Deadly Recession Cure (AUSTRALIA)

When Wall Street erupted six months ago, American voters swung behind Barack Obama as the best candidate for the crisis.

But with the US losing more than a half million jobs each month, Wall Street down a further 20 per cent since inauguration and American banks deep in trouble, he is making the crisis worse.

In a typically sweeping analysis last week, Paul Keating doubted whether Obama's $US787 billion ($1.2 trillion) budget stimulus would restore confidence in the US or world economy. And he sheeted home blame for the crisis not to Kevin Rudd's extreme capitalism, not to Alan Greenspan and not to greedy sub-prime bankers on Wall Street. These were simply accessories to the original culprits: the Clinton administration, the International Monetary Fund and Timothy Geithner, a 1990s mid-ranking US econocrat who has ended up as Obama's tax-avoiding Treasury Secretary.

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