Busted: Bankers and The Global Economy

November 22, 2008

Stimulus, Not Economic Nosedive

Three more banks failed, mostly due to California’s slumping mortgage industry. But stimulus is on the mind of President-elect Barack Obama. “If we don’t act swiftly and boldly, most experts now believe that we could lose millions of jobs next year,” the Democratic president-elect said in a weekly radio address at http://www.change.gov, another change showing the influence of the digital economy. Now, the nation risks sinking into a deflationary spiral. While the spiral of devaluation is not really news for economists, a little truth is refreshing to hear.

obama-address-11222008To counteract that prospect, Obama is proposing an aggressive two-year plan to generate 2.5 million jobs focusing on a deteriorating infrastructure. He was not shy about employment numbers for the U.S. economy. Obama did not eliminate the mention of rising unemployment numbers, identifying with those that are awake nights for concern about whether next month’s money will meet debts or whether those that go to work in the morning return home that afternoon with pink slips. He has committed to a stimulus that he says is up to the job. ~ E. Manning

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