Obama's New New Deal and the Irreversible Crisis

Beginning with a review of some of the problems that have brought us to the great financial crisis beginning in late 2007, segues towards a comparison of Obama's recovery plan and that of the New Deal of the 1930's. Some of the players looked at include Dean Baker and Paul Krugman in their separate assessments as to how Obama's plan might work, if at all. It is the belief of the authors of this article that the fundamental reason for the recession is the monopolistic trait of excessive financializaton. Further, that the United States is so greatly in debt obviates the possibility of rebooting the economy via heavier federal spending. On other fronts, looks at the massive and growing debt that the US has to China, as well as China's own step into Keynesianism of a massive buildup of its infrastructure. Also looks at Obama's ideal of greening of the economy, its internal contradictions that could limit it, and the hope offered by generation 4 nuclear power. Adapted from the source document.