The Spin is In (not)

An Op-Ed in Sundays New York TimesThe Economy Is Still at the Brink really calls out what is so wrong with politics generally.

Isn't not the public relations man, it's the policy

Mr. Obama thinks that the way to revive the economy is to restore confidence in it. If the mood is right, the capital will flow. But this belief is dangerously misguided. We are sympathetic to the extraordinary challenge the president faces, but if we’ve learned anything at all two years into the worst financial crisis of our lifetimes, it is that a capital-markets system this dependent on public confidence is a shockingly inadequate foundation upon which to rest our economy.

The storm is not over, not by a long shot. Huge structural flaws remain in the architecture of our financial system, and many of the fixes that the Obama administration has proposed will do little to address them and may make them worse.

While assuredly the blogs and us have been speaking this truth, it's fairly surprising to see the New York Times publish such an op-ed.

Naked Capitalism's comments:

Why is so much effort being put into propping up those at the top of the economic pyramid — the money-center banks, the insurance companies, the hedge funds and so forth — when during a period of deflation like the one we are in, any recovery will come only by restoring the confidence of the people down at the bottom of the pyramid?

Confidence will return only when jobs can be found and mortgage payments are made. Even if Mr. Obama’s claim is true that his $780 billion stimulus package “saved or created” some 150,000 jobs, we seem a long way away from the point where those struggling to get by will feel like spending again. What happens when people buy a car once every 10 years instead of once every two or three, especially now that we taxpayers own such a big percentage of the American auto industry?

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Fighting to Preserve the status quo.

That is what has been done so far. In the process of doing this we essential have kicked the can down the line instead of facing real problems.

We are facing a reduction in the living standard for most Americans. The one area we had a chance for real change is being watered down and probably rendered more of a liability than anything - health care reform. We don't hear much about taking on the lobbyists/special interests in Washington much any more.

There is another crisis that is upon us that has not been picked up by traditional media and Washington establishment: retirement security. I still believe in change but we have to have leadership in Washington that still believe in it as well.

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Did they all take the think and grow rich

course?

I don't believe in a government that produces shadow stats so that the people can feel good.

Heck they are printing money as if it grows on trees.

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It does remind one of theology

Sepecifically the heretical "Say it and Claim it" or "Blab it and grab it" theology of 1980s and 1990s TV Evangelism.

It was a scam when Oral Roberts claimed that God would kill him unless he raised more than a million dollars- and it's a scam now as they print money in an attempt to "save the rich".
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Maximum jobs, not maximum profits.

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Maximum jobs, not maximum profits.