Matthew Rothschild: Obama Hits Many High Notes in Speech on the Economy

[babylonsister]

Obama Hits Many High Notes in Speech on the Economy

by Matthew Rothschild


One of the things I like most about Barack Obama is he understands the economic crisis we’re in, and he grasps much of what needs to be done.

Plus, he’s not afraid to level with the American people that we need to spend a lot of money—and yes, increase the deficit in the process—if we’re going to escape a depression.

He also understands that the much-ballyhooed private sector is incapable of solving this problem.

As he put it in his big economic speech at George Mason University on Thursday: “At this particular moment, only government can provide the short-term boost necessary to lift us from a recession this deep and this severe. Only government can break the vicious cycles that are crippling our economy — where a lack of spending leads to lost jobs, which leads to even less spending; where an inability to lend and borrow stops growth and leads to even less credit.”

Even rightwing economists like Martin Feldstein acknowledge this fact.

Basically, the private sector has punted.

more...

http://www.commondreams.org/view/2009/01/09-7

[Paranoid Pessimist]

1. Obama is good at hitting the high not in speeches

That's his great gift. But I am withholding judgment on until I've seen him in office for a few months and see how the economy and the warmakers of the world behave.

[Frustratedlady]

2. At the same time, you'll have to support him along with the rest of us.

He can't do it by himself. It's all shoulders to the wheel or this dog ain't gonna hunt.

At least give him credit for standing up to the Bushes and the Clintons. He's got grit and he is determined. I hope to God the kid succeeds and we can be proud.

[babylonsister]

3. You're well-named. And yes, we're all waiting. nt

[truedelphi]

4. Same here, Paranoid Pessimist. And it is interesting that this

Upbeat article was written by a Rothschild, wasn't it??

If bankers of the world are uniting to profess their praise of Obama, I am more than a bit worried.

[babylonsister]

5. He's a writer/editor, not a banker, but don't let facts get in the way.

http://en.wikipedia.org/wiki/The_Progressive

[truedelphi]

6. I am aware that he is a writer, editor, but on the other hand

I do wonder about his family connection or lack of that, in terms of the name.

And for me to think a writer understands the economy, they have to at least mention the "weird weird" of Obama choosing Geithner, Summers, and Rubin for key economic posts.

I mean, Boy that Rubin fellow surely helped Citi get its groove on, huh?