America Needs Another Stimulus
Question: Where is the world's next major financial crisis most likely to pop up?
Jim Hoge: The financial system of market based economics invariably has periods of recession, periods of when people have overbought, undersold or whatever and that is going to happen again. There is no question, but what just happened the last two years is much, much bigger than most market based slowdowns or recessions and it was based on some very big we might call fault line problems that have to be dealt with. What I’m concerned… And I think we will by the way, but there are two things to keep in mind. This was so severe that our economic base that we’re now going to have to build back from has contracted dramatically. It’s nowhere near as large as it was and we won’t get back to an economic base that big for at least 10 or 15 years. Number two, I worry more than anything else that we’re about to make a huge strategic mistake economically and that is to think that we can turn around on a dime and through harsh taxes and harsh spending cuts reduce our deficits and not bring on a big second recession. Timing is everything. We are not ready to stop stimulus. In fact, we need another stimulus program. We are not ready to give up on spending money, on infrastructure problems that are really an investment, roads which are deteriorating dramatically, rails which are way behind other big countries, on education, so I hear the voices from sort of the conservative wing in congress saying it’s time right now to start slashing our budgets, not to raise taxes, but to cut spending very dramatically on everything from education to roads and bridges and I think that is a ticket for disaster. Now I’m not a spendthrift who says let’s spend the kind of money we’re spending now forever, but we just simply have not come out of the recession enough. We have not built and sustained economic growth again enough to begin that and when we do begin it we should be doing it gradually. We shouldn’t try to solve the deficit problem in one fell swoop. It’s going to take 10 years to do it and we can afford that as long as we get on the right track, but we’re not going to get on the right track if we don’t first pay attention to what needs to be done to regenerate growth in the economy, a solid growth based on real productivity and real innovation and I just hope that while he is in office the Obama Administration has the grit to stick to the job of rebuilding the economy and our capabilities, our productivity before trying to resolve to a great extent, the deficit problem. That is later. That is not for now.
Recorded May 28, 2010
Interviewed by Jessica Liebman
We have not come out of the recession enough to stop spending money says the Foreign Affairs editor.
Giving our solar system a "slap in the face"
- A stream of galactic debris is hurtling at us, pulling dark matter along with it
- It's traveling so quickly it's been described as a hurricane of dark matter
- Scientists are excited to set their particle detectors at the onslffaught
Bernardo Kastrup proposes a new ontology he calls “idealism” built on panpsychism, the idea that everything in the universe contains consciousness. He solves problems with this philosophy by adding a new suggestion: The universal mind has dissociative identity disorder.
There’s a reason they call it the “hard problem.” Consciousness: Where is it? What is it? No one single perspective seems to be able to answer all the questions we have about consciousness. Now Bernardo Kastrup thinks he’s found one. He calls his ontology idealism, and according to idealism, all of us and all we perceive are manifestations of something very much like a cosmic-scale dissociative identity disorder (DID). He suggests there’s an all-encompassing universe-wide consciousness, it has multiple personalities, and we’re them.
Firefighters in California are still struggling to contain several wildfires nearly one week after they broke out.
- Hundreds of people are still missing after three wildfires spread across Northern and Southern California last week.
- 48 of the 50 deaths occurred after the Camp Fire blazed through the town of Paradise, north of Sacramento.
- On Tuesday night, a fourth wildfire broke out, though it's mostly contained.
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