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BofA/Merrill Lynch Vindicate Conservative Bloggers September 22, 2011

Posted by geoff in News.
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The Bank of America/Merrill Lynch 9 September US Economic Weekly talks about how to get the economy back on track:

Finally, as we have argued repeatedly, the most powerful government stimulus program could be to stop the waves of negativity coming out of Washington. The dysfunctional debate has severely undercut faith in government, and this is spilling over into consumer and business confidence (Chart 3). To avoid damaging confidence, Government officials should not be trumpeting the out of control deficit and then refusing to deal with it – and they should not be threatening to default on the debt or completely shut down the government.

We believe there would be a significant boost to business confidence if a credible, well-designed deficit reduction plan was passed. Given the weakness in the economy, such a plan should start slowly. And given the scale of the problem a credible plans must have everything on the table, including revenue-enhancing tax reform and entitlement reform. Such a plan would assure consumers and businesses that the deficit problem can be solved without depressing near-term growth.

I have a little heartburn with the “threatening” part – it’s a little glib and one-sided. But overall, isn’t this what we’ve been saying since 2009?

You should give it a read: they also believe that President Obama’s Stimulus Jr. plan is pointless.

Comments»

1. Sobek - September 23, 2011

I was reading through some old IB threads and found this:

https://michaelscomments.wordpress.com/2008/12/18/validating-lauraw/

How many of you can honestly say you’ve been formally validated by the State of Connecticut? Not many, that’s for certain.

2. Retired Geezer - September 24, 2011

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