Obama stimulus boosts markets

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Sent to DS from Joel, thanks Joel.

December 10, 2008
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Obama stimulus boosts markets

Proposed infrastructure plan from Barack Obama stimulates Wall St., but is it a long-term solution?

On Monday Barack Obama announced an infrastructure stimulus package and a proposed bail out of the three big U.S. automakers that resulted in an increase in Wall Streets numbers. The president elect said his administration is going to act swiftly on a recovery plan and new stimulus package as soon as he is sworn in on January 20, 2009. This package would include upgrading federal buildings to make them more energy efficient, the largest road and highway rebuilding program since the 1950’s, modernizing and upgrading school buildings across the US and upgrading both broadband internet service and access for all. The Real News Network spoke to Editor of the Left Business Observer, Doug Henwood.

According to Henwood, the Obama administration is saying all the right things, “The combination of long and short terms strategies seems very good,” although he is not making any delusions about the complexity and severity of this situation. Henwood sees the need for a major re-distribution of income, “There are a lot of really complicated structural problems with the U.S. economy,” referring specifically to the mass concentration of wealth at the top of the ruling economic class. In order for any effective change to be accomplished, Henwood says there will need to be a concerted effort by the Obama administration to ensure a more even distribution of wealth but “…those are tough (issues) to address..that is a very messy political thing to do.”

In a television appearance on Meet The Press, president elect Obama acknowledged the severity of the current crisis while making his priorities known, “This is a big problem and it’s going to get worse and that’s why my number one priority coming in, is making sure that we have an economic recovery plan that is equal to the task.”


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A Historic Moment:The Election of the Greatest Con-Man in Recent History By James Petras

Economic Crisis and the Poor: Probable Impacts, Prospects for Resistance by John Clarke

The Curse of Global Capitalism By Jon Ronnquist

2 thoughts on “Obama stimulus boosts markets

  1. I think the best part of Obama’s package is his easier accessibility to the Internet. I can’t tell you how many hours I spend going through emails or job hunting online. And corporate America can’t stray too far from the web either. Even companies, such as Portland-based Clear, are making easier for users to stay connected without having to scour the streets for a hot spot.

  2. So the stock market rose 300 points. So what? After 11929 there were many ups and down, but the tread was down. This is no different. All that is being discussed is saving the system as it is. This won’t work because it is the underlying philosophy behind the system that is broken.

    Richard E. Cook and people like him are the only ones offering viable solutions.

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