Monday, December 29, 2008
I think this is the issue to watch:
The Task force on the Middle Class.
The NY Times mentions the task force in its article on Secretary of Labor Hilda Solis
Think of the constituents on this task force: Biden, Solis, Jared Bernstein. WOW. I predict that this is the most likely to produce good ideas to transform the real causes of economic cycles, low wages!!!!!
Friday, December 26, 2008
Robert Reich's needs more readers. Reich explains why big wigs say this is just cylical not structural. Makes a good christian want to cuss!!!
Saturday, December 13, 2008
At about 3:30 notice how Pres Obama increases his pace and then at 3:45 he is blistering. He needs to go back and read his FDR books. FDR wouldn't mess up the pace. As a preacher, I notice this kinda stuff.
Thursday, December 11, 2008
This is a demand crisis or, in other word, a crisis in consumer purchasing power. If we do not assist the auto industry with $14 billion, we will have to spend about a trillion dollars in stimulus to make up for the 2.5 million lost jobs. The republicans it appears don’t understand basic math either. Can you say Joe the Plumber?
If we lose another couple of million jobs in the next 6 months just in the auto industry alone, the ripple effect in other industries of further decreases in consumer purchasing power is just unfathomable. Can you say Herbert Hoover?
Government inaction at this time is absolutely unequivocally irresponsible!!!!
Friday, December 5, 2008
Thursday, December 4, 2008
Kissinger on the Obama National Security Team
This review by Tim Fernholz of the American Prospect on the forthcoming book by Ivo Daalder and I.M. Destler called In the Shadow of the Oval Office
These articles analyze the possible drama between President, Secretary of State, National Security Advisor, and Secretary of Defense that might make for very interesting copy in the eight years ahead.
Tuesday, December 2, 2008
Robert Reich has been writing on these themes for a few days. Check out these tasty quotes:
From one of FDR's fireside chats in 1938: "We suffer primarily from a failure of consumer demand because of a lack of buying power."
and again from the America's Employment Act of 1946 — the year Keynes died — [ the US government] codified the new wisdom [of Keynes], making it "the continuing policy and responsibility of the Federal Government ...to promote maximum employment, production, and purchasing power."
Can you say stimulus package!!!!!
I am middle class, and I have an intimate knowledge of the problem of a lack of purchasing power. If all Americans are forced to spend (or not spend) like my family, then this downturn is going to be very, very, very steep indeed. No air travel, no clothing purchases, no new car, no new guitar for the kids. Burn down the credit. Go low risk all around.
Bottom line: It is about demand stupid. The death knell to supply side economics has been sounded loud and clear.
Monday, December 1, 2008
This emphasis sure puts the exclamation point on Obama's "we can change the world" mantra. First, the president elect has this crazy idea to surround himself with competent pragmatists and now he has this crazy idea that the war on terror can be faught by eliminating the root causes of terror - extreme poverty and hopelessness.