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Response to RB TexLa (Reply #48)

Sun Nov 18, 2012, 10:43 PM

71. he was talking about individuals.

My father was a saver. New cars were not bought often. College saving for his kids, and retirement planning trumped frivolous spending. But in a down turn, if he was near when he had already planned on buying a new car (say it was year 8 instead of year 10), he bought the new car in year 8 - for the stimulus effect.

This message was so strong that his grandson, who was only 8 when he passed, called my after one of his MBA classes and asked if Dad (his grandfather) was a Keynsian economist. Why, yes, he was. Indeed he earned his PhD from Harvard and Kenneth Galbraith (father of James Galbraith) sat on his committee... why do you ask? He remembered the example and explanation of buying a new car in the Bush I economic downturn.

It can all be about "me", and if one has a little extra income in such times, there can be intentional, individual stimulus spending. Not that folks going to a movie are likely thinking about this, but I (who am a saver, like my father), also appreciate the collective stimulative effect of such spending, and am not going to judge so harshly.

Of course, "it's all about me" is a fairly popular sentiment in our society. Some might wonder if this sentiment might reflect the greed within some sectors that has led to our long economic retraction.

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RB TexLa Nov 2012 OP
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