Noam Chomsky: Obama's New Economic Plan is Bush's Old Plan
TheCameraObscura | March 27, 2009 at 11:44 amby
852 views | 62 Recommendations | 3 comments
Chomsky says that “they’re simply recycling, the Bush-Paulson measures and changing them a little, but essentially the same idea: keep the institutional structure the same, try to kind of pass things up, bribe the banks and investors to help out, but avoid the measures that might get to the heart of the problem.”
This echoes liberal economist/Nobel Prize winner Paul Krugman who recently wrote in the New York Times:
"But it has become increasingly clear over the past few days that top officials in the Obama administration are still in the grip of the market mystique. They still believe in the magic of the financial marketplace and in the prowess of the wizards who perform that magic.
Much discussion of the toxic-asset plan has focused on the details and the arithmetic, and rightly so. Beyond that, however, what’s striking is the vision expressed both in the content of the financial plan and in statements by administration officials. In essence, the administration seems to believe that once investors calm down, securitization — and the business of finance — can resume where it left off a year or two ago."
mbaumgartnerThese members have powered this story: