[ClearCase_guy]

Barack Obama's first two budgets have given us $3T in deficit spending. I may be an idiot, but I maintain that the system should have collapsed back in 2008. People should have taken their lumps. That's what capitalism is all about. And after the dust settled, in late 2008 or early 2009, we could have said, "What can we spend to help rebuild? Maybe ... uh ... $3T?"

And I maintain that we'd be in better shape today as a result.

[JasonC]

You are hopelessly wrong. Even the amount of smash we got out of just Lehman going down, is what pushed unemployment to 10% and capacity use below 60%, and destroyed $15 trillion in total wealth.

Active monetary policy since then has repaired between a third and half the damage, but it took 18 months.

No party or ideology that thinks about finance or economics what you think about them, will ever have responsible power in this country, and doesn't deserve any.

[purplelobster]

“And I maintain that we’d be in better shape today as a result. “

I agree with that. I’ve never bought the “too big to fail” theory. They should have simply declared bankrupcy like any other business that is run into the ground by idiots. It’s beyond me why the banks are pampered by Washington. Barry’s recent tough talk about the banks is laughable considering that he donated hundreds of billions of dollars to them in the first place. It’s creepy that Paulson is devoting his energies to self congratulatory memoirs in the style of Barry.