President Obama, like so many in the Democratic party, idolizes Franklin Roosevelt. He has called for a new New Deal, portions of which are passing through the pork grinder called Congress and spent most of his campaign playing class warrior. In perfect Rooseveltian fashion, he spent the last week tongue lashing Wall Street over their pay [...]
The Obama administration’s plan for bailing out the banking system is morphing into a hybrid plan:
The nation’s top economic officials are discussing a new way to stabilize the financial system by buying a portion of banks’ bad assets and offering guarantees against future losses on some of the remainder, in an effort to help banks [...]
The Economist has a good article about the various stimulus programs around the world:
FEW now doubt that the world economy is in its most parlous state since the 1930s. Demand is slumping across the globe as firms and consumers are battered by a pernicious, self-reinforcing bombardment of dysfunctional financial markets, falling wealth, higher unemployment and rampant [...]
Update: GDP Revised Lower
According to the Bureau of Economic Analysis, US gross domestic product- the output of goods and services produced by labor and property located in the United States - expanded by 1.3% for all of 2008, the weakest rate of economic growth since 2001. For the latest quarter, GDP fell 3.8%, after a contraction of 0.5% in the [...]
