The guiding philosophy of this administration is that you have got to move quickly....Keep in mind...Christina Romer, the chair of Obama's newly formed Council of Economic Advisors...Her academic work shows that fiscal policy did not bring us out of previous recessions, nor did it bring us out of the Great Depression. Her focus is on speed...the need to catch the business cycle quickly. Full Story »
Posted by Walter Cox
A thorough and engaging discussion among heavy hitters on the economic stage. Completely devoid of partisanship, this discussion focuses on the unique nature of this economic crisis--especially its depth and breadth. The emphasis on speed, which is informed by Christina Romer's excellent academic work, is brought into the discussion with good effect. And Nouriel Roubini, often a naysayer in such discussions, comments constructively throughout. Well worth forty minutes of one's time.
It is rare that I find so finely balanced a piece of journalism . A spirit of co-operation and the need to avoid partisan politics in addressing the global economic crisis are keynotes of this discussion. For example, Christina Romer is a highly acclaimed Berkeley economist who is often cited by Republican thinkers because of her opinion that tax increases are economically damaging, and her thinking figures prominently in the formulation of a new economic policy in the Obama administration.
Charlie Rose is always a good host, but like too many others he is missing the boat here. Printing money and consolidating banks will not fix the problem, which is that our only industries are in weapons, services and resource extraction (timber, mining, fishing...) The Fed also needs to be replaced by an open, honest central bank.
Want more jobs? Then we need a sustainable industry! Hemp gives us an environmentally friendly, sustainable and extremely profitable industry. Cars, houses, clothes, paper, plastics and fuel can all be manufactured from cannabis sativa. And ending the drug war altogether is essential to winning the 'War on Terror'--assuming that the goal actually is to win...
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