tag:blogger.com,1999:blog-7697320.post3188517067118097129..comments2023-04-01T04:12:01.589-06:00Comments on The Daily Fuel: The "Dangers" of Going The Way of EuropeThe Daily Fuelhttp://www.blogger.com/profile/12636581068441603099noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-7697320.post-54707456314032152542010-10-15T09:48:19.637-06:002010-10-15T09:48:19.637-06:00Good points about deficits. I can think of quite a...Good points about deficits. I can think of quite a few economists (Stiglitz, Krugman, De Long to name but a few), who agree our concern now should not be deficits but creating conditions that result in people getting back to work, with well-paying jobs. <br /><br />And excellent point about Glass-Steagall. Banks should be in the business of extending credit, not gambling their customer's money on obscure financial instruments.<br /><br />Best,<br /><br />FabThe Daily Fuelhttps://www.blogger.com/profile/12636581068441603099noreply@blogger.comtag:blogger.com,1999:blog-7697320.post-29055648789642616932010-10-15T08:09:06.678-06:002010-10-15T08:09:06.678-06:00The question of "outrageous deficits", I...The question of "outrageous deficits", I would have<br />to say "what outrageous deficits?",<br /><br />First of all, the current budget deficit is about<br />$1.35 trillion dollars. That is supposed to be <br />inflationary, but where is the inflation? The answer<br />of course is that we are living in a time of deflation,<br />so deficit spending is what we <b> should </b> be doing.<br /><br />This echos the Reagan era, when the US ran <br />budget deficits of about $750 billion in today's<br />dollars, again, in a period of deflation.<br /><br />The only way to balance the federal budget is to, first have a rate of inflation of at least a few percent, and hold down the growth of government spending to something less than that. In short, this is <b> not</b> the time to balance the budget. FDR did that in 1937 and extended the Great Depression several years.<br /><br />What we need is for Glass-Steagall Act to be reinstated to get banks back into investing in people and industry, and out of the stock market<br />and other "making money on money" investments.<br /><br />As far as the State goes, vote against the ammendments, vote against the lowest scoring<br />judge(s), vote for or against the person and not<br />the party.John Stockwellhttps://www.blogger.com/profile/03496308585336775569noreply@blogger.com