Update II: House passes Obama stimulus bill 244-188.
Update: AP: "President Barack Obama says businesses and workers are counting on Washington for 'bold and swift' action to steady the struggling economy."
The economist Nouriel Roubini is becoming a rock star as the media around the world clamor for interviews.
Roubini, chair of the Global EconoMonitor, has like Paul Krugman been prescient in warning against the type of economic catastrophe that the United States and the world are facing.
And like Krugman Roubini is proposing massive stimulus programs to ward off the type of recession that would mortally wound millions of working families, and especially those families who have lost jobs and are looking unsuccessfully.
But Roubini, also known as Dr. Doom, is not into feel-good music; he predicts negative growth for 2009.
On the political side, the GOP prescription for families: Tough shit, let the market sort it out likely will not fly if Roubini's predictions are anywhere in the ball park.
See also:
- Obama, Dems need to expose true GOP financial philosophy to get stimulus relief -- A BuzzFlash News Analysis
- A Hole Worth Digging
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