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NGrossman81's profile
Nicholas Grossman
Nicholas Grossman
Nicholas Grossman
@NGrossman81

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Nicholas Grossman

@NGrossman81

International Relations prof at U. Illinois. Senior Editor @ArcDigi. Author “Drones and Terrorism.” Politics, national security, and occasional nerdery.

amazon.com/Drones-Terrori…
Joined April 2015

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    1. Nicholas Grossman‏ @NGrossman81 Aug 29

      Nicholas Grossman Retweeted Joyce Alene

      The attempted historical revision is worse than that. Tackling the financial crisis was a bipartisan effort. TARP passed 10/3/08, under Bush. Subsequently administered by Obama. Saved the financial system. As bad as Great Recession was, would've been a lot nastier without TARP.https://twitter.com/JoyceWhiteVance/status/1033925731930255360 …

      Nicholas Grossman added,

      Joyce AleneVerified account @JoyceWhiteVance
      Everyone who lived through it remembers the horrible feeling of the markets dropping & the corrective action President Obama took when he came into office, which stabilized us. It's incredible that the GOP has been able to rewrite history. The truth is not the truth. https://twitter.com/JohnJHarwood/status/1033902001975902208 …
      1 reply 6 retweets 10 likes
      Show this thread
    2. Nicholas Grossman‏ @NGrossman81 Aug 29

      People forget how bad the 2008 financial crisis was. Crashed harder, faster than start of Great Depression. The credit system seized up. Think it was just about bankers? Mom and Pop stores that accepted credit card wouldn't be reimbursed for those sales. TARP saved the world.

      1 reply 4 retweets 8 likes
      Show this thread
    3. Nicholas Grossman‏ @NGrossman81 Aug 29

      TARP not perfect or beyond criticism. With hindsight, we can see how it could've been better. But it achieved its main goal of short-circuiting the crash and unseizing credit markets. And the public ended up turning a profit! Looking back, it's the last big bipartisan achievement

      2 replies 1 retweet 6 likes
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    4. craigsuperstar‏ @craigsuperstar Aug 29
      Replying to @NGrossman81

      It was bipartisan, but completely about saving a couple of big banks. Markets didn't actually freeze, and the downside wouldn't have been that bad for the broad market: https://tongodeon.livejournal.com/898110.html 

      1 reply 0 retweets 0 likes
    5. Nicholas Grossman‏ @NGrossman81 Aug 29
      Replying to @craigsuperstar

      That link notes significant declines in Sept and Oct '08, but not a literal freeze. TARP was passed in Oct '08. It wasn't a response to a total freeze that already happened. It was a response to the significant decline before it totally froze, thereby short-circuiting the crisis.

      1 reply 0 retweets 0 likes
    6. craigsuperstar‏ @craigsuperstar Aug 29
      Replying to @NGrossman81

      Except there were no signs that there would be a total freeze. Rates were not near their historical highs, for example. You said "seized up" - not true.

      1 reply 0 retweets 0 likes
    7. Nicholas Grossman‏ @NGrossman81 Aug 29
      Replying to @craigsuperstar

      Fair point. "Significant risk they were going to seize up in the near future" would've been more accurate than "seized up."

      1 reply 0 retweets 0 likes
    8. craigsuperstar‏ @craigsuperstar Aug 29
      Replying to @NGrossman81

      More accurate, yes. Still poorly supported. If you look at the Fed Atlanta link in the comments of that post, you can see that nonfinancial unsecured paper was barely affected. And asset-backed paper was of a recent peak, but historically normal.

      1 reply 0 retweets 0 likes
      Nicholas Grossman‏ @NGrossman81 Aug 29
      Replying to @craigsuperstar

      I disagree, because that assumes the rapid decline from peak was going to stop on its own rather than continue.

      11:38 AM - 29 Aug 2018 from Urbana, IL
      1 reply 0 retweets 0 likes
        1. craigsuperstar‏ @craigsuperstar Aug 29
          Replying to @NGrossman81

          The rise to the peak and the decline back to historic norms both took several months. Not that rapid.

          0 replies 0 retweets 0 likes
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