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Archive for June 15th, 2009|Daily archive page

Wrong Track?

In Media, Politics on June 15, 2009 at 5:46 pm

Recession and Recovery Road Signs

This last week has found me mulling more than a cinnamon-spiced, Calvados-infused cider: is the government addressing the recession the wrong way?  Are they putting a Band-Aid on when a full cast is needed?

The massive sums of money, like reinforced concrete on rusting girders, attempt to cement large financial establishments.  These TARP funds are intended to defibrillate the system with capital to jumpstart credit lending again.  (Is anyone else about ready for these overwrought similes and metaphors to stop?  Apologies, dear reader.  By the way, have you ever seen ”defibrillate” used as a verb like that?)

The stimulus and TARP were sold as a full-blown effort to firm up and restore our economy, but two recent contrarian arguments in major media raise doubt.  And they are not noisy Republican yammerings about over-spending, socialism, and outsize growth in government.

Author and executive Peter Schiff was on the Daily Show explaining the “Toldja so” signs of collapse he saw before everyone else.  (The montage of him getting laughed at on cable news at 1:00 in the video below is a must-see.  Also, Jon Stewart catches him mulling a Republican run against Chris Dodd.) Read the rest of this entry »