Krugman: Spend Now, Save Later

[axt113]

mrstickball said:

axt113 said:

Yes because private market would never do anything like flood millions of gallons of oil into our oceans, or let us drive around in cars without functioning brakes.

....Or not allow us to clean up the oil spill because its illegal to pump 90% cleaned water back into the ocean.

Stick, yeah today they just used other dumb methods of making our economy spiral out of control.

Such as?

Richard, things would be far worse without government intervention

History tells us otherwise. Yes, Richard gave some examples that the government may have a regulatory precedent to intervene in some egregious cases. However, we note that more often than not, the government does more to harm the economy than help it. Look at Hong Kong and its lack of government oversights, and the incredible prosperity it has created in 100 years.

First off, we wouldn't have to worry about the water if BP had done it right the first time, this environmental and economic disaster is entirely private caused.

Lack of regulation of the financial markets, for one thing stick, is one big cause of the downturn, after all, wasn't it republican senators who were responsible for the Gramm-Leach-Bliley act which repealled glass-steagal?  Never trust an all republican act it seems

 Hong Kong is a very different situation than the US, I'm certain that if our country was one city smaller than New York and over 90% based on services, and all the other difference between Hong Kong and a country like the US were not there, that we could have a much different regulatory structure than we do, but its not and as we've seen, deregulation of our industries has led to more problems than benefits.