All I want for Christmas is courage from our leaderz
Courage? Heck, sanity. Stiglitz (via CR):
Many Wall Street financiers, having received their gobs of cash, are returning to their fiscal religion of low deficits [Quelle surprise!]. It is remarkable how, having proven their incompetence, they are still revered in some quarters [Quelle surprise!]. What matters more than deficits is what we do with money; borrowing to finance high-productivity investments in education, technology, or infrastructure strengthens a nation’s balance sheet.
The financiers, however, will argue for caution: let’s see how the economy does, and if it needs more money, we can give it. But a firm that is forced into bankruptcy is not un-bankrupted when a course is reversed. The damage is long-lasting.
If Obama follows his instinct [Let's hope], pays attention to Main Street rather than Wall Street, and acts boldly, then there is a prospect that the economy will start to emerge from the downturn by late 2009. If not, the short-term prospects for America, and the world, are bleak.
God rest ye, merry gentlemen!
Think Big Money will fuck us? Again? I'm guessing yes, if Obama runs true to form and doesn't prevent them.