[F]inance is global in a way it wasn’t during FDR’s day, which means the Obama administration and Congress can’t simply impose new regulations or Glass-Steagall restrictions such as the “two tier” system Paul Volcker boldly proposed the other day, getting way ahead of the president he’s advising. If this is done unilaterally, finance could simply decide to depart our shores. So Geithner has to fly off to the G20 and wait his turn to speak.
No, Obama does not resemble FDR at the midway point of his first 100 days. There are some legitimate beefs with what he’s done and how he’s done it. “Given that they had two and a half months to get it ready, the first thing should have been kind of a 10-point plan articulated two hours after the inauguration,” says Johnson. “Summers with Geithner at his side. Ten principles, details to follow. Then shut down a couple of big banks—there was plenty of time to do an orderly restructuring. And the last thing is, don’t let Capitol Hill do the stimulus program. Now the money’s going out too slowly. It’s designed like a time release for reelection campaigns in 2010.” Johnson also says the mortgage-restructuring proposal should have included a reduction in principal rather than just interest rates.
You must be logged in to post a comment.
Blowback
Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Registration is currently closed. That means if you're not already registered, you can't comment. We will let you know if and when registration re-opens. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.
Trackbacks/Pings
Trackback URL
Comments
Steve is making a huge leap of faith that Ogabe gives a damn about recovery in any way proportional to his
zeal to “reform”….
sven10077 on March 12, 2009 at 2:47 PM
Isn’t that what looters do, reduce the principal on their “purchase” to zero, while dispensing with the unnecessary formality of a promise to pay?
littleguy on March 12, 2009 at 2:49 PM
EXACTLY!! They just don’t get it, do they?
Oink on March 12, 2009 at 2:50 PM
Well, duh!
drjohn on March 12, 2009 at 3:01 PM
Oh, for Pete’s sake. Is that all these people are about – OBAMA IS THE NEXT LINCOLN OBAMA IS THE NEXT FDR OBAMA IS THE NEXT JESUS. Enough of this garbage already.
Newsflash, Obamakids. Roosevelt prolonged and deepended the depression by seven years with his socialism, rounded up and interred hundreds of thousands of Japanese citizens, created unsustainable welfare programs we’re still suffering under today, tried to pack the Supreme Court with justices to effectively end-run around the Constitution and change it on a whim and sent soldiers off to die in a nation that had not attacked the US (Germany).
Stop with these fallacious, fawning adulation of Obama as some kind of “great” historical figure. He has done nothing but f*ck up since he was elected and inaugurated, and he’s poised to surpass all of the other presidents COMBINED with the debt load he’s saddling our grandchildren with.
Enough.
Good Lt on March 12, 2009 at 3:01 PM
Nonsense, I tell you! FDR couldn’t do a conga line while chowing down on wagyu.
Vic on March 12, 2009 at 3:03 PM
Duh, FDR knew how the government worked.
- The Cat
MirCat on March 12, 2009 at 3:05 PM
What a suckup.
cthulhu on March 12, 2009 at 3:07 PM
Only because FDR had actually governed New York before he took office.
Patrick S on March 12, 2009 at 3:11 PM
The only real difference between the situation today and the situation when FDR took office is that FDR immediately set out to restore confidence. Barry’s first speech stated that unless the nation did exactly what he told them to, we were all going to die.
MarkTheGreat on March 12, 2009 at 3:11 PM
Obama’s job is harder than FDR’s because there wasn’t a permanent welfare class expecting handouts 60+ years ago.
That is if he really wanted to solve problems, which he doesn’t. That permanent welfare class votes Dem, so it’s in his best interest to enlarge it rather than end it.
Bob's Kid on March 12, 2009 at 3:18 PM
The only thing we have to fear, is fearmongering… FDR did have that World War thingy, too, though. Oh, and that honest-to-God, full-blown depression thingy. Did I mention he was crippled, too? Oh, never mind.
littleguy on March 12, 2009 at 3:20 PM
Dude, those ten points were articulated about a hundred and sixty years before Obama took office.
Barack Obama knows exactly what he is doing. He’s been planning his whole life planning to do precisely what he’s doing right now, and he hit the ground running at a full sprint.
logis on March 12, 2009 at 3:29 PM
I’m sure that FDR was more than a community organizer/thug before he was elected. I’m sure that FDR had credentials and cabinet appointees that were upstanding, law abiding, tax paying citizens. I’m sure that FDR didn’t act like a stooge with our closest allies. I believe that FDR was only doing what he thought could work in his time.
Obama? He is a community organizer (still). He has no credentials and has never held a job; he’s a lifetime politician. He has very few appointees that don’t have dirt or blood on their hands. He’s acting like a stooge with our closest allies and thumbing his nose at them. He’s doing exactly what he KNOWS will sink our economy.
There’s going to be a huge revolt over this idiot in chief. This is political, social and ethical malfeasance being committed by our so called commander in chief. Get him out. NOW.
Key West Reader on March 12, 2009 at 3:30 PM
I’d have a lot more respect for Newsweek if they didn’t treat me like I’m stupid.
fogw on March 12, 2009 at 3:34 PM
Yes, his “job” is quite a bit harder. Actually, his job should be considered enormous since he’s in the process of overthrowing 230 years of progress and the fundamental tenets of our Country.
I KNOW he’ll fail.
Key West Reader on March 12, 2009 at 3:38 PM
Obama’s task is tougher than FDR’s because Bush was more of a miserable failure than Hoover.
At least he caught bin Laden though!
capitulus on March 12, 2009 at 3:39 PM
It isn’t that the task is tougher, it is that the actor involved comes from a far lower plane of intelligence.
Vashta.Nerada on March 12, 2009 at 4:05 PM
Is that before or after the civil service aptitude and diversity scan?
Speakup on March 12, 2009 at 4:13 PM
Wait one second! I thought Obama was Lincoln or Reagan.
bitsy on March 12, 2009 at 4:20 PM
So, it will be Obama’s replacement that has a tougher job than FDR, given that Obama has been more of a miserable failure than Bush. I guess that guy will have to be the one to catch Bin Laden, too.
littleguy on March 12, 2009 at 4:22 PM
Yeah, Eleanor was better-looking.
Y-not on March 12, 2009 at 4:24 PM
Obama’s task is tougher than
FDR’sRobert Mugabe’s.FTFY
bitsy on March 12, 2009 at 4:31 PM
Of course he is. And he’s Santa Claus, and Buddha, and everything else too.
Because Obama is all.
logis on March 12, 2009 at 5:46 PM
FDR don’t surf!
BHO Jonestown on March 12, 2009 at 5:54 PM
Choose: Sleep w/ Michelle or Eleanor – or wake up buried alive.
BHO Jonestown on March 12, 2009 at 6:26 PM