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And, yes, I DO take it personally: Change Bernanke's medication and let him face Pittsburgh's 93,700 jobless
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Wednesday, September 23, 2009

Change Bernanke's medication and let him face Pittsburgh's 93,700 jobless

greg palast on the obama's letter to the g20 players that has still not been released by the wall street journal...
If Bernanke and Obama were truly concerned about preserving jobs, they would have required banks loaded with taxpayer bail-out loot to lend these funds to consumers and business. China did so, ordering its banks to increase credit. And boy, did they, expanding credit by an eye-popping 30%, rocketing China's economy out of recession and into double-digit growth.

But the Obama Administration has gone the opposite way. The White House letter to the G-20 calls for slowly increasing bank reserves, and that can only cause a tight credit market to tighten further.

It's not that the White House completely ignores job losses. The US letter suggests, "The G-20 should commit to ... income support for the unemployed." You can imagine the Europeans, who already have generous unemployment benefits--most without time limits--turning purple over that one. America's stingy unemployment compensation extension under the Stimulus Plan is already beginning to expire with no live proposal to continue aid for the jobless victims of this recession.

The Europeans are so cute when they're angry, when they pound their little fists. Obama assumes he can ignore them. The EU, once the big player in the G-7, has seen its members' status diluted into the G-20, where the BRIC powers (Brazil, Russia, India and China) now flex their muscles. But Europeans have a thing or two to teach Americans about the economics of the twilight of empire.

Maybe the differences are cultural, not economic; that Europeans lack America's Manifest Destiny can-do optimism.

So, to give the visitors a taste of the yes-we-can spirit, Obama should invite Pittsburgh's 93,700 jobless to the G-20 meet to celebrate that 35% rise in the stock market.

Or -- my own suggestion -- change Bernanke's medication.

all the euphoria about the recession being over is solely due to the fact that the super-rich elites are once again raking it in... the millions of poor bastards who are out on the street looking for work ain't gettin' nothing but lip service...

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