"Nationalization" is a loaded word, as we all understand, but Nouriel Roubini, Paul Krugman, and Joseph Stiglitz are clearly correct that some form of RECEIVERSHIP for the biggest insolvent banks is going to be necessary, and delaying it will only make matters worse. I urge President Obama to hold a major conference within the administration, inviting the best progressive economists from OUTSIDE the Wall Street club that has infected the thinking of Geithner, Summers, Ruben, etc. and work out what it will really take to restore a banking system that works for the people.
In general, I believe that the president must realize that the current crisis will take BOLD, PROGRESSIVE reform, which gets our country back onto a production footing, reforms the financial system so that it is smaller and no longer a parasite on the production economy, and puts forward an agenda of multiple rounds of stimulus and job creation, since it is quite clear already that the Stimulus is a good start, but not enough. Future stimulation of the economy should not involve tax cuts at all; we can't afford them.
The Republicans, unfortunately, have made it clear that their game plan is obstructionism. The President must develop and articulate a major progressive reform agenda, and must take it directly to the people, constantly, and relentlessly, so as to make the people MAKE their lawmakers pass this agenda. Bipartisanship will not work.
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Tuesday, February 17, 2009
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1 comment:
Bull
The republicans are not being obstructionist just for the sake of obstruction. They truly believe, as do I, that the path that the country is taking is the absolute wrong direction.
Not unlike the Democrats during the confirmation of Robert Bork as a nominee for the Supreme Court, the Democrats believed that he was the wrong guy (let's not debate that here) so they were being obstructionist, but that wasn't an issue I guess.
There are still some of us who believe that the size of government matters, and growing government by creating more and more entitlement programs, and ways to "help" are putting the long term health of the nation at risk. So why don't you engage in a constructive debate addressing the issues and leave the name calling out of it, ok?
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