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Showing posts from November 27, 2008

Obama does it the pragmatic way

Business Times - 28 Nov 2008

By recruiting Clinton era economists, he may be signalling that he does not plan to move towards a New New Deal

By LEON HADAR
WASHINGTON CORRESPONDENT

SOME pundits have been drawing parallels between the coming presidency of Democrat Barack Obama and that of Franklin Delano Roosevelt who was elected to four terms in office - serving from 1933 to 1945 - during one of the most tumultuous times in US history.

According to what could be described as the New New Deal Narrative, historians and journalists have noted that both Mr Obama and FDR were elected in the wake of a devastating financial crisis and during the ensuing economic recession. In this narrative, Mr Roosevelt's predecessor in office, Republican President Herbert Hoover and George W Bush, another Republican president and current White House occupant whom Mr Obama will replace next year, play the role of the antagonist in the respective historical dramas.

Both Mr Hoover and Mr Bush were strong adh…