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  #1  
Old 08-28-2009, 08:53 AM
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A market that healed itself - Aug. 28, 2009

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NEW YORK (CNNMoney.com) -- Sick of bailout billions? Here's a bit of good news: While the government struggled to come up with a viable recovery plan, one ailing financial market has managed to heal itself.

Small business lending collapsed last year, as loan volumes dropped to half of their previous levels. One of the catalysts was a sudden freeze in the secondary market, where banks sell off bundled batches of loans they've made. When the financial world went into crisis last September, that market came to a standstill, prompting banks turn away small business loan applicants in droves.

Figuring out how to revive the secondary market has been a priority for the Small Business Administration and the Treasury Department. The government set aside billions to invest, vastly eclipsing the money earmarked for other small business stimulus efforts. But while government agencies struggled to get their programs up and running, the market came back to life on its own.
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  #2  
Old 08-28-2009, 09:12 AM
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You know they (current admin) will somehow claim they were the reason for the recovery...
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Old 08-28-2009, 09:29 AM
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Originally Posted by X5Dawg View Post
You know they (current admin) will somehow claim they were the reason for the recovery...
So it's OK for the current administration to get blamed for the bad economy (they inherited) yet they can't get kudos for the recovery.....
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Old 08-28-2009, 10:17 AM
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Let's not start crediting the stimulus package

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Originally Posted by chile1 View Post
So it's OK for the current administration to get blamed for the bad economy (they inherited) yet they can't get kudos for the recovery.....



Why does it appear France is bouncing back more quickly from the recession than the United States? France has long been known for having an economy that suffered from too much government interference, too-high taxes and destructive union activity. Yet it grew 1.4 percent in the second quarter of 2009, while the U.S. economy continued to decline.
The United States and Britain have had the largest "stimulus" programs of the major economies (as measured by increases in government spending and deficits relative to gross domestic product) and yet they are not moving toward recovery as rapidly as most other countries that had far smaller stimulus programs or none.

Many, including yours truly, have argued that the big increases in government spending were more likely to cause, rather than cure, problems, just as such policies led to a much longer period of decline during the Great Depression of the 1930s.


Despite doing better than the United States and the United Kingdom at the moment, France is still far from being a poster child for good economic policy. Its economic growth rate has lagged behind those of the United States, the United Kingdom, Ireland and many other European countries for most of the past three decades, largely because it did not make the economic reforms the others did. There seems, however, to be a growing awareness among the French that they can do better.



In recent years, a number of pro-free-market think tanks and taxpayer associations have been formed in France, and their effectiveness and impact clearly are increasing. These groups include Institut Economique Molinari, the Institute for Economic Studies-Europe, Institut de Formation Politique, Contribuables Associes (French Taxpayers Association), etc.
In part because of their efforts, France has sharply reduced its corporate income-tax rate so it is lower than the U.S. rate. France also has been reducing its individual tax rates so that many Frenchmen now pay a lower maximum tax rate than do the taxpayers of New York, California and many other states.

If the tax-rate increases proposed by the Obama administration and the Democratic Congress are passed into law, all upper-income Americans will be paying higher personal tax rates than the wealthy in France.
The economic reforms in France have not been sufficient to keep large numbers of wealthy French from moving much of their savings and investment to other countries. Rather than make their tax laws sufficiently competitive to keep their capital at home, the French have been on a crusade to force other countries to raise their tax rates and engage in widespread tax information sharing.

These bad habits have been picked up by many in the U.S. Congress as it pushes for legislation to discourage the free movement of capital along with the destruction of financial privacy. The result will be slower economic growth throughout the world, less job creation and more economic misery.

Next door to France is a neighbor that does a far better job in managing its economy — Switzerland. Even though, unlike France, it has few natural resources, Switzerland has maintained a sound currency for decades, along with relatively low tax rates and government spending, yet has managed to deliver a far higher quality of government services than the French and much higher real incomes for its citizens. Rather than emulate the Swiss, many in France try to pressure the Swiss to engage in counterproductive economic and banking policies.

This past week, the French think tank the Institute for Economic Studies-Europe hosted the sixth annual European Resource Bank meeting in Marseille, which brought together two dozen free-market organizations from European countries for a discussion of how they can make all of their institutions more effective and influential. Speakers included a number of leading European and American economists and think-tank leaders as well as Vaclav Klaus, president of the Czech Republic, who is also a noted economist.

The current French economic model continues to be far less attractive than economic models in Asia, other European Union states and Switzerland. However, there is good reason to believe that in future years, the French will modify their model so it becomes more, rather than less, attractive.

This article appeared in the Washington Times on August 26, 2009.
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Old 08-28-2009, 10:55 AM
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Originally Posted by cbirk View Post
Why does it appear France is bouncing back more quickly from the recession than the United States? France has long been known for having an economy that suffered from too much government interference, too-high taxes and destructive union activity. Yet it grew 1.4 percent in the second quarter of 2009, while the U.S. economy continued to decline.
The United States and Britain have had the largest "stimulus" programs of the major economies (as measured by increases in government spending and deficits relative to gross domestic product) and yet they are not moving toward recovery as rapidly as most other countries that had far smaller stimulus programs or none.

Many, including yours truly, have argued that the big increases in government spending were more likely to cause, rather than cure, problems, just as such policies led to a much longer period of decline during the Great Depression of the 1930s.


Despite doing better than the United States and the United Kingdom at the moment, France is still far from being a poster child for good economic policy. Its economic growth rate has lagged behind those of the United States, the United Kingdom, Ireland and many other European countries for most of the past three decades, largely because it did not make the economic reforms the others did. There seems, however, to be a growing awareness among the French that they can do better.



In recent years, a number of pro-free-market think tanks and taxpayer associations have been formed in France, and their effectiveness and impact clearly are increasing. These groups include Institut Economique Molinari, the Institute for Economic Studies-Europe, Institut de Formation Politique, Contribuables Associes (French Taxpayers Association), etc.
In part because of their efforts, France has sharply reduced its corporate income-tax rate so it is lower than the U.S. rate. France also has been reducing its individual tax rates so that many Frenchmen now pay a lower maximum tax rate than do the taxpayers of New York, California and many other states.

If the tax-rate increases proposed by the Obama administration and the Democratic Congress are passed into law, all upper-income Americans will be paying higher personal tax rates than the wealthy in France.
The economic reforms in France have not been sufficient to keep large numbers of wealthy French from moving much of their savings and investment to other countries. Rather than make their tax laws sufficiently competitive to keep their capital at home, the French have been on a crusade to force other countries to raise their tax rates and engage in widespread tax information sharing.

These bad habits have been picked up by many in the U.S. Congress as it pushes for legislation to discourage the free movement of capital along with the destruction of financial privacy. The result will be slower economic growth throughout the world, less job creation and more economic misery.

Next door to France is a neighbor that does a far better job in managing its economy — Switzerland. Even though, unlike France, it has few natural resources, Switzerland has maintained a sound currency for decades, along with relatively low tax rates and government spending, yet has managed to deliver a far higher quality of government services than the French and much higher real incomes for its citizens. Rather than emulate the Swiss, many in France try to pressure the Swiss to engage in counterproductive economic and banking policies.

This past week, the French think tank the Institute for Economic Studies-Europe hosted the sixth annual European Resource Bank meeting in Marseille, which brought together two dozen free-market organizations from European countries for a discussion of how they can make all of their institutions more effective and influential. Speakers included a number of leading European and American economists and think-tank leaders as well as Vaclav Klaus, president of the Czech Republic, who is also a noted economist.

The current French economic model continues to be far less attractive than economic models in Asia, other European Union states and Switzerland. However, there is good reason to believe that in future years, the French will modify their model so it becomes more, rather than less, attractive.

This article appeared in the Washington Times on August 26, 2009.

So this assumption is based on a econ comparison between the success of Switzerland, a country with only ~8M in population and France, yet this is somehow suppose to reflect what we can expect in the USA........nice
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Last edited by chile1; 08-28-2009 at 11:21 AM.
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  #6  
Old 08-28-2009, 12:53 PM
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Originally Posted by chile1 View Post
So this assumption is based on a econ comparison between the success of Switzerland, a country with only ~8M in population and France, yet this is somehow suppose to reflect what we can expect in the USA........nice
The larger point was that the US and UK (with big simulus packages) are recovering much more slowly than countries that showed restraint.
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Old 08-28-2009, 02:06 PM
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Originally Posted by cbirk View Post
The larger point was that the US and UK (with big simulus packages) are recovering much more slowly than countries that showed restraint.
And these great economic powers that showed restraint which are now recovening quicker are.......
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  #8  
Old 08-28-2009, 03:59 PM
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Quote:
Originally Posted by chile1 View Post
So it's OK for the current administration to get blamed for the bad economy (they inherited) yet they can't get kudos for the recovery.....
Did you read the article? Nothing Obama has done has taken effect, free-markets cure themselves..that is why they work
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Old 08-28-2009, 08:33 PM
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Originally Posted by Wagner View Post
Did you read the article? Nothing Obama has done has taken effect, free-markets cure themselves..that is why they work
right...because capitalism f**ks and cures itself every once in a while...
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  #10  
Old 08-29-2009, 08:01 AM
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Originally Posted by Dannyell View Post
right...because capitalism f**ks and cures itself every once in a while...
obviously you never studied economics or you'd know it ALWAYS cures itself.
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We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

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