We're in deeper shit than I thought.
Getting dressed this morning, I saw a financial expert on FOX News(!) who was saying that:
1. Obama's stimulus needed to be at least $900 billion.
2. The $700 billion TARP needed to be expanded to at least $1 trillion.
3. The government needs to nationalize the banks much more quickly than they are.
Oh dear god, help us now.
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That is really crazy. At this point I think the size of the stimulus package (beautiful framing!) needs to be large enough to shift public perception of the economy. At this point, what with all the doomsday predictions on the news, we need 'the public,' that amorphous blob of collective opinion, to believe that the stimulus is sufficient to reverse some of the current negative trends. Without this change towards hope (I love using Obama-speak) the belief that the stimulus is insufficient will become a self-fulfilling prophecy. The impression I am getting is that by starting with a stated goal of $800 billion is good because when the package is actually increased to $1T (something I see as a near certainty) the public will become significantly more confident in their economic futures, thereby helping the stimulus package succeed.
ReplyDeleteApparently I like the phrase, "At this point..."
ReplyDeleteI agree to an extent, but the numbers are so big at this point that I don't know if $800 billion really sounds any different - even to me - than $1.6 trillion.
ReplyDelete(Of course I know the difference, and I wrote that article trying to put it into terms we could grasp - currently $6,000 for every man, woman, and child in this country - but if someone were to ask me which number is better, I couldn't even begin to guess.)
I agree with both you. Most numbers over about 1 million sound the same to me. This shit is terrifying. But what choice does he/we have?
ReplyDelete