Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
In one way, Obama is not totally off the mark. In our current system credit is needed or you get businesses crashing from not being able to loan for investment, being unable to get temporary credit to solve liquidity problems etc. Even if the business has good solvency. And families might be unable to move because they can not borrow for housing, even if moving means getting a job that could pay for that loan.

He is however way off when if he thinks that flooding the banks with money will solve the problems. They will just repeat their schemes and come asking for more. See Hoover for examples of how not to do it.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se

by A swedish kind of death on Thu Nov 19th, 2009 at 05:58:45 AM EST
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