No Return to Normal
Why the economic crisis, and its solution,
are bigger than you think.
By James K. Galbraith
In short: There's a way out, but the way things are going now, we're fucked. This is worse than the Great Depression, because nobody is proposing anywhere close to a bold enough plan to fix the public sector and get things going, and there won't be WWII to carry it through. Even with all that working, it still took twenty years to rebuild the economy. These days, between the A.D.D.-media, the next-cycle-only politicians and the panic-or-party jackasses on Wall Street, that will never suffice. Even if Obama took the steps necessary (and nothing indicates he can or will), he will pay too heavy a price for it, control will change hands in 2012 0r even 2016, and any progress he starts will be immediately undone.
The only thing that will make me feel any comfort would be for Obama to fire his current crew of in-over-their-heads insiders and replace them with guys like Galbraith, Krugman Nouriel Roubini and Nassim Taleb, and let them get to some real work.
That doesn't seem likely.