Remember when Judd Gregg was supposed to make the Obama Administration bipartisan?
The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation’s financial system.
But Sen. Judd Gregg of New Hampshire also says President Barack Obama’s massive budget proposal will bankrupt the country.
Krugman would disagree on the financial system front. I disagree with Krugman’s contention that the banks need to be nationalized–I don’t care how much Krugman is jonesing for a bout of nationalization; it’s a whole lot more difficult to nationalize and run a bevy of banks in the United States than it is to nationalize a tiny handful in Sweden, so despite the fact that country’s king gave Krugman a Nobel Prize, the good Professor should really drop his Swedish model (this is, perhaps, the only instance in which I am against Swedish models). But Krugman & Co. are correct in stating that the current financial rescue plan is a hodgepodge of bad ideas and that their implementation will only serve to confuse the issue. And Gregg is quite correct in contending that the Obama Administration is bankrupting the country; the fact that Gregg was almost Commerce Secretary adds, of course, to the power and potency of his commentary.
It would be kind of nice if the Obama Administration would be kind enough to do a little something to improve confidence in its ability to tackle complex financial and economic problems. But the President still appears to be content to glide and coast on entirely unremarkable poll numbers. Anyone else worried yet?