Adverse Feedback Loop

In an effort to remedy the "adverse feedback loop" (I love that term), "White House economist Glenn Hubbard offered a $400 billion to $600 billion plan through which the government would refinance all U.S. mortgages into 30-year fixed mortgages at 5.25 percent through Fannie and Freddie." When James Pethokoukis asked if these plans might be socialism: "The economist's answer: 'I think that bridge has already been crossed.'"

Speaking of socialism, I heard a BBC analysis of American economics today, which included discussion of Obama being called a socialist. There response was, of course, that Obama isn't anywhere near a socialist, he is a centrist and Americans don't really have any understanding of Socialism.

In fact, the "New Deal" wasn't even socialism, it was "third way" economics, as was President Clinton's economic policies. Perhaps Sartre will ultimately be proven right.