New President, new crisis

The American Prospect
by Robert Kuttner

03/25/08

Whether the next president is named Clinton, Obama, or McCain, the new chief executive will face an economic challenge unlike any since 1933. The new president will need to reject an entire failed paradigm of how the economy works and of government’s role in it. Since last summer, our private credit system has been unmasked as a series of interconnected Ponzi schemes. The reigning theory was that if government stepped aside, financial innovations would produce reliable, self-regulating prosperity. Instead, we got toxic financial bubbles, whose popping is now infecting our entire economy as credit contracts, while an administration still devoted to free markets watches helplessly...

http://www.prospect.org/cs/articles?article=new_president_new_crisis


Informant: Thomas L. Knapp



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