Tuesday, November 30, 2010

FOX: "Bailout clipped taxpayers for $25 Billion"...

If you can't see, I'm smiling.  This FOX news article is about the fact that the current estimate for what the TARP bailout will cost the American people in the end is $25 billion.  The initial payout was $700 billion and the current final tally is half a previous estimate that was itself considered overly optimistic.

So what I'm smiling at is FOX's begrudging wording of the news in the worse way possible.  The news is that Bush/Obama's bailouts saved the economy and quickly stabilized the world economy for way, way less than anyone hoped.  The news is that Bush and Obama's decision was the right one and that FOX and the Tea Party were wrong on this one.

But I will take the faint praise of the FOX article anyway: "The bailout fund, known as the Troubled Asset Relief Program, became hugely unpopular with the public and in Congress. Advocates and even some critics, however, credit it for stabilizing the financial sector in the wake of Wall Street's meltdown in 2008."  Read between the lines: even economists who oppose the TARP bailout recognize that it stabilized the financial sector. 

The anger of the American people, at least on this particular subject, was misplaced, based on ignorance, and fanned by conservative rabble rousers who were wrong, at least on this one.


Jon B said...

Ken, in case you haven't noticed, in case you've become so infatuated with the finite that you've lost sight of the "big picture", the United States is still $13,000,000,000 in debt. Adding the zeros makes you appreciate the big picture better than just saying 13 Trillion. And Ken, your share is north of $125,000. So before you and the rest of Liberaldom start smirking too much, I thought I'd just try to bring some sobering limitied government presuppositional rationality to your momentary big government hallucinations...
The tax payer is still into General Motors to the tune of about $30 Billion. Be carefull with statistics, you can make them say almost anything. I've put my trust in God above, not my government below.
Isaiah 31:1 (New International Version, ©2010)

Isaiah 31
Woe to Those Who Rely on Egypt
1 Woe to those who go down to Egypt for help,
who rely on horses,
who trust in the multitude of their chariots
and in the great strength of their horsemen,
but do not look to the Holy One of Israel,
or seek help from the LORD.

Ken Schenck said...

Jon, I don't have to be for one or the other. I can both think the TARP bailouts were very important (hardly a liberal position since the Bush administration initiated them) and think we must absolutely get the deficit under control. I very much hope that the elected Congress will be able to do so and that they will do so across the board, both in areas usually considered Democratic territory and in areas usually considered Republican.

But no one is suggesting the government stop spending money altogether. The question is where does money need to be spent. I think these were crucial expenditures that have done incredible good, as distasteful as they were. You disagree.

As far as Isaiah, since you are identifying the United States government with Egypt's government in Isaiah's day, I assume you are not one that thinks of the US as a Christian nation? You must think our government promotes the worship of Horus or Osiris, perhaps? We should rather rely on the guidance of the Israeli prime minister, the closest thing modern Israel has to a king? You do realize that Israel had a king at the time of Isaiah, and that Psalm 72 gives that king instructions to take care of the needy among his people?


Jon B said...

Good points all Ken. I know there is a tendency to go too easily to extremes in these discussions. Government, as Dr. Martin used to say, is a gift from God and it serves a very needed function. On this point every thinking Christian must concede. Even Christ instructed people to render unto Caesar the things that are Caesar's. I'm still ambivalent about the wisdom of the bailouts. Small business creates most of the jobs in our economy, and no one has given them a bailout. Furthermore, with the uncertainty of "Cap and Trade" legislation, the uncertainty with regard to "Obamacare", and the total lack of leadership on tax policy, it is all too easy to see why small business is sitting out this "recovery" - and why at this point, it is likely to remain a jobless recovery. The "devil" is in the details. When is it time to tell Casear he has gone too far?
I have not always agreed with your politics or economics but I did think today's blog on denominations was good. Have to be even handed you know... Have a good day. <:-)

Ken Schenck said...

Thanks for coming back, Jon ;-)