- 5 reasons to repeal Obamacare, Examiner.com, January 24, 2011.
3. Economists Alan Blinder, a former Fed vice chairman and a Princeton University economics professor, and Mark Zandi, chief economist at Moody’s Analytics Inc., say in a new report that their number crunching points to an undeniable conclusion: The bailout of Wall Street banks, the stress tests, the Federal Reserve's purchase of mortgage-backed securities and its emergency lending, and the fiscal stimulus program, saved America's behind.
Without these government actions, Blinder and Zandi say that the GDP of the United States would be about 6.5 percent lower this year, we’d be suffering deflation, and another 8.5 million jobs would have been lost.
Blinder and Zandi go on to write that the TARP “has been a substantial success, helping to restore stability to the financial system and to end the free fall in housing and auto markets.” And on the $787 billion fiscal stimulus, the authors say that the stimulus alone will add nearly 2.7 million jobs and 2 percent to GDP in 2010.
Republicans who are using the TARP bailout (passed while George W. Bush was president) and the $787 billion stimulus program as this year’s campaign betes noires, are essentially denouncing the fire hoses after the flames have been doused — flames that they and their ideological acolytes fanned.
What makes this all the more distressing for America’s future is that crises are supposed to be learning opportunities. We reflect on what went wrong, how it happened and who most contributed to the disaster. But polls suggest that Americans are poised to elect politicians who stand against regulation and the stimulus.
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