Lawrence Lindsey on TDS
By Barry Ritholtz - February 4th, 2009, 6:15PM
Lawrence Lindsey says we need to cut taxes on workers and give homeowners a break.
Macro Notes
Consumer Credit continues downward trendPeter Boockvar
Consumer Credit outstanding fell $14.8b in Sept seasonally adjusted, almost $5b more than expected and marks the 11th month in the past 12 of declines. At $2.456T outstanding, it is 4.9% below the record high in July '08. After a flat reading in Aug, (didn't fall b/c of the CARS program), non revolving debt outstanding fell by $4.9B. Revolving (mostly credit cards) balances outstanding fell by $9.9B. To fully put into perspective today's data, look at the current level of consumer credit (doesn't include mortgages, the biggest chunk of consumer credit) relative to GDP. As of Q3, it totaled 17.2%...
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February 4th, 2009 at 7:56 pm
Many users have problems viewing the videos at TDS (there are nearly 30 pages of problems/complaints on one of their forums). The link did not work for me (as expected).
So here’s the Hulu link.
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Mon, Feb 2, 2009
The Daily Show with Jon Stewart
Season 14 : Ep. 17|21:41|
Former National Economic Council Director Lawrence Lindsey gives Jon his two cents on Obama’s stimulus plan.
(look about 11:25 in):
http://www.hulu.com/watch/55851/the-daily-show-with-jon-stewart-mon-feb-2-2009
February 4th, 2009 at 11:15 pm
giving tax breaks won’t do anything, people will just shove the extra money under their mattress, anyone who expects the velocity of money for tax breaks to be above 1 is crazy
February 4th, 2009 at 11:49 pm
haileris @ 11:15
“people will just shove the extra money under their mattress”
Yes, that may be true. But I don’t understand why improving household balance sheets is such a bad thing. Nor do I really understand where the opposition (among ordinary people) is coming from. A cut in the payroll tax is going to benefit everyone making less that $100K. Why would anyone who is making less than $100K want to have a lower standard of living, if they could have a higher one? (Having more money in the bank is, IMO, encompassed by the term “higher standard of living”).
February 5th, 2009 at 12:09 am
The problem with tax breaks is that it only applies to those who are working (or pay tax). What about the people without jobs?
February 5th, 2009 at 12:47 am
Jojo99 @ 12:09
Stop giving money to the banks; at the same time, give more money to the unemployed. Enough for them to get by, but not so much as to encourage people to quit their jobs.