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Monday: Obama says blogs don’t count

Obama gave an interview to the NYTimes recently.  Nice!  As I understand it, the NYTimes has been working on that “get” for awhile now.  He’s been avoiding them for some reason.  He says the stimulus package is what it is and we shouldn’t expect any more, even though the bankers can get as much money as they like.  He also recommends that we don’t stuff our money under our mattresses and that we spend money but that we should also be prudent because, heck!, you might get laid off.  I love this part:

“Look, I wish I had the luxury of just dealing with a modest recession or just dealing with health care or just dealing with energy or just dealing with Iraq or just dealing with Afghanistan,” Mr. Obama said. “I don’t have that luxury, and I don’t think the American people do, either.”

Yes, we wish that too but a proclivity towards wish fulfillment isn’t generally a characteristic we look for in a president.  However, we did have the luxury  of dealing with a modest recession last year when we could have picked a different candidate who might have been more up to the task of dealing with the *major recession* that we, the losers, saw coming from a mile away. Fortunately for Mr. Obama, the bankers came to his financial rescue and did away with all that messy choice thingy in the primaries.  With enough money greasing the hands of the superdelegates, and the right kind of Change!™ propaganda, not to mention the governor of NJ who is a former CEO of Goldman-Sachs who can be counted on to invalidate the results from his own state, you can do away with all that luxury of choice that primaries afford.  Mr. Obama is only reminding us that elections have consequences.  Or not, if the money men are behind you.

And he had this to say about blogs:

NYT: [Obama] said he did not find blogs to be reliable, citing the economy as one example. “Part of the reason we don’t spend a lot of time looking at blogs,” he said, “is because if you haven’t looked at it very carefully, then you may be under the impression that somehow there’s a clean answer one way or another — well, you just nationalize all the banks, or you just leave them alone and they’ll be fine.”

Anyone here surprised by that?  Raise your hand, don’t be shy.  You in the back?

Naive and silly Conflucians.  You, in particular, are the LAST people that Obama will listen to.  You never supported him in the first place.  But those other bloggers, like Baseline Scenario, Naked Capitalism, Conscience of a Liberal and even election year obsequious toady Josh Marshall, he doesn’t have to read them either because they only see one part of the big picture.  There is no clean answer, says Obama.

Yes, we know, Barack.  There is no clean answer because the bankers set it up that way.  They all have their hands out saying, “gimme, gimme, gimme, NOW!, NOW!, NOW!”.  And they appear to be too big to fail and they have rigged the bankruptcy laws in their favor and, HOLY HEMIOLA!, if we pull the plug on them, all Hell will break loose!  It is a very intractable problem.

But here’s the problem, Barack, you are listening to the guys who are feeding you Armageddon stories because it is in their best interest to make it sound like nationalizing the banks is the worst thing you can do.  I’m betting you even agree with them that if it hadn’t been the stupid American consumer, just living for today and not taking personal responsibility, for which sins they shall now be required to “sacrifice”, we wouldn’t be in this mess to begin with.  Then the bankers wouldn’t have had to lend all that money and aggregate all those mortgages and slice them up into tranches.  They wouldn’t have had to offer subprime loans except that the damn consumers were demanding them when their lack of wage increases wouldn’t produce the requisite 20% downpayment on a hyperinflated house.  The investors wouldn’t have had to insure each other against losses, again and again…and again.  It’s all their fault, those thoughtless consumers. Our skin just slid into their mouths and they had no choice but to bite.

Of course, the head of the FDIC, Sheila Bair, has been trying to cut some deals with the investor class on their mortgage tranches but every time she makes a move in that direction, they investors threaten to sue.  And your Timmy Geithner and Larry Summers won’t play nice with her because she’s a smelly girl.  What’s a president to do?  He can’t serve EVERYONE and if he listens to the blogs and nationalizes, er, actually, takes the insolvent banks into receivership, the banks, the bankers might not lend him a billion for his re-election.  Besides, it would interfere with their lifestyles and bankers are people too- sort of, in a neo-feudalistic sense of the word.  I mean, it would upset the natural food chain if we got rid of all of the predators at the top.

I understand.  I’m a working girl, faced with my own imminent layoff caused by the insularity of the new CEO who for some reason listens only to the executives and marketing people, who are trained in the ways of propaganda, who point to the hapless scientists who wear denim to work and not business suits and say, “It’s all R&D’s fault for being too bureaucratic and not getting things done!  Let’s throw away half of our seed corn.  They’re consuming too much money!”  Nevermind the endless mergers that bring research to a screeching halt for several years at a time while the managers fight over the turf.  Nevermind the empty labs that are never filled by chemists and biologists because there is a hiring freeze caused by the endless mergers that suck up financial resources required to pay off the shareholders.  Never mind the fricking lab animals who never seem to cooperate and produce blips in the data that may freak out the bureaucrats at the FDA and send us all back to the drawing board again and again. Nevermind the class action lawyers who are scanning adverse drug reaction reports in anticipation of some unforseen blip in the data that will lead to a goldrush.  It’s all R&D’s fault for getting investors into this mess, the corporate guys say.  Life would be so much easier if we didn’t have those damn scientists trying to make drugs.  Besides, they are so much cheaper in China.  Not smarter.  Just cheaper.

Then again, maybe laying me off would have unexpected side effects.  For instance, I would have a lot of time on my hands to organize –  the blogs.

In other news:

Elizabeth Warren has been tasked by Congress to follow the bailout money.  In her most recent report to Congress, she is still waiting to hear from the new team at Treasury.

[Update by Katiebird] Do you like this post?  Pass it around with these links:

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65 Responses

  1. Is it tinfoil hat thinking to wonder if the reworking of the bankruptcy laws were done on purpose so consumers would be double screwed when the housing/credit bubbles broke? And is it even more paranoid to wonder if Biden was promised support and funding for his political ambitions if he’d push the BR reform bill through (which he did)? Let’s see — BR reform would have happened in 2005, right about the time Obomnimedia was being “groomed” for POTUS, right? Connection or coincidence?

    • Did they ask for a CYA clause in the bankrupcy bill? Of course. Wouldn’t you if you could get away with it?
      Did Biden push for it? I doubt it. Foreign policy was his thing. He wanted SOS. The fact that he represents Delaware, where no high interest rate is considered to usury to the credit card companies who lurk there, is coincidental. They foot the bills for his campaigns. He owed them. But I don’t think the CDS and tranches and stuff were on his radar. He had other things on his mind.

    • Regarding your first point, I also found it coincidental that these new laws were finalized as things were going through the roof. However, from my CSPAN addiction, it actually appeared that Biden’s Delaware partner in crime, Senator Carper, I believe, was a very consistent supporter of the credit card companies, at least more obviously.

      • Remember, Biden got that great house deal with MBNA …that’s why they call him Senator MBNA, Dodd is Senator Citi … they both are bought and owned by credit card interests and those are the ones that wanted the bankruptcy laws rewritten. I was screaming about this issue like a crazy woman on my blog when Biden got the vp nod … it was like a slap in the face to every person placed in bankruptcy due to horrid situations …

        • Yes, I remember that and know Biden was a proponent of the bankruptcy bill, I was just pointing out that if you watch obscure hearings, Sen Carper was even more obvious during drafting of credit card legislation.

        • Yes, Dakinkat, I also remember screaming in my own private hell about that when biden got the vp nomination. It was obvious to me where his heart would lie.

  2. Remember when W said he didn’t read newspapers? And how they skewered Palin for not naming what publications she read?
    Anyway, my guess here is that he doesn’t mean “bloggers” but that annoying NY Times blogger who keeps writing that he should nationalize the banks

    • You mean that bearded economics professor who won a Nobel and freely admits to being a long-haired, hippy type, pinko, fag?

      • That one! Who even today, after reading the interview calling him naive keeps arguing for his silly ideas!

      • speaking of bearded professors with nobel prizes, i’m gonna a switch to the one that got it for game theory, do you think that the pharma’s might be posturing on cutting off research because that’s their way of forcing the prisoner’s dilemma? Seems to me that every time some one threatens their profits, they go straight to saying they’re going to cut research on new drugs. I think it’s a strategy on a game to see what the Obama response would be …

        • No, I think he really means it. How else will shareholders make money? Besides, the corporate crowd treats us with thinly veiled contempt. They really believe that the lack of drugs on the market has to do with the “lethargy” of R&D. Completely clueless.

  3. Is it tinfoil hat thinking to wonder if the reworking of the bankruptcy laws were done on purpose so consumers would be double screwed when the housing/credit bubbles broke?

    Yes, but it doesn’t mean you’re wrong.

    Funny how we keep getting changes in the law that we don’t hear about until they come back and bite us on the ass, isn’t it?

  4. Oh. For Pete Sake! A modest recession? Yeah. Right.
    Talk about denial.

    Here’s an idea: Do one thing at a time and do it well.

    • Is “modest recession” like “moderate Taliban”?

    • Or be like Hillary: work your a$$ off, learn everything you can, hone your mind until it functions like a laser, face every problem directly, speak with wisdom and truth, be fearless, be courageous, know yourself—and then go do it all, with excellence.

      Just a thought.

  5. If you didn’t watch the Scott Pelley piece on “60 Minutes” last night it’s worth a look.

    Scott Pelley seemed surprised when Sheila Bair, chairman of the FDIC
    suggested that maybe the mega banks, those bailed out by taxpayers, shouldn’t be allowed to exist in the future.

    “I think that may be something that Congress needs to think about,” she said.

    “Actually limit how big a bank can be?” Pelley asked.

    “Yeah. Well, you know, I think taxpayers rightfully should ask that if an institution has become so large that there is no alternative except for the taxpayers to provide support, should we allow so many institutions to exceed that kind of threshold,” she explained.

    “The idea would be that no bank would grow so large that it posed a systemic risk to the economy,” Pelley said.

    “Systemic risk, that’s right,” Bair agreed.

    http://www.cbsnews.com/sections/60minutes/main3415.shtml

    • Yesterday on This Week w/ George S.

      Senator Richard Shelby wants the banks that are insolvent to close. He said that we are going down the same road as the Japanese have in trying to keep banks afloat.

      http://www.abcnews.go.com/Video/playerIndex?id=7033169

    • Hooray! Too big to fail = too big. Sheila Bair should be nominated for the Common Sense Award!

      • Sheila Bair should be Secretary of the Treasury.

        • Amen to that!

        • Great minds and all that ralphb, that’s exactly what I was thinking when watching her on “60 Minutes” last night. She looks, acts, and talks like someone that knows what the hell she’s talking about.

          And Obama gives us Turbo Tax Timmy Geithner? Was wit that?

      • Funny how it always takes a woman to voice the practical solution, ain’t it?
        She’s right. That’s the idea behind those anti-trust laws, right?

    • it’s nice to see some one say that a capitalist society should be one that doesn’t enable monopolies. a monopoly is the complete antithesis to a free market.

      • Speaking of monopolies, I feel like we are reliving history, like we’re back to the days when the monopolies needed to be broken up to allow the markets to work more efficiently. Only this time around, rather than breaking them up, the tax payers are being forced to support them. And even the courts are siding with the monopolies in some cases as well, as with Barbie and the Brats dolls.

        • I was thinking the same thing today. For quite awhile actually. Today I was remembering the breakup of the the mongo oil/gas company — whose name I’ve forgotten. I recall the bid deal that certain gas stations would have to change names.

          Vague memories….

    • Remember prior to about 25 years ago, banks were not allowed to do business across state boundaries. The first bank that I recall to do so was First Interstate. That was eventually swallowed up. There were large banks, such as Chemical, Chase, and B o’A, but they were not active across the country. The laws allowing interstate commerce changed all that. Can we go back to the pre-early 80’s position, dak?

      • no, actually, that’s probably not possible because banks were losing huge numbers of depositors to the mma’s back then. That’s one of the reasons the S&L’s went belly up. With inflation high and fixed interest rates, every one was closing their savings account and transferring it to a MMA. So, pre MCA would probably not be good and pre interstate banking as well.

        A lot of this weirdness started when the FED started messing around with interest rates. Volcker putting them high to stop inflation (thus driving depositors out of banks) . Greenspan trying to moderate the dot com bubble, put them TOO low driving investors to mortgage backed bonds.

        The discretionary monetary policy has done a lot more damage. Also, allowing these huge bank holding companies needs a rethink. I’m not saying put the Chinese wall back completely, but something needs to be done to protect depositors from speculators. We don’t need old banking laws reinstated we need new banking laws that look at the pluses and minuses of both the old and the current. unfortunately, that’s a congressional task and all the idiots on the banking committee aren’t up to it …

        Bernanke doesn’t think it’s his place to offer up anything. Bair’s offered stuff up but’s been slapped down. Geithner is, well Geithner … he should be able to do something but seems just out of his league … maybe it’s the the pressure from Obama himself to do something other than act against the interests of the banks. I’ve come to that conclusion. I think since Obama’s biggest supporters have the most to lose from any kind of revision at the moment, everything Geithner comes up with is put down by Obama and Rahm.

        • Thank you for that thorough answer, I know my thinking along these lines is too simplistic. btw- I answered your other note above.

  6. harsh words Ginger…

    • Those we hire to do the job of managing our nation do a piss poor job. They get the notion that somehow, even though others have tried and failed at the very same, they/we are somehow going to be the ones who are the exception.

  7. Were in a big jam in this country. If nothing else, the government needs to get up off their butts and start buying these $1 properties so that they aren’t sold off to foreign interests. It is a serious national threat.

    • Or the government should be buying up decent housing in urban and close in older suburbs for the unhoused. It’s crazy to let the housing stock be destroyed bcz banksters foreclosing on them won’t pay someone to watch over them.

      On my block a house was foreclosed on. Early winter freezing weather came; suddenly there was water running down the driveway. Another neighbor noticed it, and tracked the source to a furnace shed against the back of the house. Oil had run out and water to the boiler had frozen in the pipes and burst them.

      Fortunately, no major water inside the main house, but repairs were required.

      The neighbor got no help from the town, so he went to various realtors asking who knew anything about the property. Eventually one did some research and calling around and found the bank. Oil was bought by the bank, repairs made, but the house is still for sale.

      But, breakins and lack of maintenance are leading to destruction of perfectly good housing stock.

      Could be used to meet real socieital needs.

  8. Jim Cramer is refusing to shut up, defending himself against the Obamamaniacs attacks because he DARED to criticize The Precious. He’s stunned by the force and distortion of the attempts to silence him.

    We’re not. Welcome to our world.

    Suddenly, bloggers, opinion people, columnists and, yes, pundits who haven’t paid attention to anything I have been saying or writing for the past 18 months are all over me.

    So, why after toiling in the cable wilderness for four years with Mad Money am I the target of the wrath of the Obama clan, and the darling, albeit surely momentary, of the Obama-critics?

    The answer lies in the way the two administrations handled criticism.

    President Obama’s team, unlike Bush’s team, demonstrates a thinness of skin that shocks me. When I somewhat obviously and empirically judged that the populist Obama administration is exacerbating the crisis with its budget and policies, as evidenced by the incredible decline in the averages since his inauguration, I was met immediately with condescension and ridicule rather than constructive debate or even just benign dismissal.

    http://www.mainstreet.com/article/moneyinvesting/news/cramer-takes-white-house-frank-rich-and-jon-stewart

    • “I was met immediately with condescension and ridicule rather than constructive debate or even just benign dismissal.” He gets it! The trouble with this is that I saw many people publish the goods on W, but it took years before people soured on him.

    • That was a good read, thanks for supplying the link. I actually find myself agreeing with Cramer on a number of points.

    • That was great. Thanks for the link.

    • Thanks for the link — but don’t bother with the comments, one of which is (I kid you not):

      Jim Cramer is a criminal and should be in jail.

      Oy vey!

    • Remember when we thought that W was thin-skinned?
      O’s beyond onion-skinned — he’s nano-thin skinned.

    • cramer ran head on into the Alinsky method of Chicago politicos who cut their teeth as “community activists”

      • That’s exactly what I said in my comments for the article Daki–meet Saul Alinsky.

  9. Obie threw blogs under the bus years ago, but for some reason, some of them are gluttons for punishment.
    I’d post a quote, but he mentions one in particular that shall not be named here.
    http://nymag.com/news/politics/21681/index4.html

  10. Even Newsweek is pushing back. Newsweek!

    Obama is a Great Pretender

    Obama is a great pretender. He repeatedly says he’s doing things that he isn’t, trusting his powerful rhetoric to obscure the difference.

    Obama thinks he can ignore these blatant inconsistencies. Like many smart people, he believes he can talk his way around problems. Maybe. He’s helped by much of the media, who seem so enthralled with him that they don’t see glaring contradictions. During the campaign, Obama said he would change Washington’s petty partisanship; he also advocated a highly partisan agenda. Both claims could not be true. The media barely noticed; the same obliviousness persists. But Obama still runs a risk: that his overworked rhetoric loses its power and boomerangs on him.

    http://www.realclearpolitics.com/articles/2009/03/president_double_talk.html

    • Samuelson has always seen through Obama. From Feb., 2008, “The Obama Delusion”:

      http://www.washingtonpost.com/wp-dyn/content/article/2008/02/19/AR2008021902336.html

    • We were trying to tell BO that Repubs do not behave like rescued kittens. They have only one drive and it is for power.

      Think he’s learning? Repub senators write letter to the president telling him that he dasn’t name judges they don’t approve of and he MUST nominate all the judges nom’d by BushBoy but not voted on or voted down.

      Give me a break! Oh, and the Repubs who were so distressed that Dems might filibuster? Nothin’ but fillibuterin’, babeeees!

      And House Repubs have made it cyrstal clear that obstruction and negation is their role, that they will do nothing right up to the 2010 elections except try to make the House Dems look bad.

      Please let someone explain to Obama the game the Repubs are playing.It’s not the same one he thinks he’s in.

  11. I’m back! – and thrilled to see that you are all on top of things as usual. I had not email, didn’t hear any news, even see a newspaper – not that I read them anymore.

    Now I’ll try to catch up by reading through all your posts and comments! 🙂

    • Hey Joanelle,

      Did you enjoy your vacation? I remember your comment that you were having trouble flying because of weather. I’m glad you were still able to go.

      • Yes, BB – all flights were cancelled last Monday because of the snow – but we got out Tuesday and the weather was great in FL – 😀

  12. bo speak…

    we want everyones opinion , what ever anyone has to offer as part of the solution, everything is on the table , but anyone who disagrees with me doesn’t count

    Does he think we have not heard this before , ???

  13. http://www.nydailynews.com/opinions/columnists/goodwin/index.html

    “But Obama has expressed little interest in prosecuting those who cooked the books to make billions and undermined the financial system. Nor is he interested in rebuking Congress, including leading members of his own party, who fostered destructive lending and borrowing policies. He seems comfortable with his aides, including those who saw nothing amiss in their former roles as Wall Street players and regulators.

    Instead, Obama’s class-war language, most of it written into prepared speeches, looks like selective anger, calculated to stoke public emotion to build support for his expansive agenda. That agenda, which revolves around a dramatic increase in Washington power, relies on tax hikes on the same successful businesses and individuals he denounces.

    First he demonizes them, then he taxes them.

    And always, he makes liberal use of bogeymen. On Friday, as he stood before a class of 25 police cadets in Columbus, Ohio, hired with federal stimulus money, the President delivered a standard attack line against unnamed dissenters. “They opposed the very notion that government has a role in ending the cycle of job loss at the heart of this recession,” he said.

    Actually, few if any critics advocated doing nothing. But never mind. Being President means you don’t have to let the facts get in the way of a plan to divide and conquer.”

  14. While all the Treasury crap foments, there is so much else going on that we don’t see where it’s all heading. Here is a great summary that may help tie a lot of the pieces together…

    The Council of Foreign Relations, the melding of Canada, the US, and Mexico is progressing nicely if you go down the list of “goals” for 2010….

    THE PROPOSED NORTH AMERICAN COMMUNITY/NORTH AMERICAN UNION: 2010 Is Just Around the Corner

    http://insightanalytical.wordpress.com/2009/03/09/the-proposed-north-american-communitynorth-american-union-2010-is-just-around-the-corner/

    • Mexico sounds like its pretty unstable right now with its drug wars. And, even years ago, some of the manufacturing plants used to have to hire armed guards for pay days (I believe the companies eventually changed their payment methods because too many employees got robbed on their way home from work, so the armed guards may be a thing of the past, although they point to a consistent pattern of uncontrolled violence). At this point, I can’t help but wonder if the U.S. will have to get involved to bring some level of stability within Mexico, or at the very least to defend the border and prevent the violence from crossing over.

      As for the oil, although I support getting off fossil fuels in the long run, doesn’t it at all seem odd that the countries to our north and south supply us with so much. It would seem like if we looked hard enough, we might find that we still had reverses of our own to tap.

    • Thx for this-didn’t know about it

  15. hee hee, love this line:

    “Yes, we wish that too but a proclivity towards wish fulfillment isn’t generally a characteristic we look for in a president.”

    slightly OT note, I suggest an experiment where mr. obama and tiny turbo tax timmy do NOT make a public appearance for 1 week. maybe the gibby can say at the next press show that they are on another much needed vacation, or just out back smoking a butt. Eitiher way, I bet the markets would make a stunning comeback.

  16. Obama budget director says economy ‘weak’
    By Philip Elliott

    The Associated Press

    Updated: 03/09/2009 06:51:37 AM MDT

    The White House’s top budget official declared on Sunday that “fundamentally, the economy is weak” while saying the administration’s own financial predictions could need a revision by midyear.

    Peter Orszag, President Barack Obama’s Office of Management and Budget director, said in television interviews that the economic downturn has been years in the making but cautioned that the new administration wasn’t yet looking at a second economic stimulus package. Orszag said the already-in-place $787 billion stimulus should have a chance to work before officials ask Congress to consider a sequel.

    “I don’t think we should be chasing our tail, constantly revising assumptions,” Orszag said. “Let’s see what happens, let it work. We’ll have a mid-session review later in the year. We’ll have an opportunity to revise the assumptions at that point.”

    That revision, though, seemed unavoidable.

    Obama’s budget assumes the economy will grow at about 3.2 percent. Given climbing unemployment, shrinking credit and a general frustration over a crumbling economy, that now seems unrealistic.

    What, the economy is “weak”? And we were worried the obamarama administration wasn’t ready for the big leagues…..oy

  17. OT> I just received an e-mail about a campaign appearance (reception) with Gillibrand and the Big Dawg at an apartment of some very rich person on the 11th.

  18. Thanks for the great post. Below comment, awkward and long, is meant to add to the discussion, not suggest a solution. That’s their job.

    Human body as the economy. The heart (banking system) pumps blood (money) to maintain circulation (liquidity) throughout the body. Low blood pressure (market interest rate) is generally preferable to high pressure. The lungs (stock and bond markets) are also essential in bringing oxygen (confidence) into the circulating blood. The brain (workforce) works together with our limbs and senses (industry) to generate energy (productivity) that leads to output (goods and services) for which we get a paycheck (income). Part of that paycheck goes to pay the doctor (government) who looks after us. We use the rest of the paycheck for food (consumption), shelter (realestate), and savings (investments). All this digestion (capital conversion) takes place in our stomach (commerce), and together with circulation (liquidity) and respiration (market confidence), we are again able to generate energy. In order for the body to remain healthy, we need to eat well (consume goods/fuel within our means), exercise (educate, train, improve productivity), breathe clean oxygen (earned confidence), sleep well (regulate, market corrections), and save (invest in our future).

    Not healthy would be over eating (spending beyond our needs), not exercising (passive subsidies), over stressing (foreign competition), smoking funny stuff (bad mortgages), popping amphetamines (toxic overleveraged investments), succumbing to insomnia (market bubbles), mind becoming inactive (not working or producing), and borrowing too much (national debt). A combination of the above high risk factors (moral hazard) led to internal hemorrhaging (housing meltdown) which along with an already overburdened heart led to a cardiac arrest (banking crisis). The doctor (govt) and the nurse (treasury) piped tank oxygen (speeches, pledges) into the lungs. They managed to resuscitate a severely weakened heart with a jolt from the defibrillator (lehman’s sacrifice), chest compressions (bailout loans, guarantees), and pumping in blood (capital infusions). Now, they are running time-consuming diagnostics (stress tests) to figure out what steps to take next. Which of these. Stem the internal hemorrhaging (housing relief), open heart bypass (private/public investment fund) to salvage the healthy part of the heart (unpack and unload toxic assets), insert pacemaker (re-regulate banking sector), human heart transplant (temporary fdic nationalization), mechanical heart transplant (permanent fed nationalization). The doctor and nurse look tired, somewhat stunned, and they are moving with the sureness and speed of first year interns.

    In the meantime, as the body remains weak, the doctor feeds nutrients and fluids (spending stimulus) into the body. Along with oxygen and blood, the nutrients are essential to keeping the brain (workforce) alive and working. However, regardless of how much nutrients are fed to the body, it is clear the heart in its current condition will not survive. Krugman this morning in the Times argues for a much bigger stimulus. I realize the biology premise is a fanciful metaphor. But would more food really help a body without a functioning heart, at least in our current system of capitalism. Dunno. That’s for the economists. I just wish Geithner would just get his ass in gear and fix the damn thing. All the bankers can go to jail after, for all I care.

    I don’t know how to do the linky thingy from text, but below is an excerpt from Krugman.

    As I read it, this dismissal — together with the continuing failure to announce any broad plans for bank restructuring — means that the White House has decided to muddle through on the financial front, relying on economic recovery to rescue the banks rather than the other way around. And with the stimulus plan too small to deliver an economic recovery … well, you get the picture.

  19. New thread up

  20. Three Wickets, I love this analogy.

    If the current banking system (the heart) is very sick, and possibly beyond repair, and if this sick “heart” remains in the
    body, it could lead to sickness of other major organs and systems/functions as outlined in your beautiful post, and eventually cause “death” of the whole body (our economy) as we know it (even if the “body” stays in “Intensive Care” for a while being handled by an inexperienced, smooth talking, speeching care provider-Mr. Obama)

    Would a “heart transplant” (a renovated banking system or new banking regulations) help the “body” (economy) work in this scenario?

    I would also dare suggesting we change the care provider as well, lest the “new heart” gets messed up as well.

  21. Rd if the worst happens — you will survive it. I did. The hardest part was the loss of “identity” in terms of who I was as a worker?

    That was the hardest. But, a scientist is a scientist — start thinking about how you can transfer that — I think it was Dakini the other day — on teaching? Or, can what you do transfer to a different industry?

    This country has gotten itself into this mess by doing the outsourcing of everything except lawyers, in my opinion. Or middle management corrupt types like the above that you describe.

    This narrow part of us — the “label” we believe ourselves to be is only a tiny part of who any of us actually are.

    One very liberating thing for me was when I saw how much corruption there was — and cruelty… to not be part of a system like that is a relief. Not a financial relief — but an emotional relief.

    What they don’t realize is that they destroyed their own system?

    If everyone in our country is laid off and has to take jobs for pennies it will destroy Social Sec. for futute gens, not just ours.

    Of course, any of us can move to a developing country?

    Taking the skills we went to school for, elsewhere.

    My friend went back to school at 50 for a BA and Masters to teach Special Needs kids. (She was a mom before that) — now, she is $90,000 in debt on those loans. The school system sends out layoff notices with regularity –it’s the first “real” job she has ever had —

    The system doesn’t work in this country because of mismanagement and corporate greed — anymore. But all sectors will be affected. Because? It’s like dominoes.

    When the middle can no longer “buy” stuff as they are expected to — the domino fall reaches all sectors. Stores and restaurants close and so forth. Maybe even towns dry up? Because people leave.

    I read somewhere the government is going to be the biggest business in the country. Oh great. With this at the helm. Great.

    ps: you already are a blog organizer!

    You see, it’s all about audience, isn’t it?
    Because lucky you! You have a big one! — unlike some other writers who will be seen as the shallow superficial types they are.

    Ugh. I’m sorry this is happening. I really am, for you.
    But — maybe there is something to “cure” in another sector of the science biz if that company loses one of its best hearts?

    hugs.

  22. Someone should tell Elizabeth Warren that there is no “team” at Treasury–it’s just Timmy and one other guy who is not even working on the domestic agenda.

  23. How about obama and not to leave out meanchelle doesn’t count to us!!

  24. Elizabeth Warren was on NPR’s Fresh Air with Terry Gross this afternoon. Talking about the housing relief plan, mortgage refinancing, etc. She’s great. Very clear. Also comfortably critical of Obama’s plan. Congress is lucky to have her.

    • Elizabeth Warren is a great, clear, precise speaker — with a warm and very pleasant voice. Love hearing her discuss issues.

      She noted that all the money going out from the Fed has zero means for accountability. Amazing.

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