Ronald Reagan used to joke that the nine most terrifying words in the English language were “I’m from the government and I’m here to help.” Barack Obama is making those words welcome.
As he approaches his 100th day in office, Obama is rolling back the Reagan Revolution and restoring government to a central role in the economy. He has passed the biggest budget stimulus ever, prepared the way for an overhaul of the U.S. automobile and banking industries and proposed a $634 billion government- funded expansion of health-care benefits.
The ultimate consequences of rebalancing the roles of government and capital are far from clear. In the short run, though, Obama has managed to dissipate some of the doom-and- gloom talk that the U.S. was headed for a depression.
Ai note: He only managed to talk nice and smile, That’s all for now.
“The system is beginning to stabilize as the grip of fear is starting to ease,” former Federal Reserve Chairman Alan Greenspan said in an April 21 interview. At the same time, the 83-year-old Greenspan, a Reagan appointee, said he’s concerned that the Obama administration has “taken on too much” with its long-term budget proposals.
Ai note: Greenspan is the best one in forecasting…interest rates consequences…
“In a financial crisis, the biggest mistake that a government can make is to do too little, not too much,” Treasury Secretary Timothy Geithner said in an interview April 21.
Ai note: or the exact opposite, please revisit 1920’s recession and Warren G. Harding policy. And see this video in our older post.
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