Re: [Pen-l] Dean Baker: Getting the most bang for the stimulus buck

[John Vertegaal <vertegaa@xxxxxxxxx>]

Jim Devine wrote:
> Sandwichman wrote:
> > I posted this idea to the Obama transition website and almost
> > instantly (3 minutes) received the following reply from a commentator:
> >
> > "This is entirely going in the wrong direction.  We have just seen $10
> > trillion of value evaporate.  We need to regenerate that value as fast
> > as possible and that means more hard work not less."
>
> Shane Mage wrote:
> > "evaporate?" That "value" obviously never existed in reality, only on paper.
> >  And now  Obamists want to reinvent it by somehow forcing every  American
> > worker, already the most overworked in the Western world, to undergo even
> > worse exploitation.  Will the Obamapologist on this list react
> > appropriately--or hail this new
> > example of Progressive Black Stakhanovism?
>
> I don't think we should assume that the person who responded to
> Sandwichman is an "Obamist" or an "Obamapologist" or progressive. It's
> an open discussion.

Fair enough, but this doesn't respond to Shane's opening remark.
Do you agree with Dean Baker's idea of a _loss_ in $6T in housing and 
$8T in stock wealth? And how would that square with Shane's comment?
Was the economy in equilibrium before the crash or not?

John V
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