http://news.yahoo.com/s/ap/20081114/ap_on_bi_go_ec_fi/budget_deficit
As Nouriel Roubini says " The worst is not behind us " and continues on to warn ~ " Beware of those who say we've hit the bottom."
Roubini states that " The recession will continue until at least the end of 2009 for a cumulative gross domestic product drop of over 4%; the unemployment rate will likely reach 9%. The U.S. consumer is shopped-out, saving less and debt-burdened: This will be the worst consumer recession in decades. http://www.informationclearinghouse.info/article21228.htm
But what about after the meltdown ?
David Korten nails it with his decisive answer ~ " When economic failure is systemic, temporary fixes, even very expensive ones like the Wall Street bailout, are like putting a Band-Aid on a cancer. They may create a temporary sense of confidence, but the effect is solely cosmetic. Politicians and most pundits are looking only at the tip of the economic iceberg. Pull away the curtain to look behind the headlines, and we find a potentially terminal economic crisis with three defining elements:
- Excess human consumption, which is accelerating the collapse of Earth's ecosystem.
- Unconscionable inequality and the related social alienation, which are advancing the social collapse manifest in terrorism, genocide, crime, and growing prison populations.
- An economic system ruled by financial markets, global corporations, and economic theories devoted to increasing consumption while rolling back real wages and benefits for working people to make money for the richest among us.
This is a time for decisive action. The financial meltdown has shaken public confidence in the people and institutions now in charge. The transition to new political leadership creates an opening for bold action." David Korten, ”After the Meltdown: Economic Redesign for the 21st Century,” Tikkun, November-December 2008
David is right, now is the time for bold action and Obama must act decisively after January 20th ~ because we are very likely to be in the midst of a spirit numbing Recession / Depression with a stock market still groping for a bottom at much lower levels.
Allen L Roland http://blogs.salon.com/0002255/2008/11/17.html
Freelance Online columnist and psychotherapist Allen L Roland is available for comments, interviews, speaking engagements and private consultations ( allen@allenroland.com )
Allen L Roland is a practicing psychotherapist, author and lecturer who also shares a daily political and social commentary on his weblog and website allenroland.com He also guest hosts a monthly national radio show TRUTHTALK on www.conscioustalk.net
