Sunday, November 23, 2008

Economic Shock and Awe

It appears the new boss my take an economic lesson from the old boss' shock and awe:
"Some economists have endorsed spending up to $600 billion to revive the economy. Sen. Charles Schumer, D-N.Y., and former labor Secretary Robert Reich, a member of Obama's economic advisory board, both suggested $500 billion to $700 billion.

'I don't know what the number is going to be, but it's going to be a big number,' Goolsbee said. 'It has to be. The point is to, kind of, get people back on track and startle the thing into submission.'"
Frankly, I am shocked neo-Keynesian approach is being taken. We will all pay for this later.


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