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Politics : President Barack Obama
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To: Little Joe who wrote (40658)10/28/2008 8:02:58 AM
From: RetiredNow2 Recommendations  Read Replies (3) of 149317
 
Well, I know a little something about finance, since that has been my background for a couple of decades. Liquidity is a funny thing. If it freezes up, every sector loses jobs, not just Wall Street. So something had to be done. The panic bailout was less than ideal, though. And now the execution of the processes looks to be fraught with perils as well.

Here's another thing. We're in deep doodoo. The worst since the Great Depression. We can sit idly by and wait for it to metastasize and watch as you and I lose our jobs, or our government can run deficits to spend our way out of it. I know that it is very unappealing, but it worked after the Great Depression, which is our only historical precedent.

I'm the last person that likes government debt. I've been railing against it for years. But at times like these, there is little choice but to go into further debt. The only choice we have is where to spend it. Bush would like to spend it on his rich friends. I think we should spend it to rebuild this country's infrastructure and create Green jobs to build an entirely new economy based on alternative energies. That would be making sure our spending was an investment, instead of just a giveaway to rich people.
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