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HUFFPOST COMMUNITY MODERATOR
realpolitic
Obama does care!
08:45 AM on 09/22/2010
I like the idea  of economist James Galbraith, of the University of Texas, and former Clinton labor secretary Robert that entails  "establishing a federal bank that will provide states and locales zero-interest loans, to be repaid when their unemployment rates drop to 5 percent or below."  Thus, when the states have more revenues from state taxes because more people are employed and working then they can repay the loans.  The program may be costly if unemployment levels stay above five percent in many states for a prolonged period.  There are many good ideas. Congress must act to provide additional stimulus.
08:55 AM on 09/22/2010
I like the idea of state banks better, but similar concept. The creation of independent state banks like the state of North Dakota has as suggested by HP blogger Ellen Brown. It would operate counter cyclical to the business cycle and invests to improve a state's productivity during the bad times. This would solve “shovel-ready” issues because it would have a draw full of plans to implement based on the highest ROI to a state. It would also take care of the retraining issues because it would know what skills are needed to complete a particular project. Allowing a state's citizens to buy into a state pension using their 401k on a periodic basis would also eliminate the highs and lows of investing and help ease the demographic strain on the pension system. All of these things would return money gambled with by Wall Street to be invested in states during the bad times.
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HUFFPOST COMMUNITY MODERATOR
realpolitic
Obama does care!
09:04 AM on 09/22/2010
Buying into a state pension seems like an excellent idea but don't state pensions pay out much more than they take in over one's lifetime? In other words. is it affordable?  Most state and private sector pensions now are deeply underfunded.
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HUFFPOST SUPER USER
nofir2
09:01 AM on 09/22/2010
Might be counter productive...States may hold unemployment rates at to 5.5 percent to avoid repayment. Though I do like the idea. Devil is in the details.
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HUFFPOST COMMUNITY MODERATOR
realpolitic
Obama does care!
09:07 AM on 09/22/2010
States may have a difficult time holding unemployment at 5.5. but I am sure many would like to have that problem.
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HUFFPOST SUPER USER
jcwtts1
Elections have consequences
08:44 AM on 09/22/2010
Of course you are right but how in heck do you pass something like that. How do you get the red states to do what is right for their states instead of denouncing this as socialism. I love the ideas but they are impractical in the extreme. Get me a list of 60 senators, some republican, who will back this kind of this thing. I have 10 dems off the top of my head who might say no. Liberman, Landrieu, Lincoln, Drogan, Johnson, Bayh, Conrad, Tester, Baccus... I can't remember the tenth. But that puts us at 50 votes st start with.

J
08:43 AM on 09/22/2010
The cities, counties and states are borrowing to maintain basic services. They are doing it at 5, 6 and sometimes more than 7% interest.
This wave of expensive debt will burry us once and foar all.
The feds can borrow at less than 3%. Let the feds borrow and distribute it is better for all.
The other solution is to cut spending and raise taxes.
There should be a 90% tax rates on income above $1 million as it used to be until the 70s.
No one needs more than a $ 1 million a year but peolple need enough to eat.
08:55 AM on 09/22/2010
"maintain basic services." BS - borrowing money to keep non productive people employed
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HUFFPOST COMMUNITY MODERATOR
moonflowerjewelry
Buy American made, no excuses.
08:43 AM on 09/22/2010
Tragically, conservatives would rather see the country completely destabilized than compromise their ideology. What more can be said?
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Brian25
Conservative without all the Jesus
09:02 AM on 09/22/2010
Tragically progressives think they can tax and spend their way out of anything
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HUFFPOST SUPER USER
palisades02
Keep Calm and carry on
09:12 AM on 09/22/2010
Ronnie did it.
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HUFFPOST COMMUNITY MODERATOR
moonflowerjewelry
Buy American made, no excuses.
09:14 AM on 09/22/2010
Was it stated that the economist and economics professor consider themselves liberals? Did I miss that part?
08:41 AM on 09/22/2010
A footnote from Pennsylvania: To h.e.l.l. with the states. PA is the most rancid criminal enterprise this side of DC. You could cut 70 percent of state govt employees and still not notice. And, please, sell the state-monopoly liquor store system and the turnpike NOW. More money to the states is more money WASTED.
08:43 AM on 09/22/2010
more than dc??
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SteveDenver
Progressive and liberal, just like Jesus Christ.
08:44 AM on 09/22/2010
Thanks for the education, I had no idea about PA.
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Hoosierbrad
I know it when I see it.
08:48 AM on 09/22/2010
Try to get your education from somebody who actually knows what he is talking about. Amateur economists are usually seen on Fox News.
08:41 AM on 09/22/2010
tip.. be in the stock market after Oct downdraft and just before Nov Elec.and out by Xmas.. watch.. traders are getting ready to rump romp the public investor again..imo lol
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mikey09
Living off the grid.
09:05 AM on 09/22/2010
There is another bubble going to burst.
08:40 AM on 09/22/2010
Vote GOP in November, the fastest and easist way to stimulate the economy will be having a GOP controlled congress.
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SteveDenver
Progressive and liberal, just like Jesus Christ.
08:45 AM on 09/22/2010
Yeah, it did wonders for six years under Bush… it was the first six in eight years of ZERO JOB GROWTH in America.
08:47 AM on 09/22/2010
back when unemployment was 5% you mean?
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09:05 AM on 09/22/2010
How? The GOP hasn't offered any details, can you?
olddognewtrick
Half full or half empty...It's the same
08:39 AM on 09/22/2010
But first...massive, radical pension reform...
08:39 AM on 09/22/2010
More big pension state workers that can't be fired?

Na. No thank you.
03:09 PM on 09/23/2010
California is $19 Billion in debt with $500 Billion in unfunded mandates. Absolute horror show.

This occurred because of a Progressive Legislature & Representatives Pelosi, Boxer, Waxman, Feinstien, Waters and the rest of their ilk.

Unsustainable Union State Worker payment & benefits, Welfare, free education & medical for illegal aliens, bloated energy taxes on business and social programs gone amuck - have bankrupted a once vital State.

Productive business and people are leaving the State in droves. The debt is unsustainable and the Progressives keep digging the hole.

No one in the rest of America, including the Federal Government, should pay this State one penny. This is another Too Big To Fail that the American people are no longer willing to bail out.

Rewarding corruption and idiocy is absurd.
08:37 AM on 09/22/2010
I knew this was coming.. the states are about 284 Billion short.. put Ca down for 20 billion alone.. and please no more for GM, I drive a Ford.. or banks, I do all cash now.. and etc,etc,etc
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HUFFPOST SUPER USER
jcwtts1
Elections have consequences
08:45 AM on 09/22/2010
The car companies translated to saving 3.5 million jobs. Also aren't they paying the money back?

J
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MarsAmbassador
Per angusta ad augusta
09:05 AM on 09/22/2010
284 billion? Big deal. The Fed gave 14 TRILLION to Wall Street! Why is it fine to bail out Wall Street but NOT the actual country? Wall Street just takes the money and invests it overseas. Same with the rich people who got tax cuts. They don't invest that back into America or their own businesses, they invest it overseas. That is a fact and one that most conservatives refuse to accept. Think of a circulatory system. It needs to be a closed circuit or the person bleeds out. We have gaping wounds all over the place and this country is bleeding out. Jobs shipped overseas, investment gone overseas, can't compete with $3 a day workers in the Third World. This country is toast. The writing is on the wall and pretty soon people are going to have to accept it for what it is.
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HUFFPOST SUPER USER
NoahVail
...a curmudgeon from So. Arizona
08:36 AM on 09/22/2010
Let's win some hearts & minds in Detroit.  Send in the 101st Airborne.
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combot1
I no longer have anything to say - not by choice,
09:48 AM on 09/22/2010
You'll need the 1 MEF in addition.
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HUFFPOST SUPER USER
hubbahubba77
08:35 AM on 09/22/2010
Let's just rescue the states that want to be rescued. Like, forget S. Carolina, for example. They've done nothing but whine and complain about the stimulus.
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HUFFPOST SUPER USER
NoahVail
...a curmudgeon from So. Arizona
08:39 AM on 09/22/2010
But where else would we send our nuclear waste, if not for South Carolina?