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View Diary: We have ONE SHOT left to avoid economic disaster (56 comments)

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  •  Reich is right about infrastructure spending (2+ / 0-)
    Recommended by:
    ArtSchmart, Wolf Of Aquarius

    We are wrong to panic or indulge in hyperbole.

    Thank God Obama has a calm temperament as I recall FDR:

    The only thing we have to fear, is fear itself

    •  I want you to try and imagine the following scene (3+ / 0-)
      Recommended by:
      NoMoreLies, mightymouse, divineorder

      The beautiful soft turquoise Gulfstream G550 slid gently out of the sky and rolled to a soft stop, the pilot being very careful not to jolt or jar his precious cargo. The hatch of the $59.9 million aircraft eased open, and a carefully maintained mechanism of retractable steps deployed silently and effortlessly from the aircraft to the ground. Robin U. Banke, the chairman and CEO of one of America’s largest financial firms appeared in the hatchway, meticulously dressed in his new, privately tailored $9,000 Loro Piana suit. He descended the stairs, and reached for the clipboard handed to him by one of the resort airport employees. "This is wrong," he snapped. "The landing fee is $5,000, not $5,700." The chairman flipped to the next page, saw quickly what he wanted, and languidly signed for the $38,000 in jet fuel required to get him and his plane back to New York.

      Then Banke, turned and watched as the bright silver Bombardier Challenger 850 owned by one of the big oil companies came rolling toward him, and he smiled slightly. Damn, it felt good to be standing here with the new Gulfstream, which was nearly double the price of the aircraft carrying his golf buddy, O. Al Knottloe chairman and CEO of an oil company, which had become the largest in the world just a few years ago by merging with another giant oil firm. His company had raked in over $200 million for getting that deal done, a drop in the bucket compared to the over $250 billion in revenues of the two companies. B decided to do something he rarely did – wait – so that he could fully savor the little crinkle of irritation that at the corners of O’s eyes when O saw the new Gulfstream and whose it was.

      Sure enough, Knottloe was a bit annoyed at seeing the new Gulfstream, but he smiled widely in greeting Banke. "Good to see you, Robbie. Got the new jet, I see."

      "Well, Al, it’s actually been a very good year. Most of our competitors have had quite a few problems."

      Knottloe smiled knowingly. "Yes, yes, good for you. So, what exactly are you going to do with the $25 billion you’re getting in the package?

      "What we do think it will help us do is perhaps be a little bit more active on the acquisition side or opportunistic side for some banks who are still struggling," Banke replied. "There are some great deals out there. I think there are going to be some great opportunities for us to grow in this environment, and I think we have an opportunity to use that $25 billion in that way and obviously depending on whether recession turns into depression or what happens in the future, you know, we have that as a backstop."

      Knottloe smiled again, and raised an eyebrow as he asked, "Not going to actually do what they want you to? Start lending again?"

      Banke chuckled. "Oh, well, we would think that loan volume will continue to go down as we continue to tighten credit to fully reflect the high cost of pricing on the loan side. But, you know, we’re just going to wait and see how this new administration stacks up. I’ve talked to our people on K Street and made sure they understood they should not be pressing Mr. Obama and his team too much right now. They really have quite a bit on their plate, and I’m sure they’ll do the right thing, for our company as well as the country. I flat out told our people,
      " I can't stand this reverse Sunday night quarterbacking.  I say, give it all a chance. Obama
      isn't going to reincarnate Karl Marx to staff the White House."

      Knottloe nodded enthusiastically. "Yes, I’ve done the same. In fact I was just talking to our top lobbyist, Corry Haupt Yoo, just before I landed, and he really needed some calming down. He really thinks there’s a great chance to get the definition of tundra changed which would open up a few million acres, and to get the limits lowered on off-shore leakage, so I had to remind him that we need to back off and let Mr. Obama make these decisions when he has his people in place. We don’t want to take unfair advantage of the last few weeks George has left. I’m trying to get Hill Skard, the coal guy, to go along. They’ve been pushing for years to loosen the regulations on mountain top removal, but like I told him, "You are not David Plouffe.  You are not David Axelrod.  You are not David Hasselhoff.  You're not even a David.  Barack Obama will not read your proposed regulation.  He will not cater to your every desire.
      Let’s just wait and see who he picks for his cabinet. "

      Banke held up his palms in agreement, "Exactly! "Obama is not going to be swayed by the hysteria that seems to be bouncing off the blogosphere walls since last Tuesday." There’s no need for us to form a circular firing squad right now! You’re absolutely right, Al, let’s just wait and see who he picks for his cabinet."

      The links, by the way, are to actual quotes.

      If you can honestly picture top corporate executives having the above discussion – especially those last three paragraphs - please, by all means, tell me to calm down and reassure us all about how President Obama and all his investor class advisers are going to save us from the worst financial and economic collapse in nearly a century.

      A conservative is a scab for the oligarchy.

      by NBBooks on Thu Nov 13, 2008 at 08:26:35 AM PST

      [ Parent ]

      •  Most everthing Karl Marx wrote about capitalism (0+ / 0-)

        was right. Most everything Marx wrote about communism was wrong and FDR was a silk stocking aristocrat.

        And yes, panic will only make everything worse. I stand by that.

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