by
TheCameraObscura | March 27, 2009 at 11:44 am
663 views | 62 Recommendations |
6 comments
Liberal activist/author/icon Noam Chomsky recently gave his opinion on the Obama - Geithner economic plan.
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."
Most RecentMost Recommended Comments (6)
at 17:42 on March 27th, 2009
With all the stuff that I happen to disagree with Chomsky about, I agree totally with that statement.
This was the elites bailing out the elites, and this round actually began with Clinton's Sec of the Treas, Rubin, demanding that Mexico take on huge loans, rendering the debt to every single Mexican go to 25,000 1998 dollars, so that Mexico could repay Rubin's Wall St buddies in dollars when their peso-denominated Mexican bonds became losers when the peso got devalued.
That precedent set the stage for further bailouts, such as Bush's and now Obama's, done blindly, even without reading the bills they passed and signed, only to go on and use demagoguery about the very bonuses that Obama had put back into the bill.
It all stinks and Chomsky is right that Obama represents a continuation of Bush's policies.
at 16:38 on March 27th, 2009
http://my.nowpublic.com/world/china-and-america-exchange-national-debts-revive-markets.....
Obama is not about real change...That is for sure....He is about changing the names to protect the guilty.
Rev. Jermano
at 17:09 on March 27th, 2009
Where would we be without people like Noam Chomsky? He should have been a Politician.
at 17:33 on March 27th, 2009
Change doesn't happen over night.. The trick is to appease the ""old man's club" who hold power, and moving forward with changing the very policies that they put into place.
Otherwise there would be too much chaos. Look how long it took for women to achieve the right to vote, and slavery abolishment.
But as far as economy goes, yeah I agree it is being recycled, same old.
at 17:31 on March 27th, 2009
Ironic and yet not surprising.
at 17:37 on March 27th, 2009
Source: therealnews.com