Considering that I am both doing NaNoWriMo AND have just moved, I don’t have time right now to formulate my utter (although predicted) disappointment in Obama’s cabinet choices, especially his economic choices. Instead I’m offering my dear readers (are there any really??) a smattering of articles that might give some insight – especially for progressives who think Summers & Geithner are good choices (and I’m not even taking into consideration the fact that Summers thinks that women just aren’t good at science):
About the Advisory Board – Paul Krugman’s suggested picks. Why oh why Paul won’t you do it??
Return of Wall Street Hustlers – Think that Rubin & Clinton aren’t partially responsible for this economic mess? Think again.
State Banks Could Solve Financial Crisis – why not get the good part of ‘socialism’ (i.e. control) instead of the bad (i.e. the debt)?
Surprise! This Bank Refuses Fed Bailout – See? Integrity is possible.
Obama’s Wall Street Woes – I don’t agree that there is any evidence that Obama “gets this” but I agree that he “seems perilously close to following the same course as Bush in the banking bailout” (which is to say the same course ALL presidents have been following for the past 28 years).
That’s just a smattering. Also, take a peek at some quotes from On the Wealth of Nations, Book 1. Not quoted is the part where Smith argues that corporations which take government subsidies will soon spend all their time and energy getting free money and not actually do anything else.
Even the Wall Street Journal called this crisis “Minsky’s moment,” so why aren’t we putting post-Keysians or, hell, even a Keysian into positions of power? Hello?
Just for FYI —
Banks panics in the US:
80s & 90s Savings & Loans Crisis
1987 Black Monday
Tech Bust of 2000/2001
Hmm … seems like there is a large period missing from this list? 1945-1980? And yet, New Deal or Raw Deal?: How FDR’s Economic Legacy Has Damaged America gets prominent billing in the Union Square Barnes & Noble. Seriously? Yes, America was so damaged by the New Deal that we became a singular super power and the most prosperous country in the world until Milton Friedman came along and made that same argument – and we are currently seeing just how well THAT worked out.
Well this went longer than planned …