Monday, February 02, 2009

Stimulus

A collection of economists' views on the fiscal stimulus plan:

Jeffery Sachs

Thomas Sowell

Milton Friedman (views on govt spending in general)

Joseph Stiglitz


George Soros


Paul Krugman


I ran into this one right before calling it quits:

Warren Buffett

For fear of falling into what one friend has called "the cult of Buffett", I offer up an excerpt from the PBS interview:

SG: But there is debate about whether there should be fiscal stimulus, whether tax cuts work or not. There is all of this academic debate among economists. What do you think? Is that the right way to go with stimulus and tax cuts?

WB: The answer is nobody knows. The economists don’t know. All you know is you throw everything at it and whether it’s more effective if you’re fighting a fire to be concentrating the water flow on this part or that part. You’re going to use every weapon you have in fighting it. And people, they do not know exactly what the effects are. Economists like to talk about it, but in the end they’ve been very, very wrong and most of them in recent years on this. We don’t know the perfect answers on it. What we do know is to stand by and do nothing is a terrible mistake or to follow Hoover-like policies would be a mistake and we don’t know how effective in the short run we don’t know how effective this will be and how quickly things will right themselves. We do know over time the American machine works wonderfully and it will work wonderfully again.


SG: But are we creating new problems?



WB: Always

4 comments:

Anonymous said...

More pictures of Townes please. He is much more interesting.

Coby said...

While I'd agree that Townes is interesting...I'm thankful for the research. I'm too lazy to do it myself.

kkm said...

thanks for the research but i agree: we need more pix of Townes on here!!

Shannon said...

really resisting the baby blog aren't ya?!