A New New Deal
By Harold Meyerson | Thursday, March 20, 2008 | The Washington Post
“…In the broadest sense, the American economy over the past three decades has been powered by ever more ingenious extensions of credit to a people whose incomes were going nowhere, unless they were in the wealthiest 10 percent of the population. There were some limits, as a result of New Deal regulations, on how old-line banks could extend credit, but investment banks and other institutions not legally obliged to keep a certain amount of cash in reserve operated under no such constraints. The risk was that one day, burdened by debt and static incomes, American homeowners would have trouble making their payments and the house of cards would come tumbling down. But what were the odds of that?….”…BS
http://www.washingtonpost.com/wp-dyn/content/article/2008/03/19/AR2008031902779_pf.html
This entry was posted on Thursday, March 20th, 2008 at 7:43 AM and filed under Economics, Politics. Follow comments here with the RSS 2.0 feed. Skip to the end and leave a response. Trackbacks are closed.
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“If the Democrats are to win this year and then govern effectively, they need to offer a new New Deal to the American people.” says the article. It then goes on to say how McCain’s Republican heritage will ensure that he cannot go down the same path. That, I am not so sure about, but what is certainly true is that there is a lot of sense talked here and call it a ‘New Deal’ or not, the candidates need to be offering clear solutions.
Posted on 20-Mar-08 at 9:26 am | Permalink