We've updated the lyrics, you know.

Unlike the US national anthem.

Fai de bèn a Bertrand, te lou rendra en cagant

There's a stirring revolutionary accomplishment

No. But the fact that it looks impressive by comparison to the current situation should tell you something.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

OOOH! He audited the banks! There's a stirring revolutionary accomplishment if I ever heard one.

It actually WAS one of FDR's major accomplishments. It restored confidence in the remaining banks and insured that bad debt was written down. On the other hand Bush-Obama have devoted all efforts to hiding the bad debt so that the creditors, who created the GFC, won't have to take the loss. Instead they are fobbing the liability off onto future generations. It is quite possible that this situation will blow up before Nov. '10 and Obama will be saddled with the responsibility. But he appointed those who have fitted him out with the saddle. So we had better pass what we can between now and December and hope that Obama has it in himself to exercise the veto power.

The Federal Reserve System was created in 1913 under Woodrow Wilson as a federally chartered collection of private banks with a public purpose--to deal with problems of recurring financial panics, such as that of 1907 by being able to supply "liquidity" in times of financial stress and to control the interest rates and money supply. It failed in its mandated mission in a spectacular fashion from 1929 to the mid-30s. Were Obama's Administration to have been even so bold as was FDR in auditing the banks and closing those in default, creating the FDIC and SEC, etc. or even being seen as making a serious attempt he, and progressive prospects, would be in much better shape.

Obama's problems do not arise mostly from the Progressive Left, who will at least vote for him in preference to most likely opposition candidates. The arise from the revulsion of the independents and the moderate Democrats against the current situation. This revulsion will be seized by the right wing and ridden to victory unless someone more progressive can make a clear and convincing case as to who will do what and grab control of events.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."