Friday, November 7, 2008


Paul Krugman is actually much younger than he appears in this photo. He's only 54 years old.
I like Paul Krugman, he always says something sensible. And he's just won a Nobel Prize.
This post is not about him, though. I'm just using his photo to lend credibility to what I'm going to say. Because while I've always been able to make money I've never been able to hang onto it. So, this is what I think:
I think that if the USA is going to get the economy back on track they'd better use a different track. What we've been doing has not worked. The powers that be (name any one) are horrified that Americans are not buying anything, so they're planning a stimulus to get us spending again so that GM & Ford can build more cars, so more people can work, so more people can spend more etc, etc...
Different track needed.
Here's where I grasp at a straw of hope.
In his press conference today Pres-E Obama stated:
"The news coming out of the auto industry this week reminds us of the hardship it faces -- hardship that goes far beyond individual auto companies to the countless suppliers, small businesses and communities throughout our nation who depend on a vibrant American auto industry. The auto industry is the backbone of American manufacturing and a critical part of our attempt to reduce our dependence on foreign oil.
I would like to see the administration do everything it can to accelerate the retooling assistance that Congress has already enacted. In addition, I have made it a high priority for my transition team to work on additional policy options to help the auto industry adjust, weather the financial crisis, and succeed in producing fuel-efficient cars here in the United States of America."
You notice he said 'adjust'--I'M PINNING ALL MY HOPES ON THIS TODAY.
I think that we all need to adjust to a changed world. The politics and economics of the past won't work here. We've held ourselves back long enough grieving over the past--the good old days that never existed anyway--every one's got a different time frame for their good old days.
We all need to adjust. Get started now. Dry your tears and pay attention to the skinny, black guy.

1 comment:

Adam Gilligan said...

The problem, in the simplest terms, is that Capitalism cannot work forever because it relies on finite resources. You can't just make up new resources/markets (e.g., sub-prime loans) and expect things to stabilize.

We need a new economic system. I don't have the answers, but we as a society must turn our attention to this problem and find a better way.