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Is Obama's Stimulus Creating a False Recovery? - James Matthews

2,692 views · Published 3 December 2009 · 3:33 · Indexed 28 October 2026

Channel: FORA.tv · 2009 · News & Politics

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Complete video at: http://fora.tv/2009/11/09/The_Recession_Obama__the_Future_Where_to_Go_from_Here

Management consultant James Matthews emphasizes what he argues are holes in Obama's economic policy. "The Obama administration's approach is essentially trying to rebuild the house of cards that's collapsed, instead of learning from this experience and recognizing that we need to go in a different direction."

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The run up to the US Presidential Elections last year seemed to buck the trend of entrenched cynicism and apathy that had come to characterize contemporary politics. Barack Obama's rallies were often more like pop concerts or festivals, and many young people were mobilized to vote. Beyond broad generalities such as 'hope' and 'change' however, critics noted that specific political ideas and broader party principles seemed to be absent.

Now the US is in the midst of a severe recession: financial institutions and flagship businesses like GM are in crisis and jobs are being lost. So can President Obama deliver on his promise and deliver the change necessary for economic recovery?

The global political climate has changed dramatically in recent years. The traditional debates between right and left, capitalism and communism -- the interplay of which shaped the thinking of economic thinkers like Milton Friedman and John Maynard Keynes -- lack salience today.

So what ideological resources, if any, does Obama have to draw on? It often appears few politicians and commentators even understand what has happened and why -- let alone how to resolve the problem. Many have sought to blame 'greedy bankers' or 'greedy consumers' and neglectful regulators -- but is this a case of scapegoating rather than serious analysis? - NY Salon

James Matthews is a management consultant based in New York. Matthews has written about a variety of business and economics topics. He is a member of the NY Salon, and has convened NY Salon events such as "Is There a Culture of Corruption?" and "Athletes as Role Models in the Steroids Era."

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