As Progressives we have to arm ourselves with the facts about the economy and what is the best course of action to reduce the effects of our current crisis. The wing nuts are in full cry, blaming the meltdown on Freddy Mac and Fannie Mae and the Democrats. One of the best articles on how Freddy and Fannie were not the cause of this mess is Private sector loans, not Fannie or Freddie, triggered crisis by Goldstein and Hall published by McClatchy Newspapers.
Our next fight will be against the neo-Hoverism of the wing nuts who want to choke off any economic stimulis package saying that it will increase the Federal Deficit. All major economists say the same thing, that deficits must be ignored, that you spend your way out of a recession. Choking off Government spending in the early days of the 1930s depression is what caused it to be the Great Depression.
I can't figure it out. Deficits be dammed for the war in Iraq, but spend no money to help out people here at home?
Finance has never been one of my strong points, but like many of you the ongoing financial crisis has spurred me to get smart about the issues. Here are some of the blogs I have been reading in these last few weeks.