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The Economic ‘Stimulus’ (Thomas Sowell)
Jewish World Review ^ | January 6, 2009 | Thomas Sowell

Posted on 01/05/2009 6:05:01 PM PST by jazusamo

Two centuries ago, when there were plans to create a huge fund of money to pay off Britain's national debt, the great classical economist David Ricardo objected on grounds that— no matter what the money was said to be for— politicians could spend it for whatever they wanted.

Two centuries later, we have not yet caught up to that plain reality, even though the $700 billion that was supposed to be used to rescue financial institutions has already begun to be spent on other things.

Regardless of what President Bush or Secretary of the Treasury Paulson may have had in mind when they promoted this huge bailout package, with all due respect to these gentlemen what they had in mind will not matter in the slightest after January 20th.

All that money is just a gift to the Democrats to spend in whatever ways will advance the interests of their constituents and of the Democratic Party.

It was not just a gift of money— huge though that is— it is also a gift of exemption from Republican criticism, even for the bailout of General Motors, which President Bush began, even when Congress refused to give GM the money without preconditions. It is a political get-out-of-jail-free card that can cover whatever disasters the Democrats create on their own in the years ahead.

(Excerpt) Read more at jewishworldreview.com ...


TOPICS: Business/Economy; Editorial; Government
KEYWORDS: economy; obama; obamatransitionfile; sowell; stimulus; thomassowell

1 posted on 01/05/2009 6:05:03 PM PST by jazusamo
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To: abigail2; Alia; Amalie; American Quilter; arthurus; awelliott; Bahbah; bamahead; Battle Axe; ...
*PING*
Thomas Sowell

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Please FReepmail me if you would like to be added to, or removed from, the Thomas Sowell ping list…

2 posted on 01/05/2009 6:06:39 PM PST by jazusamo (But there really is no free lunch, except in the world of political rhetoric,.: Thomas Sowell)
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To: jazusamo
"Stimulus".. is what happens when you touch electrodes to a dead frog's leg.....
3 posted on 01/05/2009 6:07:11 PM PST by xcamel (The urge to save humanity is always a false front for the urge to rule it. - H. L. Mencken)
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To: xcamel

Dead frog? Yup. It’s been boiled.


4 posted on 01/05/2009 6:08:53 PM PST by sionnsar (Iran Azadi|5yst3m 0wn3d-it's N0t Y0ur5 (SONY)|http://trad-anglican.faithweb.com/|RCongressIn2Years)
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To: xcamel

And it looks like the 700 Bil will do about as much good.


5 posted on 01/05/2009 6:15:24 PM PST by jazusamo (But there really is no free lunch, except in the world of political rhetoric,.: Thomas Sowell)
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To: jazusamo
Just putting together an environmental impact report for something new to be built

I imagine a large portion of the stimulus plan money will go into expert opinions and lawsuits regarding repairing the potholes.

6 posted on 01/05/2009 6:16:32 PM PST by oldbrowser (Break up the federal government.)
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Comment #7 Removed by Moderator

To: jazusamo
Regardless of what President Bush or Secretary of the Treasury Paulson may have had in mind when they promoted this huge bailout package, with all due respect to these gentlemen what they had in mind will not matter in the slightest after January 20th.

Sigh. Wish I could disagree. And in what should be a caricature of themselves (but sadly is not), they're already talking about $1.3 trillion-with-a-T grab. This has to be the greatest transfer of wealth in history.

8 posted on 01/05/2009 6:18:46 PM PST by the invisib1e hand (revolution is in the air.)
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To: The Bat Man

Yeah, and Batman would be his Justice Dept. Secretary!


9 posted on 01/05/2009 6:19:10 PM PST by Revolting cat! (Don't rush to be savage!.)
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Comment #10 Removed by Moderator

To: jazusamo
"Regardless of what President Bush or Secretary of the Treasury Paulson may have had in mind when they promoted this huge bailout package, with all due respect to these gentlemen what they had in mind will not matter in the slightest after January 20th"

What they had in mind? They clearly had nothing in mind. Clearly Paulson and Bush were lying. They didn't buy out even one "troubled asset" with this TARP money, unless you consider a "troubled asset" to be a bank or labor union. They are just making this up as they go along, and were willing to say whatever they could to get a pile of money at the start of all of this to make it happen.

11 posted on 01/05/2009 6:32:12 PM PST by KoRn
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To: jazusamo

The inevitable effect will be Jeemy redux. We try for you Argentina!


12 posted on 01/05/2009 6:40:09 PM PST by AmericanVictory
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To: jazusamo

Thanks for the ping of truth jaz.

Too much to say to bother. Dr. Sowell is correct as usual.


13 posted on 01/05/2009 6:52:08 PM PST by rockinqsranch (Dems, Libs, Socialists, Call 'em what you will, they ALL have Fairies livin' in their Trees.)
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To: the invisib1e hand

It DOES look like a bailout intended for the upcoming Administration to take credit for. Or is it a rope-a-dope? FDR and Ike enabled infrastructure programs that actually did help the country. This bind-less “gift” is more like handing the Democrats a Trojan Horse they can’t help but squander.

This would work if the Republicans had someone as canny as Attwater still minding strategy. Now there’s no one but wussies and outright betrayers. If this weren’t true the Republicans would have accomplished something (anything!) when they had total control for two years.

What’s that? A few good Supreme Court appointments? Zero may have three to choose. The Pubs dropped the ball by playing footsie. We need a third party to disrupt a status quo that’s contaminated our government.


14 posted on 01/05/2009 7:00:13 PM PST by NewRomeTacitus
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To: The Bat Man
If America was a sane Republic, Thomas Sowell would be where Barry What’s-His-Name is.

And I get sick all over again every time I remember that he's NOT.

15 posted on 01/05/2009 8:01:29 PM PST by nina0113 (Hugh Akston is my hero.)
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To: jazusamo

Excellent and refreshing contrast to that no talent @$$ clown Paul Krugman’s column.


16 posted on 01/05/2009 10:11:38 PM PST by LifeComesFirst (Until the unborn are free, nobody is free)
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To: NewRomeTacitus

I have done some reading about the Depression and FDR (for example, John T. Flynn’s The Roosevelt Myth) and my understanding is that FDR’s government spending retarded the recovery, exacerbated unemployment and economic malaise, and crowded out private initiatives that would have been more productive. Certain individuals may have benefited from the government spending, but the lost opportunities were unseen, and certainly there was no improvement in the economic picture until the postwar boom.


17 posted on 01/06/2009 3:27:22 AM PST by Old_Grouch (61 and AARP-free)
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To: jazusamo

18 posted on 01/06/2009 5:32:58 AM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: jazusamo
Where are all the protestors?

The sodomites were able to take time off from sticking their penises into other men's recta to protest the passage of Proposition 8. Why is no one protesting this additional government spending?
19 posted on 01/06/2009 7:34:40 AM PST by dbz77
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To: nina0113

This is like watching an alcoholic destroy himself.
Every stupid decision you see him make is one step closer to him hitting bottom and get on the road to recovery... or one step closer to his death.


20 posted on 01/06/2009 7:44:11 AM PST by MrB (The 0bamanation: Marxism, Infanticide, Appeasement, Depression, Thuggery, and Censorship)
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To: jazusamo

Sowell suggests that the bailouts are a mistake because the democrats will grab the money and twist it for their own good. Then they’ll blame the republicans for their disasters. For once, I disagree with him. They’ll do that anyway.


21 posted on 01/06/2009 8:33:57 AM PST by sig226 (1/21/12 . . . He's not my president . . . Impeach Obama . . . whatever)
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To: the invisib1e hand
This has to be the greatest transfer of wealth in history.

Can't transfer something that previously didn't exist.

22 posted on 01/06/2009 5:05:39 PM PST by swordfishtrombone
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To: MrB

Truer words have never been spoken! (by the way, are you Dr.Sowell, or a relative? :) )


23 posted on 01/07/2009 10:25:08 AM PST by GWMcClintock (Right after Lib Democrats, the most dangerous politicians are country club Republicans. T. Sowell)
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To: GWMcClintock
are you Dr.Sowell, or a relative?

Just a big fan. I won't say "disciple" because that would be blasphemous...
I AM going to design my homeschooling economics courses around his material.

24 posted on 01/07/2009 10:35:17 AM PST by MrB (The 0bamanation: Marxism, Infanticide, Appeasement, Depression, Thuggery, and Censorship)
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To: the invisib1e hand
Sigh. Wish I could disagree. And in what should be a caricature of themselves (but sadly is not), they're already talking about $1.3 trillion-with-a-T grab. This has to be the greatest transfer of wealth in history

greatest THEFT of wealth

25 posted on 01/12/2009 9:05:07 PM PST by cpdiii (roughneck, oilfield trash and proud of it, geologist, pilot, pharmacist, iconoclast.)
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To: swordfishtrombone
Can't transfer something that previously didn't exist.

Do you mean, for example, "you can't hold title to a mirage?"

26 posted on 01/13/2009 2:44:14 AM PST by the invisib1e hand (revolution is in the air.)
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To: the invisib1e hand
Do you mean, for example, "you can't hold title to a mirage?"

lol... Yeah, that'll work

27 posted on 01/13/2009 10:10:56 AM PST by swordfishtrombone
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