Krugman on Morning Joe

Paul Krugman explains stimulus and economics to Joe Scarborough:

Visit msnbc.com for Breaking News, World News, and News about the Economy

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The Massive $550 Billion Electronic Run On US Banks

Things Matt Lauer hasn't told me:


Rep. Paul Kanjorski of Pennsylvania, the Capital Markets Subcommittee Chair Tells C-Span how the world economy nearly collapsed in a matter of hours.

"The Treasury opened its window to help. They pumped a hundred and five billion dollars into the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts, and announce a guarantee of $250,000 per account so there wouldn't be further panic and there. And that's what actually happened. If they had not done that their estimation was that by two o'clock that afternoon, five-and-a-half trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed."

"It would have been the end of our political system and our economic systems as we know it."

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Today's Obama Economic Press Conference

This is the President elect's third(I believe) press conference this week:



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A Billion Here Or A Billion There

From the(as always) far to rational mind of Left i.

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$25 billion to save (maybe) the American automobile industry? "Unthinkable" according to many, if not most, in Washington and on the airwaves. $57 billion to continue the wars against the people of Iraq and Afghanistan through 2009? Also "unthinkable," although in a different sense of the word. Unthinkable in that no one in Washington (outside of Dennis Kucinich and a handful of others) will give it a second (or even a first) thought. Nor will they give much, if any, thought, to the overall war budget of $581 billion. Challenging that is also "unthinkable."

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If Gates is staying as Sec. of "Defense" then I'm assuming that P.E. Obama feels he has all the time in the world to get us out of Iraq and Afghanistan. Remember them?

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Nouriel Robini | We need a massive goverment stimulus package

Robini predicted the economic meltdown and says we must have massive government stimulus, watch:



Linked.

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Economy | Looking At How We Got Here

Senators Barbara Boxer (D-CA), Debbie Stabenow (D-MI) and Bob Melendez (D-NJ) castigate the Republican policies of the Bush administration and show that John McCain will be more of the same.

CandL

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Economic Discussion

Interesting discussion on the economy with Krugman, etal.


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Speaking Of Iraq And Our Economy

Other than not crippling our economy and making us more of a debtor nation to China here's what one days cost of the Iraq war could give us:



Linked.
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The War in Iraq and The Economy

New York Times columnist and Princeton University Economics professor Paul Krugman:



Thanks to Susie for the link.
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