Streams

New New Deal

Tuesday, August 21, 2012

Michael Grunwaldsenior national correspondent for Time Magazine and the author of The New New Deal: The Hidden Story of Change in the Obama Era,  writes in his new book about how the stimulus package was far more effective than acknowledged.

Guests:

Michael Grunwald

Comments [22]

David from Denver

http://www.chicagoreader.com/chicago/charter-schools-keep-budget-and-salaries-secret/Content?oid=4292439

http://www.huffingtonpost.com/2011/11/30/chicago-charter-schools-r_n_1120683.html

Even in Emmanuel's, Dunan's, and Obama's hometown Chicago, charter schools are neither effective nor accountable. While many charters accept students fairly randomly, they expel students back to traditional public schools at will, which should give them a huge advantage, but still they underperform. They are one more example of the foolishness of privatizing.

Aug. 31 2012 12:34 PM
Nora from manasquan nj

I suuport President Obama & have felt all along history will show that his acomplishments were impressive & saved the country from financial ruin. But in the words of Al Franken, being liberal means we love to know about as many facts as possible. We love nuance. Just hope the author & media in general stay focused on pertinent objective facts. The horse race, gossip, lynching & partisan spin should be left to cable character actors. Will get the book and will read with one eye critcally open.

Aug. 23 2012 06:18 PM

But the aspect of all these scenarios - the TARP, the Stimulus and Recovery Act, and the “3 card Monte” cons NYC tourists were allowed to patronize - the aspect I find most disturbing is the earnest good natured and ignorant justifications that the “marks” create to excuse their cupidity and foolishness (e.g., “you’ve gotta’ be in it to win it” or “Passing neither would have led to an even bigger calamity”). As I tried to point out, we should be “thanking” Bush and the Republicans for promoting these “crony capitalist” / “collectivist” schemes, as well as expressing our gratitude to the Ryans and Bidens and Obamas and Romneys who voted for or expressly supported, and in some cases went on to administer, these massive “stings”.

“Serious oversight and regulation”! (why does that remind of the promises that “you won’t arrive in the mail and that the check is in my mouth”? or is it the other way around?)
It’s because the current POTUS, and the supposed “re-incarnation” of FDR, appointed and continues to support the “grifter” who appears in these videos [ http://www.youtube.com/watch?v=rEpmRv2kAng&feature=related ; http://www.youtube.com/watch?v=-yshxMJNDWM&feature=related ; http://www.youtube.com/watch?v=3VTWtcyayMQ&feature=related ] and who was present for the creation of the 2008 crises that drove the demand for the resultant programs for “salvation”.

Aug. 21 2012 06:51 PM

RUCB_Alum:
I’ll admit that they were separate swindles, much the same way that two "3 card Monte" games could be characterized as being "two different acts". But the aspect of all these scenarios - the TARP, the Stimulus and Recovery Act, and the “3 card Monte” cons NYC tourists were allowed to patronize - the aspect I find most disturbing is the earnest good natured and ignorant justifications that the “marks” create to excuse their cupidity and foolishness (e.g., “you’ve gotta’ be in it to win it” or “Passing neither would have led to an even bigger calamity”). As I tried to point out, we should be “thanking” Bush and the Republicans for promoting these “crony capitalist” / “collectivist” schemes, as well as expressing our gratitude to the Ryans and Bidens and Obamas and Romneys who voted for or expressly supported, and in some cases went on to administer, these massive “stings”.

“Serious oversight and regulation”! (why does that remind of the promises that “you won’t arrive in the mail and that the check is in my mouth”? or is it the other way around?)
It’s because the current POTUS, and the supposed “re-incarnation” of FDR, appointed and continues to support the “grifter” who appears in these videos [ http://www.youtube.com/watch?v=rEpmRv2kAng&feature=related ; http://www.youtube.com/watch?v=-yshxMJNDWM&feature=related ; http://www.youtube.com/watch?v=3VTWtcyayMQ&feature=related ] and who was present for the creation of the 2008 crises that drove the demand for the resultant programs for “salvation”.

Aug. 21 2012 06:50 PM

To Sherril: the audio for WNYC's daily live programs is usually posted with a slight lag. The audio's now up, at the top of this very page. Great that you want to spread the word.

Aug. 21 2012 03:42 PM
Sherril from Morris Plains, NJ

I want to email this interview with Michael Grunwald but there does not seem to be a link. I have been looking for one, but the only one is on The Takeaway program and it is a very different interview. I wanted to share the information about how the stimulus was used to further "green technology". The Thomas Friedman interview is there, but though the Grunwald one is there, it is in dull print and unlinkable. Is there any way I can find the interview either aurally or in print?

Aug. 21 2012 01:12 PM
Enrico

Dear Mr. Lehrer,

I would like to make a counter proposal to Mr. Grunwald's argument that the last Obama stimulus was the equivalant of FDR's "New Deal".

The Obama stimulus differs from the new deal as it was an unprecedented event in the history of any presidency. I propose that though it was termed and marketed as an economic stimulus issued in the first months of the Obama administration to stem the epic rate of decline of the US economy, teh President used the over $700 billion fund to enact nearly all of his campaign agenda in one monumentous opportunity.

Mr. Grunwald argues that it increased the GDP by 3%, created or sustained 2 million jobs, decreaes the number of homless, stemmed the lay offs of firemen and teachers, largest tax cut since Reagan, medical data recorded electronically, created 30 factories for batteries and created the largest solar and wind farms thereby establishing a USA model for green energy, etc. All of which are seem to be validated and supported by non biased sources. However, to use the term used by Christina Romer which he quoted, the economy still "sucks".

I argue that the stimulus was not that but an enactment of all of the President's campiagn agenda by stating that there were less homeless persons during the "Great Recession" yet the national unemployment remains at an all time post Great Depression high over a record period of time; we do have car batteries for electric vehicles yet the public, while in a recession, has not embraced this alternative as seen with the sales results of the Chevy Volt, the high costs still of the Tesla remain high, Prius sales have not spiked nor have there been advances in this type of vehicle technology to make them actually affordable on a large scale; the tax cut was issued yet foreclosures are dangerously high and a pull on the economy.

In summary, rather than a tax cut use that monet to stem the foreclosures and use that money then to help people with mortgages underwater as the admimistration did to save the banks who received tax payer's billions and their bonuses. This would have addressed one of the primary causes for the recession: the decrease in the value of realestate. If that could have be strengthened it would have restored some confidence in the economy and people would not need a tax cut beyond those instituted by Bush. Instead of decreasing the homless at that point and creating green energy whose current technology and implementation is still very uncertain, that money could have been issued to states to create bridges, tunnels,(ie: the new Tappan Zee, the commuter tunnel from NJ to NYC), increase school sizes and hire teachers, create funding and legislation to found manufacturing zones, reignite the space program (which would have saved super high tech leading jobs) to promote development of new technologies in cooperation with Universities to promote education, etc.

Thanks,
EDG

Aug. 21 2012 12:21 PM

@geTaylor -

Your text decries TARP but the youtube link digs at the Stimulus and Recovery Act. You do realize that they were two different acts? Both of which were needed to keep the wheels on the bus. TARP got money to banks to fill the hole caused by their own greed from over-leveraging sub-prime mortages. (Serious oversight and regulation could ALSO have avoided the issue but Bush was too involved in sending men and arms to Iraq.) Without TARP, the banking system would have collapsed. How much commerce do you think our supply of paper money would support? The Recovery Act was too small and delayed by the GOP but the intent was to replace the lost aggregate demand caused by the sudden ramp up in unemployment with government funds. (the borrower of last resort) It worked, just not well enough. Thank the GOP again.

Passing neither would have led to an even bigger calamity. Is that what you wanted?

Aug. 21 2012 12:17 PM

Any fool who wants to follow this Obama "flack" down the rabbit-hole of partisan blame or credit must eventually realize that ALL the "major" party candidates for the White House offices were for the TARP: I gather from the statements available from 2008 that they felt that people whom they cared about were about to face financial ruin and that they were too well connected to be allowed to fail.
What exactly did Obama mean when he said ". . . not exactly as shovel ready as we expected." ?
http://www.youtube.com/watch?v=skAOLejB4BA

Aug. 21 2012 12:02 PM

@Marjorie from Scarsdale and Amy from Manhattan

Why is Obama so bad at tooting his own horn? My reply is why does he need to be? Why aren't the responsible reporters of facts allowed to tell the news? The American capacity to reason critically has been so badly damaged by 24x7 'news' that recovery of our own ability to think clearly has been affected. Sorkin/HBO's "The Newsroom" deals with this almost weekly.

There are a number of fundamental changes that I would recommend most of them aimed and blunting the effect of money on our elections and the media. Pretty much against Citizens United. If we want to stop being owned, we have to first recognized that we ARE owned.

Aug. 21 2012 11:54 AM

NOT A FLACK ! ! !

I would appreciate a parallel cite to a site more positively framed for the Obama stimulus. The alleged "successful project should have a name (non-generic). Not a goal. A product. Not an aspiration. A description. Not a characterization.
What follows is a brief summary of an "energy stimulus project" supposed to be for the benefit of an Indianan city. Included is a cite to a CBS affiliate's description of the "project".

Talk about "off-shoring" (investing in other national economies),
$17 million to a Norwegian car manufacturer, results in how much spent in the U.S. economy for an Indiana warehouse where cars, built by workers in Norway, can be driven around?

At least, when last century's Industrial Policy promises were made by Italian fascists, making the "trains run on time" meant making Italian, not Norwegian, trains keep to the schedule.

http://www.cbsnews.com/8301-18563_162-57495962/electric-car-boom-in-ind-city-goes-bust/?tag=currentVideoInfo%3BvideoMetaInfo

Aug. 21 2012 11:48 AM
Steve from JFK

These guys in congress just don’t want to compromise. No matter what president Obama does the republicans will never go along with his plan. We need more books like this that show the facts.He needs to let them know “either you're with us or against us” the same pomposity they like to repeat. But still president Obama need pat himself on his back for what he has achieved. The president needs better marketing, to show his achievements, this is what the republicans are good at and the democrats need to know how to market their leaders.

Aug. 21 2012 11:36 AM
opal from NYC

Proof of waht is being said by the actions of the Republican governors who refused stimulus money, e.g., Chris Christy who turned down money for the high speed railway between NY and NJ with a very cockamamie excuse. It would have created jobs as well as a boon to the economy of both states and would make our President look good, which the Republican could not abice.

Aug. 21 2012 11:29 AM
Leo from Queens

All these benefits are not good enough or acceptable. This is not what the country needs for the future and to compete with China. What we needed in the Stimulus was money to churches and the drug cartels so they can teach retrograde views and buy automatic weapons from the US gun manufactures.
Think of the progress we would have made by now if we had the 'christian' churches teaching women about the magical powers of how to prevent a pregnancy with their 'juices' and how to put a pill between their legs when having sex.

Aug. 21 2012 11:28 AM
Venka Taule

I'm reading Mr. Grunwald's book right now---I'm shocked at how much the news media didn't and doesn't know about the stimulus. I'm a Obama supporter and I'm gratified that someone has taken this issue on and I'm even prouder to support this president after reading this book. Actions speak louder than words. Great book!

Aug. 21 2012 11:28 AM
Smokey from LES

How would you evaluate Obama on housing crisis and foreclosures?

Aug. 21 2012 11:26 AM
lucy from Brooklyn

Why isn't Obama talking about all these accomplishments all the time and about the huge deficit he inherited from Bush and also the huge opposition to getting anything accomplished from the Republicans. He needs to keep that out in front of the people.

Aug. 21 2012 11:23 AM
Amy from Manhattan

Marjorie, exactly--& why aren't they making Mr. Grunwald's point about not having 60 votes in the Senate when the Republicans say "Obama hasn't gotten anything done!"? And especially when Romney said "What he [Obama] won't tell you is that he had majorities in both houses of Congress"?

Aug. 21 2012 11:23 AM

I publish a newsletter for Sheffield, MA, a small town in the Berkshires, and the stimulus has had concrete results there: a new Senior Center through a block grant to the state, and a manure digester that provides a farm in town (the largest dairy farm in MA) with electricity.

Aug. 21 2012 11:20 AM
gina from Staten Island

Obama extended unemployment beyond the 26 weeks. It helped a lot of us out there looking for a new job!

Aug. 21 2012 11:18 AM
Marjorie from Scarsdale

If the guest's facts are true, Obama must have the worst marketing people in the world. How are they not trumpeting all of this?

Aug. 21 2012 11:17 AM
Nancy

Hey, even apart from the stimulus, just think about the CHANGE that created so much HOPE all over the world (and even here) with respect to Obama's foreign relations/foreign policy!

Aug. 21 2012 11:13 AM

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