In comments from this weekend, Dr. West calls for more of a fundamental shift in economic policy, criticizing Obama's effort to hold on to the traditional economic architecture. Where are the bailouts for poor and working class Americans? (I sure could use a bailout right now... a student loan bailout.... because I purchased an education that I couldn't afford).
While I tend to agree with Dr. West, I also understand that for practical purposes, Obama may see the corporate Wall Street elites who helped crash the financial system as having the solutions for getting the system running again. I personally disagree with the choice of Geithner and Corporate elites serving in the Administration. But Obama obviously sees a practical benefit from their participation.
I think there probably has to be a balance....at least for the moment. I agree that long term, this Country has to invest more time and resources improving the lives of working people. On the other hand, Obama must first fix the economy. In the short term, fixing the economy may require Obama to get cozy with the elites who West rails against.
Tuesday, March 31, 2009
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Those are my thoughts too AI. As I have no doubt Dr. West is well versed in economic affairs, I don't think this problem can be looked at only through the lens of "helping the poor". If more of these banks are allowed to fail, as some have already done and more may still come, people may just be seeing the tip of the iceberg.
Sure we don't want to reward the people who got us into this but you don't hire a square to find the drugdealer and quash the crime. You hire informants w/ knowledge of the game. I think that's the thinking here. As I'm getting myself up to speed from listening to every economists I can on Charlie Rose, NPR and Bill Moyers (not so much) most agree on having the Wall St. players involved.
Right now, I think they know this whole thing will fail if it doesn't stabilize. And that means "All" of main st and wall st.
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