Progressive Shock Doctrine
Now that the Paulson plan is off the table, it's time to start dealing with this like grown-ups. This is a difficult situation. We are a month away from an historic election and the economy is in crisis. And we are going to see some new plans on the table over the next few days that will likely be a big improvement in the substance, but which may very well have to wait until the American people weigh in. Or not.
But if a new plan is to be presented by the Democrats, it means they are going to take ownership of the crisis and they'd better start thinking about passing it with a progressive argument. The Republicans are not going to be on board. I wrote after the debate that I wished Barack had made the point that all of his plans for investing in alternative energy, infrastructure and health care are not only the right thing to do, they are going to be necessary for revitalizing the economy. For several decades now we've been working under the false premise that the only thing the government can do to stimulate the economy in a time of recession is tax cuts. That's just not true. In fact, it is inadequate at times like these, as we are seeing. Action in the way of creating jobs and direct government activism is required.
So, with that in mind, perhaps it's time for them to start thinking like Democrats again --- the old fashioned Roosevelt kind. I received this email from a reader the other day that got me musing on the subject: