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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!


Born on Third Base: A Q&A with Author and Inequality Activist Chuck Collins

As inequality grabs headlines, steals the show in presidential debates, and drives deep divides between the haves and have nots in America, class war brews. Does it have to be this way?Can we suspend both class wars long enough to consider a new way forward? Is it really good for anyone that most of society’s […] Read More

Three Principles to Survive the Future

What guiding principles will you need to not just survive the future, but imagine a better one? Surviving the Future is a story drawn from the fertile ground of the late David Fleming’s extraordinary Lean Logic: A Dictionary for the Future and How to Survive It. That hardback consists of four hundred and four interlinked dictionary entries, […] Read More

The 5 Rules of Lean Thinking

Are you ready to co-create the future? These 5 Rules of Lean Thinking are a useful tool as we set out to collectively invent a post-market future.Surviving the Future is a story drawn from the fertile ground of the late David Fleming’s extraordinary Lean Logic: A Dictionary for the Future and How to Survive It. That […] Read More

Sow Seeds: Stop Walking Around Doing Nothing

“In the last one hundred years, 94 percent of seed varieties available at the turn of the century in America and considered a part of the human commons have been lost.”That’s one of the key takeaways in award-winning author and activist Janisse Ray’s book, The Seed Underground: A Growing Revolution to Save Food. In her book, Ray […] Read More

Solar Dollars: Promote Renewable Energy & Support Local Economies

How can you use the sun as a way to not only generate renewable energy, but support the local economy and provide interest-free financing for utility companies?Author Thomas Greco (The End of Money and the Future of Civilization) has the answer: Solar Dollars!In a recent post on this blog (Beyond Money), Greco makes the case […] Read More
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