That's upcoming issue of newsweek (via Politico). Thank Goodness For Krugman.

"A devoted liberal, Krugman hungers for what he calls `a new New Deal,' and he prides himself on his status as an outsider. (He is as much of an outsider as a Nobel laureate from Princeton with a column in the Times can be.) Is Krugman right? Is the Obama administration too beholden to Wall Street and to the status quo, trying to save a system that is beyond salvation? Does Obama have--despite the brayings of the right--too much faith in the markets at a time when prudence suggests that they cannot rescue themselves? We do not know yet, and will not for a while to come. But as Evan--hardly a rabble-rousing lefty--writes, a lot of people have a `creeping feeling' that the Cassandra from Princeton may just be right. After all, the original Cassandra was."
On that note, going up against the status quo corporate interests that drive the Obama-Clinton administrations economic agenda, I'd like to encourage you to check out A New Way Forward: No more corporate bailouts.
Tell Obama and Congress: "If it's too big to fail, it's too big to exist. Dismantle the power of the financial elite and make policies that keep a new crop from springing up. We want our economy and politics restored for the public."

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Obama: Corruption We Can Believe In

Glenn Greenwald has recently posted a very abstract jeremiad about our corrupt "establishment," with multiple concurring citations from Atrios,Paul Krugman,Matt Taibbi,Armando, (Big Tent Democrat on TalkLeft), and even Eliot Spitzer, recently returned from the dead by a collective realization that he was right about everything.

Our "establishment" is corrupt, and public outrage about the AIG bonuses is a very good thing, because it scares the corrupt "elite," and fear is the only force that can control those monsters.

This is only half right, as far as it goes, but it doesn't go quite far enough, and stops at a politically safe distance from the Oval Office, which is exactly where the buck is supposed to stop, and where Barack Obama continues to enable and support the most corrupt financial "establishment" since almost exactly the same corrupt "establishment" produced the Great Depression.

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Is Geithner's Wall Street bailout running out of gas?

While Treasury Secretary Geithner doesn't seem to be getting it, many others are.

As recently as today, U.S. Treasury Secretary Tim Geithner continues to make pronouncements of a "private-public partnership" (his vision for the follow-up proposal on TARP I, originally implemented by the Bush administration in the fourth quarter of '08) which will, effectively, expand the $350 billion, second portion of former Treasury Secretary Henry Paulson's Wall Street bailout program to $2 trillion: "Geithner Reassures G-7 on U.S. Financial Rescue Plan."

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Obama Needs to Nationalize

Update II: Krugman - "Nationalization is actually as American as apple pie."

Update: Time Magazine - "According to Reuters, there are over 8,300 FDIC-insured banks in America. Last August, dour economist Nouriel Roubini told Barron's that 1,400 banks in the U.S. would eventually fail."

The Obama administration can pivot fast, but there is no doubt that Wall Street and policymakers (some of whom are being earnest) want more specificity on how Obama will manage the bank bailout plan.

As part of the American Recovery and Reinvestment Plan, Obama needs to move decisively on the bank bailout with lots of a details, clear timeliness and delineated scope in a manner that would make project management professionals proud.

Treasury Secretary Timothy Geithner didn't provide any of that yesterday.

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Right-Washing the New Deal

Hey folks, I wanted to share my latest column with everyone here at MyDD. If you like what you see, feel free to recommend this diary and share it with your friends.


It's probably a good thing that cable news generally doesn't draw much of an audience from the 18- to 24-year-old demographic. Otherwise, history professors across the nation could very well be witnessing the undoing of their work to educate students about the dire economic climate the United States faced for much of the 1930s.

Those who have been watching cable news lately have undoubtedly noticed the litany of conservative media figures attempting to rewrite history by denigrating the tremendous successes of President Franklin Delano Roosevelt's New Deal policies in what amounts to an orchestrated effort to derail the economic recovery plans of President Obama.

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