There are so many disparate views about how to get the United States out of recession that no recovery formula can claim consensus support. Although President Obama has submitted a focused and transparent budget to the Congress, it will take extraordinary political leadership to get it through the partisan battles to come in anything resembling its present form.
Success will become increasingly difficult with each new revelation of outrageous behavior by those giants of finance who brought the world economy to its knees. The latest perfidy is AIG doling out US$165 million in bonuses to executives after taking US$170 billion in government bailout funds. President Obama must bring a halt to this kind of looting, even if that requires exercising the government's power as majority shareholder to take over management of the company. Without such bold action, public outrage will make it politically impossible to rescue the banking system with more infusions of taxpayer money.
FULL ARTICLE
20 March 2009
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