July 3, 2009
Economic Snapshots
The U.S. economy doesn't appear (anymore) to be falling off a cliff. On the other hand, bottoming out doesn't equal a recovery and we're still losing an awful lot of jobs. Jolly times with record bonuses for the bankers, but not so good for most people. For an economic update I turned again to James K. Galbraith, who's much more sensible than most economists. So sensible that he's less concerned with theory than with what works. It's always great to talk with James and I always manage to learn something new. Total runtime thirty nine minutes. Be pragmatical!
Comments
Obama reminds me most of Gerald Ford who had us wearing NIM buttons.
Like Ford, his job is to restore confidence. Pure and simple.
http://tinyurl.com/7slnlk
Can he do it?
Posted by: Robert B. Livingston | July 3, 2009 9:20 PM
I agree with you George, that Obama does not want to ruffle powerful feathers. Although I hope, in an effort to stay positive, that Obama can change as Kennedy did and work for all the American people. Thanks — Great interview.
Posted by: flip ross | July 4, 2009 12:21 AM
Galbraith is an intelligent and knowledgeable man, and clearly perceives the rot at the core of the system. But his position basically forces him to find ways of dealing with the criminality at the heart of the banking system which has hijacked the government. The real solution is to acknowledge that since the bailouts constitute a species of looting or theft, the perpetrators should be hanged for treason, given the immense harm they have done. Greenspan, Paulson, Geithner, Clinton, Rubin, Gramm, should all be swinging in the wind. What this country needs is not yet another learned professor, but an Alexander who has understood the situation and can cut the Gordian knot.
http://thestrangedeathofliberalamerica.com/bill-clinton-glass-steagall-and-the-current-financial-and-mortgage-crisis-part-two-of-an-indepth-investigative-report.html
[No doubt time behind bars for the banksters is warranted. But that won't fix the immediate problem. What James is saying about the need for the government to spend more money, a lot more money, right now — because nobody else can — is well worth hearing, and repeating often. g.]
Posted by: John | July 4, 2009 1:34 PM