Did the stimulus "save the world"?

[Rowan]

Harry Reid seems to think so:

http://www.rgj.com/section/blogs01?plckController=Blog&plckScript=blogScript&plckElementId=blogDest&plckBlogPage=BlogViewPost&plckPostId=Blog%3a47c0e9e3-2bcd-439f-8b7a-bfc5884a1123Post%3a69ba2c3e-ddb5-47f0-bd4a-5040088ec59b&sid=sitelife.rgj.com

[k-onmmunist]

No (sane)

[ChrisJG777]

Harry Reid makes me laugh out loud.

[jokerman]

Combined with the massive social safety nets in the Western world (which they were willing to continue via defecit spending, unlike last time around), yes, it did.  There's no reason, looking at the data, to doubt that a second Great Depression would have occured without government mechanism and intervention.

[opebo]

Combined with the massive social safety nets in the Western world (which they were willing to continue via defecit spending, unlike last time around), yes, it did.  There's no reason, looking at the data, to doubt that a second Great Depression would have occured without government mechanism and intervention.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Absolutely correct jokerman.  And keep in mind that most countries (for example China, India) implemented much larger stimulus packages, relative to the size of their economies, then we did.

[Sbane]

Can't say if it "saved the world", but it did stop our economy (and the world's) from falling any further. Opebo is right (for once) that other countries, especially China, introduced massive stimulus packages that have stimulated the economy. The only catch is that this cannot continue forever and private enterprise has to take the reins once more. Without the whole world instituting stimulus package simultaneously, we probably would be in the second great depression right now. Doesn't mean we still can't see it though.

[cannonia]

I'm willing to consider that Bush's financial bailout staved off a depression.  The Democratic stimulus bill was an exercise in crass corruption, nothing more.

[opebo]

...private enterprise has to take the reins once more.

Well, it doesn't really 'have to'.. its just the way that they prefer to arrange things. 

[MODU]

Short (sane) answer:  No.

Long answer:  Nooooo.  Much of the bailouts from Bush and Obama over the past year really didn't do much other than add one more shovel of dirt onto the fire which was already being contained.  The government should have just isolated the particular businesses that were failing and allowed them to either declare bankruptcy or be bought out by other companies/groups.  The only one which I supported the bailout of was AIG due to its intertwined organization into many healthy businesses around the globe.  If that failed, then I could definitely have seen a global depression since it would have cascaded from there.  However, many of the other bailouts were unnecessary.

[jokerman]

Short (sane) answer:  No.

Long answer:  Nooooo.  Much of the bailouts from Bush and Obama over the past year really didn't do much other than add one more shovel of dirt onto the fire which was already being contained.  The government should have just isolated the particular businesses that were failing and allowed them to either declare bankruptcy or be bought out by other companies/groups.  The only one which I supported the bailout of was AIG due to its intertwined organization into many healthy businesses around the globe.  If that failed, then I could definitely have seen a global depression since it would have cascaded from there.  However, many of the other bailouts were unnecessary.

Et tu, MODU?  2/3 of Americans commit the fallacy of confusing the stimulus with the bailouts, but I thought at least you were smarter than that.

[Sewer]

What

[Vepres]

Duh! It shattered that Mars-sized meteor heading towards Earth

[opebo]

  The government should have just isolated the particular businesses that were failing and allowed them to either declare bankruptcy or be bought out by other companies/groups. 

Nonsense.  How could the government have 'isolated the particular businesses'?  As they failed they caused other businesses to lose money and fail.  The only way to prevent a total collapse was bailouts.  (Particularly since, like all crises/panics, the problem was orginally caused by bad government policy).

[titaniumtux]

LOLz. I can't take Harry seriously (to be fair, I haven't found a real liberal/conservative politrickster I can take seriously yet!).

[Sbane]

I'm willing to consider that Bush's financial bailout staved off a depression.  The Democratic stimulus bill was an exercise in crass corruption, nothing more.

Yes the bailout was certainly more important than the stimulus. Although I don't see "crass corruption" with the stimulus bill, it could have been done in a more efficient manner. Although a lot of money has gone to road work around the country (just go on a road trip to see your tax dollars at work), more could have been done. Rather a lot of the money has gone to state and local governments to avoid layoffs. I certainly wouldn't call that corruption. I also wouldn't call "pork" corruption but you could argue the money could have been spent more efficiently (but at least the money was spent which is actually important). I think another stimulus aimed solely at creating jobs as well as incentives for companies to create jobs is sorely needed.

[Southern Senator North Carolina Yankee]

I'm willing to consider that Bush's financial bailout staved off a depression.  The Democratic stimulus bill was an exercise in crass corruption, nothing more.

Yes the bailout was certainly more important than the stimulus. Although I don't see "crass corruption" with the stimulus bill, it could have been done in a more efficient manner. Although a lot of money has gone to road work around the country (just go on a road trip to see your tax dollars at work), more could have been done. Rather a lot of the money has gone to state and local governments to avoid layoffs. I certainly wouldn't call that corruption. I also wouldn't call "pork" corruption but you could argue the money could have been spent more efficiently (but at least the money was spent which is actually important). I think another stimulus aimed solely at creating jobs as well as incentives for companies to create jobs is sorely needed.

Yes, I agree. We still need the Unemployement benefits, the Foods stamps, and Mediciad/COBRA extensions to be extented so they don't run out in the next few months, but they technically should be done with or without another stimulus.