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Robert Kuttner on the Failures and Successes of the Stimulus: Democracy Now!

Economists Michael Hudson and Robert Kuttner (Obama’s Challenge: America’s Economic Crisis and the Power of a Transformative Presidency) weigh in on President Obama’s economic stimulus plan in this video from Democracy Now! with Amy Goodman.

The biggest problem of all is the Geithner plan to try and bring hedge funds and private equity companies with loans from the federal reserve as a way of propping up banks. It’s resuscitating the same system that got us into this mess. It’s totally wrong-headed. All of the economists who I respect—from Joe Stiglitz to Paul Krugman to Nouriel Roubini—all argue that sooner or later we’re going to have to nationalize the banks, clean out the bad assets, make the bad actors take a hit, replace corrupt management, and clean the slate so that we start out with viable banks that can get the credit system operating again. And the longer we defer that with more pyramid schemes financed by the Fed or the Treasury or the taxpayers, the deeper the hole is.

You asked the question why we’re not doing it right—the problem is political. On the one hand, Obama has hired a lot of Bob Rubin’s protegés, who aren’t even advocating the right policy. On the other hand the Republicans are stonewalling him across the board, and so people like Susan Collins, Senator from Maine, who are pretty conservative, get to block this thing. The only way to end this blockage is for Obama is to go to the country and to become a lot more radical, because the times demand radical solutions.

Watch the video on Democracy Now!


10 Books to Curl Up With This Winter

William Wordsworth was right when he said, “Nature never did betray the heart that loved her.” Nevertheless, the cold, dark days of winter can still get the best of even Nature’s most tenderhearted admirer. What’s one to do? We here at Chelsea Green have concocted the perfect cabin fever remedy with our suggested winter reading […] Read More..

Top 8 Chelsea Green Books the Self-Styled Oregon Militia Should Read

The ongoing armed militia occupation of the Malheur National Wildlife Refuge in Oregon is showing no signs of ending — so, rather than send them snacks, or sex toys, we had an idea: Send them a book! Better yet, send them several Chelsea Green books. Don’t worry, we’ve picked five key titles that we think […] Read More..

Author David Stroh: First Steps to Becoming a Systems Thinker

Systems thinking is often seen as something relegated to scientific and business analysis – economics, resource depletion, and climate. However, Systems Thinking for Social Change focuses on how to use systems thinking to make breakthrough progress on intransigent social problems. We asked author David Stroh how this approach can make an impact, and how readers […] Read More..

Use Systems Thinking to Make Lasting Social Change

What can be done when our best intentions create unintended problems—such as temporary shelters increasing homelessness or food aid accelerating starvation?After decades of helping change-makers in the nonprofit, public, and private sectors address tough social problems, systems-thinking expert David Stroh shares the pioneering framework that both demystifies systems thinking and shows how it can lead […] Read More..

Let’s Make Bernie Sanders a Bestseller!

As the presidential campaign of Bernie Sanders continues to climb in the polls, crushing online fundraising records and frustrating party insiders and pundits along the way, we’re looking to put Bernie’s message on bestseller lists everywhere in time for the national debates this fall!With the second Democratic debate to be held on November 14th in Des Moines, it’s […] Read More..
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