Big Spender
President-elect Barack Obama is focusing his economic recovery strategy on making the biggest investment in the nation’s infrastructure since President Dwight D. Eisenhower created the interstate highway system a half- century ago.
MarketWatch says Obama doesn’t believe the automakers should be allowed to go into bankruptcy:
Speaking on NBC’s “Meet the Press,” Obama said management at the Big Three auto companies — Ford Motor Co., General Motors Corp. and Chrysler LLC — made “repeated strategic mistakes.” But he added that millions of Americans rely on the Big Three for their jobs, directly or indirectly, so they should not be consigned to court-supervised bankruptcy as some people have suggested.
Obama said he wants assistance to be conditioned on restructuring.
Update: But maybe this will be the result of having someone like Paul Volcker around:
…the President-elect says we are not “going to be able to just keep printing money” and that the nation will have to be more fiscally responsible. Now, that really would be change you can believe in.
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