Jeff Immelt, the CEO of General Electric so succinctly said "This economic crisis doesn’t represent a cycle. It represents a reset, It’s an emotional, social, economic reset." He is quite right. The economy is collapsing because of its internal contradictions; rising asset prices and increased spending despite lower wages (even though the economy was more prosperous) all supported by reckless lending.
Obama himself described the current crisis as "an Economic crisis unlike any in our life time". During the campaign he described the vote as the "final verdict of a failed economic policy". Given the magnitude of the crisis is the offering up of a plan that was presented two years before it happened the "emotional, social and economic reset" or is it just slapping a coat of paint on failed economic model.
If we are at one of key moments in history here is a quick question- what part of Obama's stimulus program requires a PHD in economics to develop? Put another way is any of this not found in an economics 101 text book?
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