lawmakers should be fighting against the very idea of any economic stimulus at all. Call them the Do-Nothing Crowd.

“The economy was too big. It was all phantom wealth borrowed from abroad,” says Andrew Schiff, an investment consultant at Euro Pacific Capital and a card-carrying member of the stand-tall-against-the-stimulus lobby. “All this stimulus money is geared toward getting consumers spending and borrowing again. But spending and borrowing were the problem in the first place.”

Washington has a habit of passing legislation in a crisis and suffering from morning-after regrets — the Iraq war, the Patriot Act and last year’s original bank bailout plan come to mind. So we thought it would be wise to air the views of the naysayers toward Washington’s latest consensus approach.

Read the rest:
http://news.yahoo.com/s/politico/2009
0128/pl_politico/18068_1

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By Peter Ferrara
American Spectator

Barack Obama and Congressional Democrats are playing the voters for fools with the so-called stimulus package. The massive $825 billion package is not even targeted on programs to stimulate the economy. Instead, it is laced with runaway government spending for increased welfare, overgrown bureaucracy, pork, political payoffs, and other waste. That runaway spending is causing record smashing deficits of $1.5 trillion or more, equivalent to over 50% of the entire federal budget for fiscal 2008.

For example, the “stimulus” package includes $50 million for the National Endowment of the Arts to help “the arts community throughout the United States.” Wouldn’t want our economy to get behind in the international arts competition. The government is going to borrow $50 million out of the private economy to spend on this, which will result in a net loss of economic output rather than a net gain.

Another $2.1 billion is for Head Start, another program not previously known for stimulating the economy. A further $2 billion is to be spent on Child Care Development Block Grants, which provide day care. We are going to revive economic growth through the federal government spending billions on babysitting, rather than tax cuts for capital investment. A similar initiative involves $120 million to finance part-time work for seniors in community service agencies.

Read the rest:
http://spectator.org/archives/2009/0
1/28/good-morning-suckers

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New Thai premier urges Thaksin to return

December 18, 2008

Thailand’s new prime minister called Thursday for fugitive ex-premier Thaksin Shinawatra to return home to face justice and bring closure to months of political turmoil that has revolved around him.

Abhisit Vejjajiva made the comments a day after being sworn in as Thailand‘s third prime minister in four months.

By AMBIKA AHUJA, Associated Press Writer

Leader of Democrat Party and new Thailand's Prime Minsiter Abhisit ... 
Leader of Democrat Party and new Thailand’s Prime Minsiter Abhisit Vejjajiva addresses media after receiving King Bhumibol Adulyadej’s command at party’s headquarters in Bangkok, Thailand Wednesday, Dec. 17, 2008. Abhisit, the 44-year-old, Oxford-educated was voted by Parliament on Monday, promised Wednesday to put together a competent Cabinet to revive the country’s economy battered by months of violent anti-government protests.(AP Photo/Apichart Weerawong, Pool)

Abhisit, a 44-year-old graduate of Oxford, is the first opponent of Thaksin to lead a civilian government in the past seven years. Thaksin, who took power in 2001, was ousted by a coup in 2006 but has nevertheless loomed over Thai politics since then.

A Thai court in October convicted Thaksin in absentia of violating a conflict of interest law while in office and sentenced him to two years in prison. There are several pending corruption cases against Thaksin, a former telecommunications tycoon.

“I want to see him back,” Abhisit told Channel 7 news. “If he comes back and fights in court and shows that all Thai people are equal, there will be a closure.”

“Thai society is merciful and forgiving, but first he has to show acceptance in the judicial process,” said Abhisit, who was scrambling to assemble a Cabinet capable of tackling the country’s economic and social problems.

Read the rest:
http://news.yahoo.com/s/ap/20081218/ap_
on_re_as/as_thailand_politics
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