David Ignatius had a very interesting column in today's edition of the Washington Post, in which he wrote that in light of the present financial crisis (particularly with AIG) President Obama should perhaps shift his focus from Franklin Roosevelt to Theodore Roosevelt. Ignatius thinks that TR's trust-busting mentality would be more appropriate for dealing with the financial crisis in the American banking system. Well worth a read.
The Right Roosevelt?
By David Ignatius
Thursday, March 5, 2009; A19
There has been a lot of speculation about whether Barack Obama can be another Roosevelt, but I wonder if we're talking about the right Roosevelt. In fixing the financial crisis, Obama could use a little less of FDR's affection for economic giantism and a little more of TR's zeal for trust-busting.
This week's $30 billion supplementary bailout for insurance behemoth AIG is a case in point. Keeping this insolvent monster on life support doesn't make sense. The company should have been dismantled when the crisis first hit last year, when the healthy parts could have been sold for a decent price. Treasury says that after this latest bailout, AIG should shrink and remake itself in smaller pieces. Better late than never, I guess.
Link to full story: http://www.washingtonpost.com/wp-dyn/content/article/2009/03/04/AR2009030403067.html
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