Barack The Savior?

Unfortunately there is too much time life for the current administration to destroy the economy further.

Sad, but true.

Obama and capitalism? Wow never thought i would hear those 2 in the same sentence. Obama know what it is?

I think Obama already has some insight to correcting the problem, the question is going to be enough.
He has stated his intent to give tax breaks to those companies who keep their employees in this country and not those who send jobs out of the country.
His hopeful effort at developing "Green Industries" in this country will help to offset the loss of manufacturing jobs, again is it really enough?
One only has to look at the loss of small businesses after Wal mart moved in to an area. Not to mention Wal-Mart actually forced many of their suppliers to move their operations to China so they could undercut literally everyone. It's ironic the effect someone like Wal-Mart has and then to benefit from the fact people are forced to shop cheap.
Perhaps Obama will get smart enough and give a tax break to startup business's particularly manufacturing and keep the IRS from beating them to death in the first three years a sport they enjoy with great relish, and it is the small startup business's the IRS go after, never someone like ENRON and the like.
I do hope he gets it right people keep debating if we are in a recession but it looks like and smells like and has all the earmarks of the Great Depression.
One of the causative earmarks of the Great Depression was only a few had all the money and that has to sound and look familiar.

Please investigate this idea to help American. A straight fix is better than working all around the problem. To create main street jobs, have middle Americans to put money back into the economy, and get rid of fear, will be to stabilize the American people first. Could this work ? A stable home could stimulate the economy. Instead of working all around the problem, The government should use taxpayers money directly on the taxpayers by paying off our mortgages to be paid back to us taxpayers with little or no profit at first. Start by fixing the root of the housing crisis will implode new money as well as bailout money into the economy at the same time. Free American families from the threat of becoming homeless will have Americans ready ,willing, and most of all able to help our economy out of crisis. Middle class and upper class united will be a blessing for the American economy. Freeing up cash to spend is better than trying to freeing up credit to charge, because, the misuse of credit is the problem. 911 has proved that we all are Americans and we will come together for the greater good of America because we all know that together we stand, and if we stay divided we will all keep falling. Even the wealthy can lose parts of their American dream. Our government MUST invest in the American people ,in turn, the American people WILL invest back into America. When everyone unite for a common good you get results. We MUST stop giving presidential power to the industries to help Americans. The power of America belongs to WE THE PEOPLE OF AMERICA. In return we can install solar panels, buy hybrids , conserve energy, create jobs, and invest in our American economy while being lead toward a unified America . Industries are getting taxpayers money to help us, but they are mostly helping themselves. Let's take the straight and narrow fix. Taxpayer money to taxpayer mortgages. This will pay only principal money, and banks only lose the rest of the interest. Homeowners in trouble due to the fault of the economic meltdown still owe the principle but at 1% for 3 years and in return we will be able to buy things, not charge things, to turbo charge the economy . banks will be saved because they will get their money back, and jobs will return because we have a demand for services again. To be productive, please add ideas that could help even more americans. we have to start somewhere. Be constructive not destructive and pass it on for more construction THANK YOU!

I totally agree with you Michael. Lets hope Obama gets at least some of it right.

a

Hey douche bag,1933 and 2008 are almost exactly 76 years apart not 75. Aren't you the one that wrote the article about how stupid people won't be running the government anymore?

I totally agree with you Michael. Lets hope Obama gets at least some of it right.

The title represents such an amazingly stupid premise, it would be almost impossible to correct the author's misguided opinion.

It's simply amazing the hysteria a lot of people seem to have when it comes to what they think socialism is and how it relates to Obama. Socialism is not changing the top income tax back to 39.6% from 35%. Yet as big business continually screws them they smile because it must be wonderful if it's capitalism. Maybe we're in a mess because too many people in this country are so damned stupid.

All for free speech, but Mr. Hirsh is saying things about "capitalism", "socialism", FDR's reforms, and our financial crisis that over-simplify at best and probably misinform the average reader. The enabling of overly easy credit by monetary authorities combined with policy makers of both parties failing to set the necessary legal ground rules for new types of financial transactions & instruments so they're transparent and not abused is a much more complicated story. We need Obama to lead a bipartisan effort in the US and a strong diplomatic effort to fix the system, it has nothing to do with converting to "socialism" or saving "capitalism"!! This analysis is so simplified that I wouldn't even use it to explain the crisis to a ten year old.

Amazing now that the election is over, Newsweek finally decides to tell us what to expect for Obama......"A great big dose of Socialism"........how quaint.

The American economy is built on a house of cards and narcissism. No one can save it. The government is in debt. American citizens are in debt. The whole system functions on credit and speculation. For every disposable product that we make...a certain amount of carbon is emitted into the atmosphere. The disastrous effects of global warming are already manifesting at an alarming rate. Not unless people get real and change from within...that is....profoundly heal their narcissism and alienation...will anything change. The Big 3 auto companies are failing because of crap quality and cronyism and corruption in their supply chains. It's a hopeless mess.

"Free-Market" capitalism is and always a disasterous fraud as far as making a society generally prosperous. It was very successful and increasing the wealth of the already rich which is why it was adopted and boosted in the media. Mr. Hirsh is wrong when he says it started with Reagan, the first steps were taken by Jimmy Carter who among other things appointed a Wall Street favorite, Paul Volker, to head the Federal Reserve. The airlines and trucking were deregulated by Democrats too. It was a bi-partisan hit job on Mainstreet from the start.

the rest of the story is how things went to pot for fdr and if the war had not broken out he would go down as a nut case. I'm afraid that the same will happen with BO. We will see.Kindest Regards joe

Is this like the stupidest question ever? Did anyone at Newsweek read what this man wrote? Has anyone researched whose knee he has been spoon fed and read to by? Are you on crack? Capitalism insofar as it serves to fund Marxism and redistribution of wealth is all you are going to get here folks. Grab your pocket books and head for the Caymans people! Your money is not your money. You should be ashamed of yourself for wanting to keep what you earn. (Of course his poor aunt in the slum is of no concern). What kind of stupid question is this? Can he save capitalism? Confiscation and redistribution to fulfill all his promises is the name of the game here! Screw capitalism--it is just a pain in the ass he has had to tolerate for far too long. Retribution and redistribution--that is the name of the game from now on! Savior? I submit he will be the antiChrist of capitalism!

The base assumption here is the government is responsible enough and has the track record to fix this problem. Sadly if I was a banking CEO hauled before congress I'd point my finger right back at all these self-righteous politicians and ask them how they've been taking managing their wild spending, deficits, and huge national debt. I hope someone can help pull us out of this mess, but gov't has not proven themselves.

The base assumption here is the government is responsible enough and has the track record to fix this problem. Sadly if I was a banking CEO hauled before congress I'd point my finger right back at all these self-righteous politicians and ask them how they've been taking managing their wild spending, deficits, and huge national debt. I hope someone can help pull us out of this mess, but gov't has not proven themselves.