Harvard Economist Robert Barro:

This is probably the worst bill that has been put forward since the 1930s. I don’t know what to say. I mean it’s wasting a tremendous amount of money. It has some simplistic theory that I don’t think will work, so I don’t think the expenditure stuff is going to have the intended effect. I don’t think it will expand the economy. And the tax cutting isn’t really geared toward incentives. It’s not really geared to lowering tax rates; it’s more along the lines of throwing money at people. On both sides I think it’s garbage. So in terms of balance between the two it doesn’t really matter that much.

Translation: This bill sucks and won’t work (although you probably didn’t need my translation given the non-Economist descriptors “worst” and “garbage.”)

Clearly Barro recognizes giving money to people that don’t pay income taxes is being fed to us as a “tax cut.”

We are going to borrow 800 billion dollars to no economic effect, although mark my words, Democrats will take credit for the recovery that will eventually come with or without the bill. Because this is still America after all.

…at least for now.

Jim Rogers on the banking “bailout:”

The new financial rescue plan may not work and could even make things worse because it plunges the US further into debt and it is designed by the same people who failed to forecast the crisis and take measures, legendary investor Jim Rogers told CNBC Tuesday.

But Rogers said Geithner, who was president of the New York Federal Reserve Bank, “has been dead wrong about everything for 15 years in a row,” and so was President Barack Obama’s economic advisor Lawrence Summers, who acted as Treasury Secretary at the turn of the century.

Translation: This bailout, once it is decided upon, will suck.

“If I were on your show 15 weeks in a row and was wrong, you’d probably never invite me back. These guys have been wrong year after year after year consistently and here they are making the same mistakes again. This is not going to solve the problem, it’s going to make it worse.”

It never ceases to amaze how so many in our country expect the same people that caused the crisis will grow a brain and fix it…and with the same tools that caused it.

This entry was posted by by Johnny Roosh on Wednesday, February 11th, 2009 at 6:55 am and is filed under Business, The Economy and The Markets, Capitalism v Socialism. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.