Thursday, April 16, 2009

Prophets Of Doom? Meet The Regents Of Reality

Salon's Andrew Leonard lays out who he calls the "Cassandras" and Chicken Little's of economic punditry. Read it here. Whether the piece is meant as a jab at the perceived bottoming out of the economy or an homage; one thing is clear from Paul Krugman to Nouriel Roubini (and I might offer Robert Reich) these are the voices that have consistently shifted overexuberance to the side of caution and reason.

Start with Leonard's assessment of Krugman: "Without missing a beat, Paul Krugman went from being George Bush's most passionate and prominent critic to fulfilling the exact same role for Barack Obama."

This is either a criticism of Krugman's across-the-board disgust with any president or he posits the Nobel Prize laureate feels he can sell papers writing from the side of the minority. It's actually neither, but an inkling shared by this blog that the good ol' boys in Manhattan run the Treasury not matter what party is in power.

The consistent opinion of most of these men says the bailouts are not big enough, but the political solution must take into account the same Americans angry about taxpayer-funded bonuses and a poor economy. With both sides taken into account, all the Obama Administration can muster is what we have received. The hope and the prayer that it is just barely enough to get the country barely above water.

1 comment:

MAS1916 said...

The sad truth is that Obama will have us at periscope depth for quite a while.

While he didnt increase marginal tax rates, Obama will be levying a huge increase on companies earning income. This will take away capital needed for other ventures.