Wednesday, October 8, 2008

Another Debate, As The Economic Crisis Escalates by Norman Markowitz

I am in a rush and only have a few minutes to write, so I will make a
few quick points. After desperately buying up bad paper, the Federal
Reserve and the Central Banks of major capitalist countries are trying
to solve the credit crisis with Friedmanite monetary manipulation.
Instead of coordinating programs to protect working people from mass
unemployment and the general population from a sharp decline in living
standards, they are lowering interest rates to make increase capital
flow and bail out the stock market and everyone else. On the first day
it isn't working, since the stock market is continuing to go down. I
doubt that it will or can work because it is a major part of that
economic philosophy which Senator Obama said again yesterday has
completely failed.

I an many others would have liked to here Senator Obama make more
specific recommendations to deal with the present crisis, but he did
recognize the thinking and policies which produced the disaster. McCain
on the other hand walked around like a puppet, referred to Obama as
"that one" and threw in a homeowners bailout. The pundits said that
this "town hall meeting" was his forte. If that is true, it is
difficult to imagine him in some genre where he is doing bad.
Last comments on the debate. Obama is smart, measured, and a liberal in
the American sense of that word. McCain is hot-headed, insecure, and a
rightwing conservative in the American sense trying to paint himself as
independent of his own party and administration. Also, McCain is
neither steady nor smart. That is it in Black and White and Color for
that matter
Norman Markowitz