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Jul 31, 2020
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Tonight, President Obama is reiterating his plan for getting the country’s economy back on track, the emphasis again on investments in health care, energy, education and infrastructure — the tangible, bricks- and-mortar types of things that are decidedly notreliant on housing bubbles and credit default swaps.
Responding to a question from NBC’s Chuck Todd, Obama implied that too much of the nation’s economy in recent years has hinged on the imaginary gains of the finance industry.
When AIG sells an enigmatic derivative and that’s considered a part of the GDP, Obama said, “then that’s not a model for sustainable economic growth.”
The comments arrive exactly seven days before Detroit’s automakers will submit viability plans in hopes that the White House will reward them with more bailout money. Would the president call for an economy based on more tangible things, then turn around and deny the car companies — once the country’s greatest manufacturing engines — the next round of emergency loans?
We’ll know shortly.
Paolo Reyna

Paolo Reyna

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Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies. Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most. In his free time, he loves to travel, watch films, read books, and socialize with friends.
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