Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
whataboutbob:
Soros calls Summers and Geithner "free market fundamentalists" - hard core ideologists - and this is the one thing that makes me worried: does Obama not see this? Wouldn't it be wise to have some people outside of this group giving him advice too?

Of course he does, and the interests behind these people were key in getting him elected, so he has had no choice.

He will let them discredit themselves - they are doing  afantastic job - and their entire ideology will be consigned with them to the dustbins of history.

He will then be rid of the albatross currently around his neck.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Fri Mar 20th, 2009 at 06:19:52 AM EST
[ Parent ]
One can only hope.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Carrie (migeru at eurotrib dot com) on Fri Mar 20th, 2009 at 06:23:54 AM EST
[ Parent ]
So you think the ultimate pain a a total crash is unavoidable? That we're not just looking at a lost deacade of stagnation?

"It Can't Be Just About Us"
--Frank Schnittger, ETian Extraordinaire
by papicek (papi_cek_at_hotmail_dot_com) on Fri Mar 20th, 2009 at 10:40:55 PM EST
[ Parent ]
I hope you're right, and I tend to agree- it seems he's just too smart to be taken in by a plan that involves a fake market theater piece created to satisfy some visceral need for the 'Invisible hand" to validate their ideology.
"Toxic asset plan involves big subsidies"--NYT

But by the time Geithner and Summers slide into the dustbin, will the remaining political environment be one in  which a true progressive plan can be installed? Or will the US be the Wiemar Republic all over again?

Capitalism searches out the darkest corners of human potential, and mainlines them.

by geezer in Paris (risico at wanadoo(flypoop)fr) on Sat Mar 21st, 2009 at 05:13:46 AM EST
[ Parent ]
invisible hand....snort...

a thief can be masked, but you can sure tell your pocket's been picked when your wallet's gone.

first it's a prosthesis, and it's getting very clear what it's designed for!

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Sat Mar 21st, 2009 at 07:17:40 AM EST
[ Parent ]
I think that there is a vacuum waiting to be filled, and that the corollary to Joni Mitchell's line in "Big Yellow Taxi"

You don't know what you've got 'til it's gone

will apply.

ie you don't know what you haven't got 'til you see it.

As A R Geezer said recently, the US needs an updated Henry George

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Sun Mar 22nd, 2009 at 06:48:50 AM EST
[ Parent ]
GIP
But by the time Geithner and Summers slide into the dustbin, will the remaining political environment be one in  which a true progressive plan can be installed? Or will the US be the Wiemar Republic all over again?
That is the question.  I would feel a lot better if someone could convincingly argue that all of the promises already made and currently on offer by Treasury and the Fed to AVOID acknowledging the scope of the problem can easily be dealt with and will not, themselves, undermine our ability to actually deal with the problem when we finally have to acknowledge its true nature.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Mar 22nd, 2009 at 06:33:04 PM EST
[ Parent ]

Display:

Occasional Series