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Krugman on KO, not taking action re: bailout is not a good idea.

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texpatriot2004 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:27 PM
Original message
Krugman on KO, not taking action re: bailout is not a good idea.
I just watched this segment on Countdown and Krugman was clear that postponing a bill, delaying for further deliberation or political discussion is not in our best interest. This is not a bailout of Wall Street so much as it is a solution to the pending credit crisis that is looming. I thought Krugman, while he isn't thrilled with the plan and ideally would like a better one he understands that time is of the essence here and that this action is required. That is my take on the segment.

Anyone else get this idea?
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ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:30 PM
Response to Original message
1. Krugman, staring into the face of the Abyss, ignores what he knows to be true
that this "bailout" a.k.a. ROBBERY will cause the dollar to tank, thereby rendering the rescue plan moot, and in fact, will be nothing more than putting out a fire with gasoline.

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Skink Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:34 PM
Response to Reply #1
6. For some reason I think the recent strenthening of the dollar has something to....
do with this.
They want the cash now to buy Euros and thereby hedge against the dollar collapse. Or something.
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sniffa Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:31 PM
Response to Original message
2. KRUGMAN IS RW TOOLL!!!
LISTEN TO ANNONOMISS INTNETS ALL CPPER!!!
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:32 PM
Response to Reply #2
4. Is obama a RW tool too?
:hi:
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bullwinkle428 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:48 PM
Response to Reply #2
16. Sadly, a few here were actually saying this during the primaries!
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:31 PM
Response to Original message
3. Yep, he also said that this is worst than even he thought it was
a week ago

Yep sleep will be hard to come by tonight
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Mojambo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:37 PM
Response to Reply #3
7. What was worse? The bill or the credit situation? n/t
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:45 PM
Response to Reply #7
10. BOTH, the bill was larded up
as many of us expected

But the credit situation is worst, he gave the example of mickey ds not having credit, or car dealerships... I'll add the State of Massachusetts to the list
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hay rick Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:47 PM
Response to Reply #7
13. How many people do you think...
know that the "Wall Street bailout" is meant to address a crisis in the credit markets?
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:48 PM
Response to Reply #13
15. Few if any... the word bailout, though standard, was a bad choice of words
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texpatriot2004 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:39 PM
Response to Reply #3
8. I heard that too. I think he is qualified to give a very informed
opinion.
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:46 PM
Response to Reply #8
11. Yeah he is.. he has been overall a skeptic, and then done what some of us
have done.... read every bill every time, and he is also looking at data as well
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RainDog Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:34 PM
Response to Original message
5. I do not understand why democrats do not force republicans' hands
why they do not put money into the hands of the sba for liquidity, why they don't tell the mbs lenders to suck up their losses, like they expect the rest of us to do, and make money available for SOLVENT banks to refinance mtgs.

then, when the republicans refuse to vote for this, the democrats can ask why they claim to be for the taxpayer, but when push comes to shove, they aren't.

and then watch the flood of midwestern voters run to Obama.
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stray cat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:42 PM
Response to Reply #5
9. Wow - why didn't Obama think of that?
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:47 PM
Response to Reply #5
12. Because the SBA goes through the banks that right now are not lending
we'd have to build a parallel system right now (and that may need to be done in the not so distant future)
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madinmaryland Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:47 PM
Response to Original message
14. He also believes that this is a stop gap, and real action will be taken
in Jan or Feb 2009.
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 07:49 PM
Response to Reply #14
17. Yep and I agree with him
love KO... he just read the Mickey Ds statement, where did the press get that from?

Though could be strategic to avoid a panic among franchisees
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