30 November 2009

For a Less Hysterical Approach

Now here's some sound reasoning to our economic crisis.

Don't for a moment think that the current economic crisis is in any sense over or even on the way to recovery. Any 'recovery' now will be short lived and jobless unless something changes dramatically. The change could be reigning in government spending on wasteful adventures in the Middle East or it could be coming up with a fiscal policy that matches today's environment. Either way, Obama and Congress and the bureaucrats in Washington clearly don't have the will to change.

h/t Cunning Realist.

Updated: My favorite quote from the article:

Abandoning its role as neutral arbitrator, the Fed tilted in favor of capital over labor. The institution was remolded to conform with the right-wing market doctrine of chairman Alan Greenspan, and it was blinded to reality by his ideology (see my Nation article "The One-Eyed Chairman," September 19, 2005). --e

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