If there is no struggle, there is no progress.

- Frederick Douglas

New President, Same Problems

Those who expect change with the new president better brace themselves for the lack of change on the horizon. Of course, the problems are the same:

“I’ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers,” Roubini said at a conference in Dubai today. “If that’s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion. This is a systemic banking crisis.” [Read/Watch]

We hope we are wrong and that Obama will not be a further continuation of Bush's big government and growing socialist policies, but, alas, we see little hope that there will be any real change.

posted at 11:48:27 on 01/20/09 by clearpolitics - Category: Economics - [Permalink]

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The Gross National Debt