Comments on: Ask the economists: Can the government stave off recession? http://www.crikey.com.au/2009/01/13/ask-the-economists-can-the-government-stave-off-recession/ now with extra source Sun, 12 Feb 2012 10:13:47 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Andrew http://www.crikey.com.au/2009/01/13/ask-the-economists-can-the-government-stave-off-recession/#comment-25173 Andrew Thu, 01 Jan 1970 10:00:00 +0000 #comment-25173 Whether or not you believe Steve Keen's predictions of the dire outcome of this mess, it is pretty hard to argue with his analysis of the process which is going on. The availability of credit did seize up and, suprise, suddenly there was no demand. Governments everywhere now demand people spend when, as a matter of record, the spending to date was dependent on now-absent credit. Banks are receiving largess and tender treatment all around, but not actually lending. <br /><br />This demands some serious justification from the loosely affiliated business lobby we will call the 'Government' as to why it makes sense to dump the entire federal reserve into a problem which is logically not amenable to cure by this intervention. There is no point beggering the Government at a time when critical infrastructure and welfare are going to become even more important due to a contraction in private wealth, especially just to purchase approval at 10.4 million dollars per point. Whether or not you believe Steve Keen’s predictions of the dire outcome of this mess, it is pretty hard to argue with his analysis of the process which is going on. The availability of credit did seize up and, suprise, suddenly there was no demand. Governments everywhere now demand people spend when, as a matter of record, the spending to date was dependent on now-absent credit. Banks are receiving largess and tender treatment all around, but not actually lending.

This demands some serious justification from the loosely affiliated business lobby we will call the ‘Government’ as to why it makes sense to dump the entire federal reserve into a problem which is logically not amenable to cure by this intervention. There is no point beggering the Government at a time when critical infrastructure and welfare are going to become even more important due to a contraction in private wealth, especially just to purchase approval at 10.4 million dollars per point.

]]> By: Michael Peters http://www.crikey.com.au/2009/01/13/ask-the-economists-can-the-government-stave-off-recession/#comment-25174 Michael Peters Thu, 01 Jan 1970 10:00:00 +0000 #comment-25174 Hi Andrew, could you please pre-qualify the selected economists by whether they forecast our current economic dilema, when and perhaps any references to their writings/predictions?<br />Regards, Michael. Hi Andrew, could you please pre-qualify the selected economists by whether they forecast our current economic dilema, when and perhaps any references to their writings/predictions?
Regards, Michael.

]]> By: Andrew http://www.crikey.com.au/2009/01/13/ask-the-economists-can-the-government-stave-off-recession/#comment-25175 Andrew Thu, 01 Jan 1970 10:00:00 +0000 #comment-25175 Too many Andrews. <br />Andrew Cook- wrote the article.<br />Andrew the UnKeen - Demurred regarding Steve Keens opinions.<br />Andrew the Second- Supported Steve Keens opinions.<br /><br />I think we are all different Andrews. I knew using real names on blogs was a problem.<br /><br />Barx is 'rolling on the floor laughing his arse off' at this situation, as I am at the idea that printing money can fix this crisis. So we all get something out the comments.<br /><br /> Too many Andrews.
Andrew Cook- wrote the article.
Andrew the UnKeen - Demurred regarding Steve Keens opinions.
Andrew the Second- Supported Steve Keens opinions.

I think we are all different Andrews. I knew using real names on blogs was a problem.

Barx is ‘rolling on the floor laughing his arse off’ at this situation, as I am at the idea that printing money can fix this crisis. So we all get something out the comments.

]]> By: Roo http://www.crikey.com.au/2009/01/13/ask-the-economists-can-the-government-stave-off-recession/#comment-25176 Roo Thu, 01 Jan 1970 10:00:00 +0000 #comment-25176 @Andrew: Keen was the ONLY economist freaking out about the level of debt in Australia (and the OECD) going back 10 years. Sorry, but bagging him because he was "eventually right" is a cop out. Most of this article is a waste of Crikey space as it's pretty pointless to interview institutional prostitute economists who have helped cause the entire mess in th first place. As for the rest of what you have to say (assuming you are THE Andrew who wrote the above article), I agree entirely and would rather read that than the blatherings of paid mouthpieces with corporate agendas.<br /><br />@Barx: ROFLMAO @Andrew: Keen was the ONLY economist freaking out about the level of debt in Australia (and the OECD) going back 10 years. Sorry, but bagging him because he was “eventually right” is a cop out. Most of this article is a waste of Crikey space as it’s pretty pointless to interview institutional prostitute economists who have helped cause the entire mess in th first place. As for the rest of what you have to say (assuming you are THE Andrew who wrote the above article), I agree entirely and would rather read that than the blatherings of paid mouthpieces with corporate agendas.

@Barx: ROFLMAO

]]> By: Peter Bayley http://www.crikey.com.au/2009/01/13/ask-the-economists-can-the-government-stave-off-recession/#comment-25177 Peter Bayley Thu, 01 Jan 1970 10:00:00 +0000 #comment-25177 Why are we still asking the idiots that didn't see this mess coming when they expect it will end? I was taught that the art of economics was like driving a car using only the rear view mirror. These guys have totaled the financial car and are now sitting in the wreckage jiggling the wheel and making brmm brmm noises. Seriously - how on earth do you expect salarymen from the big banks to be objective - this article is just a waste of my internet packets. Why are we still asking the idiots that didn’t see this mess coming when they expect it will end? I was taught that the art of economics was like driving a car using only the rear view mirror. These guys have totaled the financial car and are now sitting in the wreckage jiggling the wheel and making brmm brmm noises. Seriously - how on earth do you expect salarymen from the big banks to be objective - this article is just a waste of my internet packets.

]]> By: Andrew http://www.crikey.com.au/2009/01/13/ask-the-economists-can-the-government-stave-off-recession/#comment-25178 Andrew Thu, 01 Jan 1970 10:00:00 +0000 #comment-25178 @Roo... Given enough time, Steve Keen will eventually be right. That doesn't make him particularly sage though does it? @Roo… Given enough time, Steve Keen will eventually be right. That doesn’t make him particularly sage though does it?

]]> By: Roo http://www.crikey.com.au/2009/01/13/ask-the-economists-can-the-government-stave-off-recession/#comment-25179 Roo Thu, 01 Jan 1970 10:00:00 +0000 #comment-25179 Actually Peter, Steve Keen (last on the list unfortunately) saw it coming and started making loud noises about it as far back as 1995. No-one listened though.<br /><br />As for all the other "eCONomists" on that list, they can kiss Steve Keen's behind. Actually Peter, Steve Keen (last on the list unfortunately) saw it coming and started making loud noises about it as far back as 1995. No-one listened though.

As for all the other “eCONomists” on that list, they can kiss Steve Keen’s behind.

]]> By: Barx http://www.crikey.com.au/2009/01/13/ask-the-economists-can-the-government-stave-off-recession/#comment-25180 Barx Thu, 01 Jan 1970 10:00:00 +0000 #comment-25180 Including Steve Keen on a list of leading economists is a bit of a stretch. Including Steve Keen on a list of leading economists is a bit of a stretch.

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