CNBC Special on Financial Collapse tomorrow night

[Andy62]

http://www.cnbc.com/id/28892719/

[Andy62]

The previews on this program that they are running today really look interesting. This looks like reality economics at it's best. There doesn't seem to be much optimism over the stimulus package coming out today and there is a lack of confidence in the new Treasury Secretary Tim Geithner which makes this special all the more compelling.

[Free]

I will be recording it, thanks for the heads up.

[Free]

There is another one on tonight that looks good. It is how to spend a trillion dollars, on Fox News. It is about what is in the stimulus package.

[Andy62]

That does look interesting. It is on :

Saturday @ 10:00 PM ET
Sunday @ 9:00 PM ET

[JoeJustice]

A trillion here, a trillion there.... pretty soon you're talking real money.

-Joe

[Andy62]

The US and the whole world are in totally uncharted waters.

[Free]

I think the "best case" scenario right now is that we will go the way of Japan, which has been in a recession now for almost two decades. New numbers out show that Japan's economy shrunk another 12.7% last year, the most in 35 years.

I say "best case" because all of the stimulus packages that Japan has implemented during their recession focused strongly on "public works" while the Obama stimulus package is mostly measures to shore up the advantage of the Democratic party, and light on the actual stimulus part. Even with all of the stimulus the Japanese put into their economy over many years has not helped them come out of their recession, but we are almost following in lock step behind them.

Read this article, and tell me if you don't think we are headed in the same direction:
http://mises.org/story/1099

[JoeJustice]

Seeing as how unpopular this bailouts and the stimulus package are, I think there is going to be a total reversal in the not too distant future. If things continue the way they have, and see no reason to think otherwise, Republicans will retake Congress in 2010 and a lot of this stuff will be reversed.

-Joe

[Andy62]

The stimulus package got totally out of control. I believe we need a stimulus,but this is way too large and in the process of approval became a spending bill with a lot of favorite projects, pork and social engineering.The bill is 1100 pages and none of the legislators read or understood it before the vote.The process hasn't worked in Japan and it tripled Japan's national debt. In the end to make such a program work you have to spend the money where you get the biggest bang for the buck and that means in industries that are competitive internationally. Building up debt to create temporary make work jobs will just make the problem worse in the long run.This approach actually didn't work in the 1930s either as the only thing that got us out of the depression was World War II. I think this will pump up the economy for a year or two and then we will see rampant inflation and not just in the US,but world wide.