Is Obama Being Too Cautious On Economy?

By Alan Stewart Carl | Related entries in Barack, Economy, Liberalism, Obama Appointments

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William Greider of The Nation wonders if Barack Obama’s recent appointments indicate he won’t be the progressive savior many of the left hoped he’d be.

Obama’s choices have begun to define him. His victory, it appears, was a triumph for the cautious center-right politics that has described the Democratic party for several decades. Those of us who expected more were duped, not so much by Obama but by our own wishful thinking.

Greider focuses his worry on Obama’s support for the recent financial bailouts and specifically on Treasury Secretary Tim Geithner’s role in the Citigroup bailout. Greider’s complaint?

Wasting more public money on insolvent mastodons is the least of it. The real scandal is it doesn’t work. It can’t work because the black hole is too large even for Washington to fill. Government should take over the failing institutions or force them into bankruptcy, break them up and sell them off or mercifully relieve everyone, including the taxpayers.

I think it’s too soon to judge whether or not the bailouts are working. And Obama’s appointments fill me with a lot more confidence than would a slew of economic ideologues. What we have to remember is that we are in the very, very early stages of this financial crisis. We are not in a depression and we do not need radical maneuvers. We need a smart, coordinated approach. That seems to be the direction Obama is planning to head.

Obviously, just throwing money at the problem without stipulations on how that money is used is not the best solution. There have been some mistakes made in the initial release of funds. But, at this juncture, I still prefer trying to fix the system we have rather than blowing up the whole thing. Capitalism does not work without credit. Getting the markets flowing is more important than ideology.


This entry was posted on Tuesday, November 25th, 2008 and is filed under Barack, Economy, Liberalism, Obama Appointments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Is Obama Being Too Cautious On Economy?”

  1. Avinash_Tyagi Says:

    I want to tell other liberals to stop complaining, my gods, he isn’t even in office and you guys are already passing judgement on his administration as not being progressive enough.

    How about waiting until he actually passes some programs and seeing how they turn out

  2. Marvin Carter Says:

    My first thoughts were hesitant basing any real judgement one way or the other on Barrack Obama. But during his transition I have gained a great deal of respect for his systamatic appointments (to date) of his advisers. I have certainly learned through the years that a measure of a mans ability is directly related to the intelligent people he surrounds himself with.

    His comments on “achieving a certain amount of humility” by appointing your opponants in positions close to you elevated him in my eyes. I feel more comfortable today than I have in awhile with our leaders to come.

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