Martin Wolf started off his Financial Times column for February 11 with the bold question: “Has Barack Obama’s presidency already failed?” The stock market had a similar opinion, plunging 382 points. Having promised “change,” Mr. Obama is giving us more Clinton-Bush via Robert Rubin’s protégé, Tim Geithner. Tuesday’s $2.5 trillion Financial Stabilization Plan to re-inflate the Bubble Economy is basically an extension of the Bush-Paulson giveaway – yet more Rubinomics for financial insiders in the emerging Wall Street trusts. The financial system is to be concentrated into a cartel of just a few giant conglomerates to act as the economy’s central planners and resource allocators. This makes banks the big winners in the game of “chicken” they’ve been playing with Washington, a shakedown holding the economy hostage. “Give us what we want or we’ll plunge the economy into financial crisis.” Washington has given them $9 trillion so far, with promises now of another $2 trillion– and still counting.
– “Obama’s Awful Financial Recovery Plan” by Michael Hudson.
Democracy Now interview with Michael Hudson and Kuttner (very lucid conversation about the problems with the stimulus and the bailout).
Oregon Congressman Peter DeFazio‘s open letter on why he voted against the stimulus package. DeFazio serves on the Transportation and Infrastructure, Homeland Security, and Natural Resources committees, and subcommittees of each; he chairs the Transportation subcommittee on Highways and Transit. He was a contender for the position of Secretary of Transportation in the Obama administration.
Long NYT Magazine piece on how there’s some long term strategic ideas included in the package (it’s a cold comfort though).