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Posts Tagged ‘Economy’

Nobel Prize Economist Paul Krugman Proclaims Obama Liquidates Himself.

On his blog, economist Paul Krugman laments Obama’s Republican styled decisions concerning the economy and the frustration shows. He says,

It’s bad economics, depressing demand when the economy is still suffering from mass unemployment. Jonathan Zasloff writes that Obama seems to have decided to fire Tim Geithner and replace him with “the rotting corpse of Andrew Mellon” (Mellon was Herbert Hoover’s Treasury Secretary, who according to Hoover told him to “liquidate the workers, liquidate the farmers, purge the rottenness”.)

and also adds,

And it’s a betrayal of everything Obama’s supporters thought they were working for. Just like that, Obama has embraced and validated the Republican world-view — and more specifically, he has embraced the policy ideas of the man he defeated in 2008. A correspondent writes, “I feel like an idiot for supporting this guy.”

Krugman joins many progressives who thought Obama might be different.

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The Obama Bait And Switch. When The Country Needed Another FDR, It Got Another Clinton. Understanding Why Wall Street Got Its Fix Before Mainstreet.

To understand the logic behind how the bailout was handled, one needs to understand the players involved. In this video, Matt Taibbi explains why Wall Street got its fix before any other moves and how the changes benefitted the monied elite before turning to any fixes towards the average citizen. The current ideology of the two parties (except progressives such as the members of the Progressive Caucus) such as deregulation and privatization will not solve the long term structural problems of the American economy that started with Reagan without a change in focus back towards regulated captitalism, fair trade instead of “free trade” and progressive taxation that will cover expenditures. The economy is in dire need of works programs directed towards infrastructure which could return $1.87 on the dollar instead of tax cuts which only return $1.01 on the dollar. A little bit of Keynesian principles added to the economy right now would help. However, given the current political climate in America (a hard right party and a weak party), it seems doubtful.