Wednesday, August 31, 2011

A Tough Message for Christine Lagarde

"Christine Lagarde's Tough Message"

Ms. Lagarde's words, while they may have "shaken up" the assembled in Jackson Hole, fell on many deaf ears. Whether it be intellectual incapacity or immutable intent to undermine the presidency, the possibility of the Republican party suddenly "waking up" to the reality of the folly of austerity as the framework for near term economic recovery is about the same as an earthquake and a hurricane hitting New York in the same week. Well, maybe not quite that good.

Aggressive programs to tackle the foreclosure crisis and attack the staggering and stagnant unemployment problem are desperately needed. But this would take federal stimulus and government intervention, both of which are anathema to the Republican mantra. Sorry, Ms. Lagarde, no matter how hard you keep "pushing", that rock won't make it up this Hill.

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