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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (188432)	5/6/2012 7:54:18 PM
From: JohnM	Read Replies (1) \| Respond to of 541790

Well, best I can tell you're slinging away without any data, not knowing what you are talking about. And I'm doing much the same. It's more a question of whose analysis we trust. Until I learn something very different, I'm hanging with Romer, Krugman, Stiglitz, et al. Best I can read from the various books on this period, the choice of a stimulus level was made on political grounds, not on economic grounds. The economic arguments advanced within the Obama administration were from Romer; Summer and the others advanced political arguments. That's the first point. The second point is that established negotiating strategy of the Obama administration--start by compromising and then compromise from the compromise. None of that is about the best policy; all of it is about what they consider the political possible. I'm giving you that argument, sort of; but not the policy argument. As for Japan, best I can read, it never seriously tried the Keynesian path. But we are at loggerheads, friend. One of those points at which people agree to disagree.