From Paul Krugman at The New York Times:
Everyone’s talking about a new New Deal, for obvious reasons. In 2008, as in 1932, a long era of Republican political dominance came to an end in the face of an economic and financial crisis that, in voters’ minds, both discredited the G.O.P.’s free-market ideology and undermined its claims of competence. And for those on the progressive side of the political spectrum, these are hopeful times.
There is, however, another and more disturbing parallel between 2008 and 1932 — namely, the emergence of a power vacuum at the height of the crisis. The interregnum of 1932-1933, the long stretch between the election and the actual transfer of power, was disastrous for the U.S. economy, at least in part because the outgoing administration had no credibility, the incoming administration had no authority and the ideological chasm between the two sides was too great to allow concerted action. And the same thing is happening now.
Original DVD cover.
Filed under 2008 election, Barack Obama, Ben Bernanke, Carl Levin, Chimpy, Christopher Dodd, Congress, Democrats, GAO, George W. Bush, Harry Reid, humor, Kit Bond, Mitch McConnell, Nancy Pelosi, parody, politics, Republicans, Senate, snark, television, Wordpress Political Blogs
From USA Today:
He’s now the $700 billion man.
On Tuesday Neel Kashkari, 35, an assistant secretary of the Treasury, was named interim head of the Office of Financial Stability by Treasury Secretary Henry Paulson. The office will run the $700 billion financial bailout program signed into law Friday.
The former Goldman Sachs vice president came to Washington in 2006 to be a senior adviser to Paulson, the Goldman CEO who had been named Treasury secretary.
For some reason, kids, the appointment of Neel Kashkari makes me very uneasy. I can’t put my finger on quite why. Is it that his name looks like Cash & Carry? No, that’s not it. OMG!! I remember now!! It’s that company picture that they took together before Paulson left to be Treasury Secretary!!