What is Obama's Solution for our Economic Crisis? (Revised)

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Obama, like Bush, wants the Middle Class and our democracy to be dismantled and sold off piece by piece -- the profits will to be used to save the Filthy Rich!

proud.liberal's picture
proud.liberal
Joined:
Jul. 31, 2007 3:01 pm

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Nah. His solution is to hire those who engineered the financial meltdown and economic downturn to fix it. He's merely a neo-liberal following Chicagao School of Economics theory that the best way to have a sound economy...is ...to bring it back to where it was before it collapsed upon itself.

He's following what he considers the best economic advice in the country...Chicago School Economics. That's reflected in choice of economic advisors and his re-appointed of Bernanke to head the Fed.

Like most Americans, it's all he's ever known. He isn't a trained economist....and economic thought outside of the Chicago School has been marginalized for nearly 40 years.

As the economist Michael Hudson noted, "The economic language has been turned into double think". Most Americans adhere to what isn't. I even see it on these threads all the time. Obama doesn't seem to be any different.

To put horns on Obama for economic stupidy...one would have to put horns on the majority of the American people as well. My own Congressman wants to do the right thing...and he's a Chicago School twit as well...and consistently does the wrong thing thinking he's doing what's best..

Retired Monk - "Ideology is a disease"

polycarp2
Joined:
Jul. 31, 2007 3:01 pm

Wasn't it Bush/Cheney that rationalized the hiring of the crooks who broke the system because only they knew how to fix it? And Obama's continuing all those Bush policies seems to be doing the same.

Capitalism is dead. It cannot be fixed. As usual this crisis will last years until someone designs a better economic structure.

Dusty's picture
Dusty
Joined:
Jul. 31, 2007 3:01 pm

Dusty wrote:" Capitalism is dead. It cannot be fixed. As usual this crisis will last years until someone designs a better economic structure."

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Capitalism is no more dead than gravity. It's an economic fundamental. Our particular application of it seems to be on life support.

A basic fundamental of capitalism....., Say's Law:

production cost / wages / money supply = aggregate...the whole of an economy. All that is produced can be bought...an on-going circular flow of production/distribution..Incomes so high they aren't spent within that flow are extracted from it....and placed in finance. Financial speculation fits just where in Say's Law? It doesn't. 95% of Wall Streets functions are predatory...a violation of Say's Law. They violate the equation.

Countries can lumber along a long time violating basic economic fundamentals just like the Soviets did. Ultimately, their economies collapse when they do that..

Retired Monk - "Ideology is a disease"

polycarp2
Joined:
Jul. 31, 2007 3:01 pm

Currently Chatting

The Death of the Middle Class was by Design...

Even in the face of the so-called Recovery, poverty and inequality are getting worse in our country, and more wealth and power is flowing straight to the top. According to Paul Buchheit over at Alternet, this is the end result of winner-take-all capitalism, and this destruction of the working class has all been by design.

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