Matt Yglesias

Durbin on Stimulus

Dick Durbin talks about Republican filibustering of efforts to provide a stimulus package:

On this point, the GOP is really shooting itself in the foot. The only reason we evaded a recession last quarter was that the previous stimulus juiced the economy substantially. Republican incumbents can’t afford the current sluggishness in the economy.

20 Responses to “Durbin on Stimulus”

1. Mario Says:
   September 26th, 2008 at 3:16 pm

   Do you have any evidence that the stimulus “juiced” the economy? I don’t remember that. I do remember people calling for a second stimulus before the first checks even went out, however.

2. kafka Says:
   September 26th, 2008 at 3:17 pm

   Here’s a perfect example of Democratic hypocrisy:

   FROM: http://www.alternet.org/election08/100391/?page=2

   “We are working to try to get this bill ready, but if House Republicans continue to reject the president’s approach, then there’s no bill,” said Rep. Barney Frank (D-Mass), an
   architect of the bailout legislation.

   Note the coalition here: BushCo plus Barney Frank (= Democrats). The fucking stupid Democrats are walking into a trap but they don’t care. All they care about is Wall Street cash.

3. Marshall Says:
   September 26th, 2008 at 3:21 pm

   The fucking stupid Democrats are walking into a trap but they don’t care. All they care about is Wall Street cash.

   It’s not a trap if you know it’s there and you “ensnare” yourself voluntarily. Congressional Democrats prefer bailing out Wall Street to insuring poor children or ending the Iraq War. I hope the crazy Republicans manage to sink this thing, but whether they do or not, the structure of the politics has got to be deeply troubling for those who care about liberal and Democratic politics, whether professionally or avocationally. Are you listening, Matt?

   I know that if the Republican Study Committee stops this without folding to a combined bailout/abolition of the Capital Gains Tax, they will get a political contribution from me. And the last politician I gave money to was Howard Dean.

4. Adam Says:
   September 26th, 2008 at 3:22 pm

   “Do you have any evidence that the stimulus “juiced” the economy? I don’t remember that.”

   No, it didn’t really. Matt’s point is that we avoided a “technical” recession because the definition is two consecutive quarters of negative GDP growth. Q2 showed a moderate GDP growth that clearly wasn’t indicative of any actual economic recovery but rather just sending everyone money. Thus, the stimulus evaded a recession by definition but did little to help the fundamentals.

5. Steve LaBonne Says:
   September 26th, 2008 at 3:23 pm

   Hey, at least they’re now just smart enough not to walk over the cliff unless the Republicans are holding hands with them. That’s a little bit of progress, of a sort. (And look on the bright side, our $700 bil will undoubtedly help to rescue the yacht-building industry.)

6. Adam Says:
   September 26th, 2008 at 3:26 pm

   “Note the coalition here: BushCo plus Barney Frank (= Democrats). The fucking stupid Democrats are walking into a trap but they don’t care.”

   This got old after the first 500 times I heard it. Did you even *read* the quote? Barney’s saying that coalition is completely unacceptable and no bill will get passed with it. The trap is obvious, and Democrats may be often spineless but they’re not stupid. Either everyone gets on board or drowns together, or there’s no bill. I’m hoping for the latter, as are most of us here I’m sure, but I really, really doubt anything will come to a vote without a broad bipartisan consensus.

7. henry Says:
   September 26th, 2008 at 3:40 pm

   Great interview. Ugly room! What is that a 1970s school cafeteria?

8. Ralph W., Minneapolis Says:
   September 26th, 2008 at 3:52 pm

   Yes, and Bush and the White House OMB saying they cannot support extending a measly couple billion of unemployment to the rapidly rising ranks of the jobless, while waving $700 billion to the financial markets, is so rankly immoral it would be breathtaking — but I’m about out of oxygen in this massive tangle of hypocrisy and crashing ideology.

9. Jeff H. Says:
   September 26th, 2008 at 5:13 pm

   Hey Matt, remember how you mocked financial journalists for ascribing causality to a complicated phenomenon when it’s clear that no one really knows?

   Oy vey.

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