Roundtable discussion on Obama's economic team-1/4

Naomi Klein, Robert Kuttner and Michael Hudson Dissect Obama's New Economic Team & Stimulus Plan

On Monday Obama named New York Federal Reserve Bank President Timothy Geithner to the post of the Treasury Secretary. Former Treasury Secretary under Clinton Lawrence Summers was named the Director of the National Economic Council in the White House. Obama also called for a stimulus plan that will “give a jolt to the economy.” We host a roundtable discussion about Obama’s latest economic moves [includes rush transcript].

Category:

News & Politics

Tags:

• obama
• geithner
• economy
• klein
• kuttner
• democracy
• now

[alonelychild]

You are indeed! Debt Empire.... As Thomas Jefferson: "I place economy amongst the highest republican value, and public debt its greatest threat" ...

He said that after serving in France in the period of the terminal days of monarchy, endebted untill to hairs

[Weaseldog2001]

Paulson is going around simply siezing smaller profitable banks and reselling them to larger banks for less than their buildings are worth.

I've heard rumours that the same is going on for other businesses. I haven't seen anything to substantiate that though. I know my city tried to close some of the smaller convenience stores, so that the chains could move in. But they failed.

This is a corporate takeover with no rules, no laws, no restrictions, done on a national scale.

[Weaseldog2001]

They'll start loaning after we're tapped out, but then charge 40% interest.

In Argentina, they made laons to cities, then forced the cities to give up infrastructure for peanuts. Then they quit doing maintenance and raised rates.

Same Banks. Same exact Bankers. It's the same pattern.

What we're doing looks exactly like the IMF Austerity plans, except the banks are doing it unilaterally, rather than through the IMF.

They'll have us give them money until the dollar is worthless.

[callieland]

so we will be a nation who produces nothing? makes nothing? we will simply have this huge banking cabal which will not loan but WILL be happy to buy up all the real stuff at 10 cents on the dollar.

[Weaseldog2001]

Yes I do. I Worked this out back in 1998, that post peak oil would lead our economic system into such a mess.

I believed that as industry declined, our leaders would pump money into the system to save the finanical sector. Through a chain of unhappy cause and effects, this would destroy industry in the USA. In 2001, we saw this process begin.

We are following Argentina's lead now.

[callieland]

youre a smrt guy weaseldog2001. but dont you agree that they like as a byproduct, the fact that one huge source of both employment AND the manufacture of REAL GOODS will either be gone or in foreign hands?

[Weaseldog2001]

I don't believe that they are really in so much danger.

If they went through a Chapter 11 reorganization, most would survive.

This is a cover for providing funds and the power to agressively take over smaller profitable banks.

They are creating a banking monopoloy.

Too big to fail is not big enough.

[marrow777]

Makes you think that maybe they want to collapse the economies of the western world. Ther's no point in bailing out car industry when no one can afford a new car. A plant supplying the Ford work has just sacked its workforce in Derry. this thing is rolling out all over the world now big time.

[callieland]

how exactly does it benefit our economy to print up fiat currency and pass it out to failing financial institutions? why not simply let these banks go OUT OF BUSINESS and yes we would have a deep recession for a few years but its better than collapsing the ecomony with this insanity.

[edAVP1138]

LMAO they hung up on Naomi!!!!