ABSOLUTE MUST READ: Analysis of Obama's economic speech, point by point

[flor de jasmim]

http://www.dailykos.com/storyonly/2008/3/27/112357/993/773/485355

It is written by an economist and begins:

The Education of Barack Obama: The Economy

Thu Mar 27, 2008 at 10:11:41 AM PDT
I didn't see it, but I read the text of Sen. Obama's speech on the economy today in New York.

I defy anyone who still believes Obama lacks specifics to read the text. The speech, while still filled with his fabulous rehtorical tools, has six well reasoned ideas to establish a new regulatory frame work for a 21st century economy. Drawing on Hamilton and Jefferson (and mentioning Hamilton's young age at the time he became Sec. of the Treasury) Obama highlights the need to balance the free market with sufficient regulation that works towards benefiting all Americans.

This speech is not only about the credit crisis, but about our long-term financial stability being re-established by creating an appropriate regulatory framework that injects into our markets the ingredient they need now more than ever: Trust.

As an economist I've wanted Obama to focus more on our economy, free trade, the current recession- basically the same things most Americans are thinking about everyday when they fill their gas tank, buy milk and bread, or see their paychecks gone before they cash them. It is, and will continue to be, the most important political issue in this election cycle- mainly because it's the issue that effects Americans daily lives.

While I've always been unimpressed by Clinton, and McCain is an impossibility (bringing back trickle down!) Obama needed to give this speech.

Here are some highlights and what I took away from the speech:

[gateley]

1. Thanks for this. nt

[SoonerPride]

2. The contrast between his speech and McCain's made McCain look like a doddering old fool

Obama will mop the floor with him

[Martin Eden]

15. McCain IS a doddering old fool

and a dangerous one to boot

[SleeplessinSoCal]

37. I fear the fools in the nation will gobble up his garbage

I heard Newshour play segments of all 3 speeches on the economy tonight. I don't trust the public anymore to recognize the answer when they see it. Too many years of misinformation.

[FredStembottom]

65. In fact, about 20 years .......

..... since Democrats began systematically colluding with the Republican economic agenda. Mostly by simply refusing to speak. Or simply refusing to turn their heads toward what the common people.

I don't think we know what Americans may still be able to recognize as Obama becomes the very 1st Democrat in all these years to acknowledge that he sees us.

I predict, should he continue like this, that common American's ability to grasp this information and seize the moment will come roaring back.

[SunsetDreams]

46. I agree..

McCain pales in comparison! He will get his butt kicked!

[Shakespeare]

3. Andrew Leonard's summary and analysis is really good, too.

http://www.salon.com/tech/htww/?last_story=/tech/htww/2008/03/27/obama_s_economic_plan/

[FrenchieCat]

18. Thank you for that!

sample for those who didn't click on the link!

Obama's plan to change the economy

So for liberal critics of capitalism as currently practiced in the United States, there was much to admire and appreciate in Barack Obama's speech Thursday morning at Cooper Union in New York. The address provided yet another example of what the senator from Illinois does best: It was an eloquent, nuanced, smart defense of the pressing need to roll back decades of government irresponsibility and ensure that the interests of, as he put it, "Main Street and Wall Street" are better aligned.

"Our free market was never meant to be a free license to take whatever you can get, however you can get it," said Obama. He reached all the way back to the first secretary of the treasury, Alexander Hamilton, in his effort to argue from first principles that government has the right and responsibility to intervene in the economy to ensure that the few do not benefit at the expense of the many. He referenced the 1999 repeal of the provision in the Glass-Steagall Act that previously separated commercial and investment banking. He even declared that it was "time to realign incentives and compensation packages, so that both high level executives and employees better serve the interests of shareholders" -- a broadside unlikely to win him a lot of votes in downtown Manhattan (or at the fundraiser at the investment bank Credit-Suisse that Obama headed to after his speech, as was helpfully pointed out by the Clinton campaign).

The comparison with Sen. John McCain's speech on Tuesday could not be more stark. Obama's jibe -- that McCain's "plan ... amounts to little more than watching this crisis happen," is not off the mark. McCain took great pains to stress his intent to intervene in the workings of Wall Street as minimally as possible. For those deluded souls who might still think there is no significant difference between the two major parties in the United States, a review of McCain's and Obama's speeches this week is in order. They are like bookends at opposite ends of the economics shelf. Obama snuggles up to John Maynard Keynes, while McCain seeks the warm embrace of Milton Friedman. Obama sounded like he understood what he was talking about. McCain sounded like he was reading a speech designed to make him look like he understood what was going on.

more....
http://www.salon.com/tech/htww/index.html

[Beregond2]

29. Smart

Dear God, please, please let us have a President this smart!

[FatDave]

39. Here is the most important line from the Salon article quoted above

"Obama snuggles up to John Maynard Keynes, while McCain seeks the warm embrace of Milton Friedman."

Keynesian policies brought us out of the great depression. Keynesian policies built a strong middle class in the 50's. Their success was so apparent that Richard Nixon once famously remarked "We're all Keynesians now".

But Reagan put a stop to all that.

I urge everyone interested in finally ending the trickle-down sham to follow these links:

http://en.wikipedia.org/wiki/Keynesian_economics
http://www.salon.com/tech/htww/2008/03/27/the_end_of_laissez_faire/index.html
http://www.pbs.org/wgbh/commandingheights/shared/minitextlo/int_johnkennethgalbraith.html

[RUMMYisFROSTED]

49. That was my exact takeaway.

I almost snipped that sentence, as well.

:thumbsup:

[Tellurian]

44. Except Obama's plan does not apply pressure to his friends, the Wall St. Banks..

and jeopardizes the ability of his health care plan to provide coverage for Americans.

Krugman spells it out in clear concise contrasts between the 3 candidates..

http://www.nytimes.com/2008/03/28/opinion/28krugman.html?_r=1&oref=slogin

[nvme]

61. Forcing banks who use fed money

To have transparency and accountability is what he is proposing. Please read the text if you can stomach it. stop with the talking points.

[Shakespeare]

66. He's proposing major regulation and RE-regulation.

I'd say that counts as pressure.

Oh, and Krugman contradicts himself a bit: he claims Obama's proposals are mostly orthodox, but a graph or two above that notes that he's calling for broader regulation. In light of the pattern of deregulation over the last 30 years, there's nothing orthodox about that at all.

[mod mom]

47. "Clinton promising a boatload of quick fixes, and Obama promising a profound change of course"

from the summary. thanks for posting it, Shakespeare!

[Greyskye]

4. To the greatest w/ you.

:kick: for good info.

[Jackpine Radical]

6. Oh yes, oh yes.

[rateyes]

5. Could it be "the economy, stupid?"

:D Great speech. Sounds like he gets it.

[HCE SuiGeneris]

7. Kick -- hope and change and ideas and solid framework and...

[TeamsterDem]

8. Enough of this important stuff

Let's get back to Wright. How dare you bring valid, crucially important topics up?

</sarcasm>

[40ozDonkey]

27. Is that why Hillary brought up the "Wright" brothers in her speech today?

Heheheh, I kid, I kid.


Or am I?

:evilgrin:

/mouth-pinky

[TeamsterDem]

35. lol

Nicely done. I didn't even consider that pun originally.

[Cant trust em]

9. The word hope only appeared once in the speech.

OK, techinically twice. But that's just because he got interrupted by applause and had to restart the sentence.

All fluff? I think not.

[AntiFascist]

10. I notice how...

executive underperformers like Carly Fiorina (http://en.wikipedia.org/wiki/Carly_Fiorina#Departure ) are coming out in support of McCain. Obviously these are the types who can be bought and paid for.

Obama needs to stress the value of his economic plan and have more of the smart economists speak out on his behalf.

[Bread and Circus]

11. Thanks for drawing attention to this review of his speech. Much appreciated.

[thoughtcrime1984]

12. This is what the heart of campaign season SHOULD be like! K&R!!

[wowimthere]

13. K&R

Saw Obama's speech and it was very specific!

[leftstreet]

14. "The SEC should investigate and punish this kind of market manipulation"

Fifth, we must remain vigilant and crack down on trading activity that crosses the line to market manipulation. Reports have circulated in recent days that some traders may have intentionally spread rumors that Bear Stearns was in financial distress while making market bets against the company. The SEC should investigate and punish this kind of market manipulation, and report its conclusions to Congress.

Nice!

[Kber]

16. I think Obama got such good feedback for talking about race like

we are adults capable of following a complex argument for more that 30 seconds that he decided to try it again in a speech about the economy.

I kinda like it.

[Johnny Noshoes]

73. Nice isn't it...

when a possible President actually treats us all as adults.

[SunsetDreams]

84. :)

[Scurrilous]

17. K & R

:thumbsup:

[Emit]

19. Interesting: Paul Volcker and add'l ... sundry financial and Wall Street heavy hitters were there.."

From the comments following the Kos Diary you posted:

I was there this morning ...

and I just wanted to add that Paul Volcker and add'l various and sundry financial and Wall Street heavy hitters were there as well.

It was definitely a serious speech to an insider crowd.

Well, best I could tell, the crowd ...

was a mix of financial VIPs (I'm not sure who they all were, but they had set aside a whole section for them and brought them in all together at the last minute. They introduced a few, but Paul Volcker's name was the only one I caught), press people, hand picked Obama volunteers, and some Cooper Union students. It wasn't open to the public.

I was there because I volunteered for the campaign and was offered a ticket.

It was a bit of interesting vibe - it seemed to go over well. The volunteers clapped for all the red meat lines, but it was definitely a serious speech and a serious crowd. I was talking to some financial people outside, and they said they thought it would cause a lot of waves.

[amandabeech]

21. If it went over well with that crowd,

grab your wallet.

[RaleighNCDUer]

51. You think 'that crowd' really wants to see the economy tank?

It's their economy, their country, too. FDR's success at combatting the great depression included getting the banks - the institutions that were forclosing on properties by the tens of thousands, that were blamed for the whole thing (though it was actually Wall Street speculation and unregulated trading that made the market succeptible to panic) - on his side, by showing them that they could make their profits better in a real, funcioning economy than in skimming the cream off the speculators' take.

It's unlikely that any of them will ever go hungry, but they do stand to lose untold millions if we don't get a fix.

[amandabeech]

60. I don't think that their interests coincide with mine, no.

If they are willing to cooperate, good.

[Kurovski]

20. K&R. (nt)

[globalvillage]

22. Obamanomics

I haven't listened to the speech yet, but I've heard good things, including a positive reference to "Obamanomics" on NPR today.

GObama!

[hedgehog]

23. Kick for later!

[PurgedVoter]

24. K & R !!! NT

[Viva_La_Revolution]

25. video link for those like me who missed it...

http://www.youtube.com/watch?v=cSuT5zN2SPI

[Willo]

26. Sandi, thank you very much for the link. And thanks to others on DU

for breaking this speech down. He was making sense, but I'm a simple checkbook balancer.

I tried to listen in while at work. That in itself was a big mistake. I need my brain and focus in high gear when he addresses these serious issues seriously.

[me b zola]

28. K&R

[susanwy]

30. at the risk of getting slammed.....

and the MSM said Biden talked too much! I had to read 13 paragraphs of rhetoric (not all bad) to get to the first actual point of his PLAN to fix this economic woe...

queue up Elvis..."A little less conversation, a little more action."

:hide:

[mcollier]

31. Winners Circle

All Barack Obama supporters, please focus on campaigning against John McCain. He is our opponent. And he is already defeated.

Please pass it on....

[ExPatLeftist]

58. Excellent point

...and I loved the way that Obama himself did just that the very day after his speech on Wright and Race. Then he simply sidestepped Clinton and addressed McCain on the economy - in contrast to Hillary's focus on Obama, even at the expense of PRAISING McCain. THAT is excellent leadership - framing the debate. And his supporters would do well to follow his example: Ignore the bile from the Hillary camp, no real need to even address them anymore, and start the general election campaign NOW.

[ExPatLeftist]

59. Trickle Down is proven not to work...

...and yet America has been convinced that it is the right way to go not once, but twice in the last 25 years.

One of the most amazingly effective uses of propaganda in history: Convincing the people of the lower classes in the US that the Republican party somehow represents them. It is simply unreal to watch hordes of poor, rural Americans fight vehemently AGAINST their own interests in favor of lining the pockets of fat cats.

Fixing this situation, let alone the Bizarro-world mindset, is a major undertaking, but it requires fundamental change.

Obama gets it. I cannot wait until he is president and the nation can begin to have serious dialogs about the issues, as he has hinted will be the reality. Sure beats knee-jerk reactions and people being offhandedly called "Commies" simply because they do not believe in trickle down (a fairy tale PROVEN wrong). No sacred cows. Let's simply make it work.

[ExPatLeftist]

56. How can he take action??

...He has not even won the election... yet.

There is simply no pleasing some people. When he keeps it extremely high-level, then he gets accused of no substance. When he dives down and gives substance, he gets accused of "too much talk" and apparently too much detail. For those that complain no matter what, I tend to believe that the problem is with them, not that which they criticize.

[susanwy]

79. I was being fecicious...

But, you miss my point. Over half of his speech was about how we got to this place in the markets. Its great that he knows his history (the current prez wouldn't know history if a history book fell on his head). I already know deregulation sucked (I figured that one out with the Air Traffic Controllers) and and Bush's tax policies just give the rich more money to waste and Wall Street greed affects my life daily in health costs, retirement investments and just plain class warfare (watching the rich get richer has not helped my mood frankly, when I can't even afford a nice family vacation anymore...Obama and his family had a nice few days in the Virgin Islands).

Really, he could have cut about two-thirds of the first thirteen paragraphs and made his point. It is a central reason why I haven't warmed up to Obama, it isn't high-level vs low-level, its long winded, repetitive rhetoric about the realities I already face, and not enough telling me how and what he will change. Who will he work with? Who will he call together to devise these regulations? What incentive will he offer Wall Street to change? How will he put teeth in any legislation he offers to Congress? Hillary has some of those details, but she delivers it without any passion. It really doesn't matter, if Hillary lit her hair on fire the MSM wouldn't cover the substance of her policies, or Obama's either for that matter.

His speech was short on HOW he would pass regulatory changes, after all the wall street lobby is pretty powerful. He didn't mention how to pay for a bailout of the housing crisis. By the time the next president takes office it will be too late for many, many Americans and no tax credit given in two years (realistically the time it would take for a new POTUS to get changes in the tax code implemented), will help today. He should acknowledge that fact and take it a step farther-we need to overhaul our entire tax code so that we all can benefit from itemization credits most of us cannot take today because we don't make enough to itemize (not just home owners, but medical expenses, energy credits, sales tax offsets, charitable donations). Plus, he did not (and neither did Hillary or McCain) mention our national debt or the fact that China owns our ass.

For the record, and with all due respect, I supported neither candidate in the primary. I was out of town when they visited WY (I'm always gone when exciting things happen here). I will vote for whatever democrat is offered up at the end of this mess, because four years of McCain makes me want to puke (like I have any bile left after shrub). BOTH campaigns are to blame, and the egotistic MSM are responsible for the fact that we're talking about race (= ratings) and not the economy, global warming, THE WAR, peace in the Middle East (hey what is that), education, college costs, greed, debt, .......

sigh

:smoke:

[ExPatLeftist]

81. Thanks for the respectful reply...

I guess that the only thing I have to add is that no one has all the answers. Obama comes into this with some good ideas, but possibly in some areas has not made up his mind exactly as to "how". I think that is normal for any candidate or potential CEO, for example. To go into the job with the idea that you know exactly what you are going to do is to be closed minded, IMO. Obama has indicated on a few occasions that he will listen to his key advisors before making a final decision on some issues, and I think that is commendable. He is willing to listen to experts and even change his opinion, and continue to grow - this is a huge contrast compared to Bush who will never admit a mistake or change course on anything. Some call the willingness to change "flip-flopping", I call it "being an adult". I think that Obama will put together a good team and that he has the logic and judgment to make good decisions once he has consulted with them. At least we know his goals, and I have to hope that he and those that he consults with will find ways to make them happen.

It will, however, obviously take generations to fix the mess that the US has become. But I can only hope that Obama may provide some small start to that change. It's either that or give up on the US altogether (which I have come incredibly close to several times, and I have lived outside the US for 12 years now...)

I agree wholeheartedly that goal #1 is to beat the Republicans in November - we all know that nothing will change in the States with a McCain presidency. In the best possible scenario it would be status quo - but the situation would likely get much worse.

I believe that in order to improve in so many areas, the US needs a fundamental and even a cultural change. Obama is the only candidate (with a chance) that I have seen in a long time that indicates that he wants the same.

Best Regards,
ExPatLeftist

[OzarkDem]

74. Most of his speech was complaining about the status quo

big deal.

When he finally got to solutions, as is evidenced in the linked post, they were incredibly vague and consisted primarily of resoring the regulatory system, which everyone has pretty much agreed to already.

Stating the obvious and "me too" are not economic policies.

[ekwhite]

32. A key point of his speech was his call for reform of financial markets

Much of the housing crisis was caused by the creation of shaky financial instruments based on risky loans. This was a house of cards waiting to crash down, and another example of why deregulation does not work.

[Shakespeare]

33. Exactly. I'm not sure everyone here realizes the significance of that.

He's calling for profound change with additional regulation and re-regulation (to reclaim some of what was lost under Reagan and, yes, Clinton). The long-term implications of his plan are HUGE (in a good way). I was completely impressed.

[anigbrowl]

78. I'd say les than 5% of DU readers get that aspect

And I agree, it is huge - Obama is basically telling Wall Street that what they have is a hangover, and they need to stop drinking so much and start taking these pills. a couple of years ago such a proposal would have got him roasted, but after Bear Sterns' collapse a lot of people are realizing that even though his medicine may taste bitter now, it'll taste a lot worse later. He has extra credibility because of a letter he sent Bernanke and Paulson a year ago pointing out the imminence of the subprime crisis and calling for a summit that addressed both the needs of borrowers and the market's need to preserve adequate liquidity.

[TrogL]

40. Don't forget the Keynesian nature of his economic plans

It's time to put "trickle down" behind us.

[milkyway]

34. Barack shows that progressive values are traditional American values.

Mom, baseball, apple pie, and regulation of capital markets. Can't get more American than that.

The repugs should be very, very afraid. The change that is coming could be a lot bigger than they think.

Thanks for finding this. K&R.

[BR_Parkway]

48. Why is "mom" an American value? I always thought it funny that we

say that like all other countries hatch their young from eggs or something... ;)

Back on topic - It's so refreshing to be talked to by a candidate who thinks we're adults, capable of reasoning and not reducing everything down to talking points and sound bites. Have to agree, there's such a hunger for that type of dialog right now, that they aren't going to see it coming.

[AZBlue]

36. Thank you for this post!

[cooolandrew]

38. Obama is the clan wiht the plan. We can forgive one wild eyed reverend for a responsible Prez.

[Utopian Leftist]

41. Excellent article, thanks! n/t

[Sherman A1]

42. Thanks!

[quantass]

43. AMAZING!

[SunsetDreams]

45. Wow!

What a combination to have a President who gets it, he's not only brilliant, but he has the ability to inspire millions of people to action. "Weconomy" "Obamanomics" Finally!

[quantass]

50. BRILLIANT

[Road Scholar]

52. WOW! Outstanding! K&R

[Bluenorthwest]

53. This is what I like to read about

This is politics I can relate to. Important things. Public issues. Non religious and not about the private lives of Americans.

[12AngryBorneoWildmen]

54. Not about what you like.

You've completely missed the the point of the OP. Try again. That sounds snarky (and familiar).

[trekbiker]

55. huh??? its you that should "try again" dip@%#t

[UALRBSofL]

57. I've heard all three candidates economic plans and to compare and contrast them

With McCain I don't need to talk about his. He is a Bush lite. Lower taxes, cut corporate taxes, and, let the foreclosures work itself out, all which I disagree with.

With Obama, he has good ideas but the way he goes about getting from point A to point B he takes ten different directions. His plans will hugely increase the size of the federal government. With the foreclosure he seems to want the government involved as well as private institutions and regulate them. This creates more branches of government trying to do 5 jobs with the foreclosure where you only need one. Bush just bailed the banks out with billions of taxpayer dollars. Now, the lenders will HAVE to be regulated, this is true. However, I think with the people whom are in trouble right now, today, I agree with Hillary's plan. Freeze rates for 5 years, preventing people who are in trouble right now from losing there homes. Have a 90 day moratorium to lower rates of people who are in trouble and the people that are in trouble let the Feds step in, purchase there loans and they will pay there home loan directly to the Feds. The home owners that are not in trouble will still be affected as well because Hillary wants to go after the lenders, get there rates lowered and then regulate lenders. I have always felt the Feds needed to step in and take over the faulty loans of people who have and are losing there homes and it needs to be done right away, we can't wait. So, I agree with Hillary on this.

With Obama, he has some good ideas on income taxes. However, there are too many layers of his plan to wade through and it creates big government. He wants tax cut on 75,000 or less. Payroll tax offset 1,000 per family. For senior citizens, no tax on 50,000 or less. Mortgage deduction, 10% for those who don't itemize. These are good ideas except the mortgage deduction. That said, look at the layers he is creating. Hillary's plan address' all these issues as well but she simply wants all these points with the income taxes addressed with tax credit. Tax credit on 75,000 or less, tax credit for families and senior citizens. Now, the mortgage deduction of 10% is just fluff. Most people will itemize when they own a home because they come out better then not itemizing. For the folks whom don't itemize when the have a mortgage and just take the 10% deduction are only screwing themselves.

Obama didn't go into detail about healthcare coverage, but, everyone knows his platform on that. Some folks agree with him but I do not. Unless you have been on the front line like I have you have no conception what it's like. He mandates 100 million children but Hillary's goes one step further and mandates everyone. Everyone has got to have healthcare. Hers is income based and is capped based on income. People can afford her plan because folks in the lower income will pay less then people making 100,000.

As far as free trade agreement I don't see much difference between him and Hillary.

Now, here is the big issue. He stopped short of saying anything negative about the Feds bailing out lenders with billions of dollars and that's because he has received a lot of funds for his campaign from these lenders. Same can be said of Hillary.

[shireen]

62. does anyone have a link to analysis of Hillary's economy speech?

I will probably find the speech on her website. But it would also be helpful to see a similar type of analysis since I don't know a lot about economic issues (just enough to spot BS when I see it). I liked Obama's speech a lot. Thank goodness he does not have Alan Greenspan leading any oversight groups!

[redqueen]

64. Not sure of others, but Krugman comments favorably here:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x5294715

[shireen]

69. thanks! That was reassuring.... nt

[redqueen]

63. Hah... and Krugman comes out with his crud about Obama's plan being nothing new...

*sigh*

[Shakespeare]

67. I love Krugman, but that's demonstrably wrong.

He even contradicts himself a bit in that column. Proposing sweeping regulation and RE-regulation after 30 years of deregulation is neither conservative nor orthodox.

[redqueen]

68. Yup.

He floored me with that one.

[OzarkDem]

71. It's nothing new

[redqueen]

72. We certainly haven't heard it from Hillary or Bill.

[OzarkDem]

75. Maybe you haven't

but everyone else has. Obama supporters should pay attention to the news more and try to gain a more objective view of what's going on outside the trenches.

Her approach is to apply the Main Street Test - which reform proposals help people on Main Street USA

She proposed the 90 day foreclosure moratorium

Restructure viable mortgages by freezing interest rates on subprime adjustable mortgages

Supporting Rep. Frank & Sen. Dodd's bill for restructuring mortgages

$30 billion Emergency Housing Fund

Her economic policies are focused on the middle class, not bailing out the wealthy...

OTOH, Obama's plan rescues the lenders, not homeowners.

[redqueen]

76. Thos are all good... but they are not re-regulation.

It is the re-regulation that makes his proposal noteworthy.

[OzarkDem]

70. Krugman disagrees

He says he was shocked at how timid, vague and orthodox Obama's speech was.

Not surprising, given Obama supports "free market" solutions to our economic problems and they haven't proven to work well of late.

“I believe that America's free market has been the engine of America's great progress. It's created a prosperity that is the envy of the world..." Obama 2007

Krugman

"Finally, Barack Obama’s speech on the economy on Thursday followed the cautious pattern of his earlier statements on economic issues.

I was pleased that Mr. Obama came out strongly for broader financial regulation, which might help avert future crises. But his proposals for aid to the victims of the current crisis, though significant, are less sweeping than Mrs. Clinton’s: he wants to nudge private lenders into restructuring mortgages rather than having the government simply step in and get the job done.

Mr. Obama also continues to make permanent tax cuts — middle-class tax cuts, to be sure — a centerpiece of his economic plan. It’s not clear how he would pay both for these tax cuts and for initiatives like health care reform, so his tax-cut promises raise questions about how determined he really is to pursue a strongly progressive agenda."

http://www.nytimes.com/2008/03/28/opinion/28krugman.html?_r=1&ref=opinion&oref=slogin

Who is your "economist" by the way?

[nels25]

77. Boy he Hits another one out

he makes the case so much better than I could.

I as my own person have always believed and argued that a market economy that is regulated (not to the point that it stifles initiative) is the best economy ever devised by man kind.

Show me a nation that uses a market economy with a strong government umpire (regulation) component, and I will show you a nation that provides the widest positive living standard for the largest portion of their population.

will there be pockets of inequities, yes, will that need to be addressed, yes, but taken in total as I have stated a market economy with sufficient regulation is the best medicine for a nations economic problems.

Speculators have been reeking havoc with this nation going back to the early 1830's.

Barack as usual is spot on!!:headbang: :woohoo: :dem:

[SunsetDreams]

80. kick

[SunsetDreams]

82. kick

[SunsetDreams]

83. kick

[Kurovski]

85. Kick. (nt)