Posted by WARREN MOSLER on June 7th, 2011
OBAMA WARNS AGAINST `PANIC’ AS ECONOMY HAS UPS AND DOWNS
From Marshall Auerback:
Amazing that Obama is telling people not to panic over the economy. Means to me he is panicking.
Then again, he should be. He’s basically negotiating terms of surrender on Republican terms. And we have the spectacle of his Treasury Secretary and the soon to depart head of the CEA telling us that we’ve just hit a small “bump in the road”, along with trumpeting the idea of how ‘profitable’ the bailouts have turned out to be. This gives the impression that the trillions thrown at the problem are sufficient and therefore, we have to “rein in” fiscal stimulus, or we become the next Greece.
It’s all insane. Obama really doesn’t deserve another term of office, as he’s a complete fraud, but the other party has undergone a bout of Glenn Beck induced insanity and that probably saves the President.
Then again, he’s following the old model: if you’re going to panic, best to panic early.