Wednesday, October 01, 2008

Paul Oneil!

Yikes! Of all people, listen to PO in the video section of Race for the White House talk about the bailout and the future of the economy.

The amazing part about this whole crisis is that we are finally having a real debate, not at the presidential level however, about how the fundamentals of the economy actually work. If only we had a movement that had a program to take it in a progressive direction.

Populists on both the right and the left have been nibbling but the plan is certainly not out there.

What plan?
Democratic control of the economy by strengthening labor so that demand is up.

Real infrastructure investment: rail, strategic industries like energy and transportation.

Hard cash for engineers and science.

A national pension.

A universal, nonprofit health care system.

A massive crackdown on the paper economy-if you buy a home you need assets, ending all funny money such as derivatives, hedge funds, 2nd, 3rd mortgages.

A balance of trade.

By the way this is a fairly moderate plan. They do it in Germany, France, Sweden, Finland....

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