Why the economy is not improving

155 views

Published on

wish these words, spoken in 1936 by Franklin D. Roosevelt, were not as true today as then. Yet over the past eighteen months this nation has faced a financial crisis second only to the Great Depression. It is a crisis that in many ways was predictable and preventable

Published in: Education
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
155
On SlideShare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
1
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Why the economy is not improving

  1. 1. Why the Economy is not Improving? Read the facts “We have had to struggle with the old enemies of peace – business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering.” I wish these words, spoken in 1936 by Franklin D. Roosevelt, were not as true today as then. Yet over the past eighteen months this nation has faced a financial crisis second only to the Great Depression. It is a crisis that in many ways was predictable and preventable – one that the smartest experts had seen on the horizon for years. In the end, like the market crash that fueled the Great Depression, the current financial crisis may have been inevitable, fueled by systemic flaws that require systematic repair. By many accounts, we did not lack the ability to foresee the looming crisis. Rather, too many of us lost sight of the need to guard against it. We lacked some of the courage and commitments that FDR brought to the last century, commitments that might have made us question the sources of dizzying profits for a few and the decay of security and prosperity for the many. We can continue on this course and attempt to endure the next crisis. Or now, in the breathing space between crises, we can think critically about the path ahead. So what is really going wrong with the Obama Administration’s economic and fiscal policies at large? In my personal opinion, our government hasn't taken the necessary actions, and has instead been doing all of the wrong things. Let's recap. Anna Schwartz, co-author of the leading book on the Great Depression, and someone who actually lived through it recently told the Wall Street Journal that this was not a liquidity crisis, but an insolvency crisis. She said that Bernanke is fighting the last war, and is taking the wrong approach. Nobel economist Paul Krugman and leading economist James Galbraith agree. They say that the government's attempts to prop up the price of toxic assets no one wants is not helpful. For Read More: Why the Economy is not Improving? Thank you Ziad Abdelnour

×