Member Perspective: End This Depression: Replace Geithner With Krugman

Whose base is more energized? That will be a critical question for Obama and Romney come November.

This Occupier fears that there is a ton of energy behind the side chanting “we are all in this alone!” and holding up signs reading “Keep Government Out of Our Medicare” and holding meetings focused on the implementation of “The Hunger Games.” If this side is victorious, I fear that it will truly be the bane of the existence of anything positive in the name of America and the corporation will truly be King.

Obama has not shown nearly enough deference to those who got him there. There are more than enough articles out there to support this point and I will not waste your time nor mine reiterating those points here. What I will argue, instead, is that Obama must do something radical to show the ninety-nine-percent that he is with them. If he wants to get volunteers on the phones, find people willing to do the tough work of door-to-door canvassing, have people leafleting in front of grocery stores, and donating the few extra pennies they have, Obama has got to show us that he understands that “a new world is possible” in which we are all truly our brother’s keeper!

What’s the radical step I am promoting?! Replacing the Wall Street whipping boy Tim Geithner with the Pulitzer-Prize winning economist Paul Krugman! Mind you, only people like Jamie Dimon would find this to be a radical idea!! I guess one could argue that Geithner served a purpose in that he was able to stabilize the banking industry and make people like Jamie Dimon feel secure. And lo and behold, the banks are back to making sizable profits. So Geithner served his purpose.

However, beyond the international playing field, America is still a mess! Why are we still in such a state of stagnation? Read Krugman’s book, “End This Depression Now!” and you will understand that we are in a credit crunch! Essentially, there is plenty of capital out there, but it is stuck under the mattresses of large banks and large corporations who are too wrought with uncertainty about the direction of our economy to spend their capital and thereby put the car in DRIVE! The key element keeping us in PARK is a lack of demand. Thus, we need to have our government spend money to get the gears going again. For more of an understanding about why we must put our jobs crisis above any concerns regarding debt read Krugman’s book.

The point I am getting at is that when you car is stuck in PARK and you want it to be in DRIVE you seek out a mechanic whom you know has the understanding to fix what is broken and the integrity to not rip you off in the process. As you read, “End This Depression Now,” you will not be able to escape the feeling that Krugman cares! Yes, he is a Pulitzer-Prize winner. But, he’s also got heart. He rails against those who would complicate matters in order to benefit the one-percent. He takes Bloomberg to task for arguing that the housing crisis was the fault of Congress for encouraging minority home-ownership and that the bankers were mere innocents. Krugman responds by stating that, “In fact, during most of the housing bubble Fannie and Freddie were rapidly losing market share, because private lenders would take on borrowers the government-sponsored agencies wouldn’t. Freddie Mac did start buying subprime mortgages from loan originators late in the game, but it was clearly a follower, not a leader.” Take that Doomberg!!

In essence, what we need right now is an economic expert who cares deeply about the ninety-nine percent to take the reigns of the economy and steer it in the direction of more jobs! If Obama made this move now, he would fire up his base and get them working for his campaign. He might be afraid to lose independents who are concerned about the debt. But they wouldn’t have voted for him in any case.

Those are just my two cents (which is actually a lot these days).

-Josh Douglass

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