Some crisis links (12.6.2008)

Peter Morici's response to the recent BLS monthly unemployment report includes the assertion that the reported numbers were "…much worse than was expected and represents wholesale capitulation." From this he infers that "the threat of a widespread depression is now real and present" [emphasis added]. Morici concludes by advising the President-elect that:

It's either renaissance or decline. Fix the banks, trade with China and energy policy or become America's Nero.

Now forced to confront the economic crisis which propelled his move into the White House, the Chicago Tribune reports that the President-elect:

…pledged to launch the biggest public works program since the construction of the interstate highway system in the 1950s as part of his plan to create millions of new jobs and stem an economic tailspin that is growing worse by the day.

Video of Obama's talk can be found here and below:

Dennis Rahkonen addresses the pervasive denial which pervades America's political culture. He writes that:

Despite joblessness and foreclosures uncontrollably soaring, we still think capitalism has a future. The Big Three auto makers are about to go bust, states and municipalities across the country are broke, and leading retailers are shuttering their doors. Great Depression II looms. Still, we think there can be a "turnaround."

Rahkonen ends with a plea for socialism.

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