Julio Huato wrote: > ... I > understand the urgency of these measures. Timing is essential. But I > don't think Obama has only one shot at this. Setbacks can be turned > into victories.... > > As blissfully ignorant as I am of the concrete legislative process in > the U.S., I am sure that Obama and his people will have more > opportunities to advance, should they want to -- and/or be forced to > -- advance.
It's absolutely true that the ostensible inadequacy of the Obama stimulus plan (especially after being compromised) and the Geithner rescue plan can be addressed in the future, when leadership is more confident or organized and the political balance has changed (say, after the 2010 Congressional elections or due to a deepening recession). But this inadequacy means that the needed stimulus and rescue are delayed, so that the rise in unemployment is larger and more sustained and the financial problems are deeper and more prolonged. The more these are profound or sustained, the more permanent the scars are: draining of households' savings (to the extent they have any), more accumulation of their debt (if anyone will lend), more foreclosures and bankruptcies, and more homelessness). The idea was that early intervention could effectively keep unemployment from rising up to 9 or 10%. But that chance at early intervention seems to be passing, as we transition from "early" to "late." -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
