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Moyer’s Interview Former IMF Economist About Obama’s Latest Plan “B”ailout

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moyers_signedBill Moyers: Former chief economist of the International Monetary Fund (IMF), MIT Sloan School of Management professor and senior fellow at the Peterson Institute for International Economics, Simon Johnson examines President Obama’s plan for economic recovery.

See the complete interview on Bill Moyer’s PBS website.

BILL MOYERS: Are you saying that the banking industry trumps the president, the Congress and the American government when it comes to this issue so crucial to the survival of American democracy?

SIMON JOHNSON: I don’t know. I hope they don’t trump it. But the signs that I see this week, the body language, the words, the op-eds, the testimony, the way they’re treated by certain Congressional committees, it makes me feel very worried.

– – – – – – – – – – – – – – –

BILL MOYERS: So here’s the trillion dollar question that I take from your blog, that I read at the beginning, quote, “Can this person,” your new economic strategist, in this case Geithner, “really break with the vested elite that got you into this much trouble?” Have you seen any evidence this week that he’s going to be tough with these guys?

SIMON JOHNSON: I’m trying to be positive. I’m trying to be supportive. I like the administration. I voted for the president. The answer to your question is, no, I haven’t seen anything. But you know, perhaps next week I will. But right now, as we speak, I have a bad feeling in my stomach.

My intuition, from crises, from situations that have improved, the situations that got worse, my intuition is that this is going to get a lot worse. It’s going to cost us a lot more money. And we are going down a long, dark, blind alley.

I have this feeling in my stomach that I felt in other countries, much poorer countries, countries that were headed into really difficult economic situation. When there’s a small group of people who got you into a disaster, and who were still powerful. Disaster even made them more powerful. And you know you need to come in and break that power. And you can’t. You’re stuck.

Watch Frontline Tuesday, February 17, 2009 – Inside The Meltdown

Visit Simon Johnson’s Blog: The Baseline Scenerio for a complete and detailed look at the current economic crisis.

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Written by mattliving

February 13, 2009 at 11:21 pm

Posted in Economics

Tagged with , ,

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