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Originally Posted by shakran
Precisely. which is what the stimulus should be doing right now.
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We can let a handful of bureaucrats pick the market winners or we can let market participants pick the winners. Either way there will be winners. the problem with government picking the winners is that if they pick inefficient winners we all suffer, i.e. GM.
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Admittedly, but to claim that FDR's new deal had nothing to do with getting us out of the depression, and that the war had everything to do with it, is equally foolish. Giving shitloads of money to the corporations isn't what saved us in the 30's. Giving money to the middle class, who went out and bought stuff, is what saved us.
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If government spending is the answer, why would we ever have recessions or depressions? The answer would be to simply spend more "government money".
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And Laffer people won't address the question of - When does giving all of the money to the rich finally grind the economy to a halt because the rich have all the money?
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The list of the richest people in America is dynamic. The list today is very different than the list 10/20/30 years ago. Our economy is always creating new rich people. this cycle has lead to prosperity for all of us because of the chase for innovation, productivity gains, creativity, and efficiency. If I can be more productive than you and I get rewarded for that, and then you innovate becoming more productive than me, and the cycle continues, we get stronger and better. This natural selection process is what capitalism is all about.