Sunday, August 29, 2010

Obama’s Old Deal

Why the 44th president is no FDR—and the economy is still in the doldrums.
by Michael Hirsh
August 29, 2010

"Barack Obama was “incredulous” at what he was hearing, said one of his top economic advisers. The president had spent his first year in office overseeing the biggest government bailout of the financial industry in American history."
[...]
"But the banks were barely lending, and the economy was still mired in high unemployment. And now, in December 2009, the holiday news had started to filter out of the canyons of lower Manhattan: Wall Street’s year-end bonuses would actually be larger in 2009 than they had been in 2007, the year prior to the catastrophe."

Make of this what you will. As for me, I see it as a symptom of our time. Rich people arguing with other rich people about who is entitled to all of "our" money. We should dump all the Wall Street "fat cats" and all the politicians (from every party!) in the middle of the Atlantic ocean.

Ok, maybe not something that drastic. I am not a fan of anarchy in government. But the idea does make me feel better.
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