Sunday :: Jul 19, 2009

Obama and the Economic Critics on the Left

by Mary

Newsweek has a piece about Joseph Stiglitz, one of the world's preeminent Nobel Prize economists who doesn't believe Obama has done enough. Stiglitz was one of the early critics that the size of the economic stimulus package was too small and now days it is apparent that he and Krugman were more than right. Another major criticism is that the Obama has not sufficiently restrained the too-big-to-fail financial institutions which most leftward leaning economists believe as well.

A senior White House official, responding to this critique, says that the Obama administration is most often criticized these days for intervening too much in the economy, not too little.

So, the administration is still using the "both sides are complaining" excuse which is completely brain-dead when all the evidence shows one side was right and the other wrong. After all, the stimulus package was way too small to fill the hole in which the economy has fallen and Stiglitz was right about this. And those critics that complain the administration is interfering too much? They are the same ones that helped create the financial debacle by deregulating everything in sight. They are the people who think it's okay to let Goldman Sachs suck up all the world's wealth because that's how they gain status and make their bucks off the ill-begotten gains of the ultra wealthy.

So who has more credibility? The guys who wrecked the economy or the guys who warned about the excesses? Why does the administration play this game?

Mary :: 8:30 PM :: Comments (1) :: Digg It!