The much-ballyhooed international economic summit in Washington is over, and, according to news reports, little was accomplished aside from agreement on various vague goals by the delegations from 21 nations and four international organizations in attendance. There were no flashy resolutions and no dramatic makeover of the global financial system — yet.
For years, the so-called economic experts — Ivy League economists, Federal Reserve chairmen, Treasury Secretaries, and media financial analysts — have been selling a bull market. Buy, buy, buy; spend, spend, spend; borrow, borrow, borrow. But the running of the bulls on Wall Street has now turned bloodier and uglier than the annual carnage on the streets of Pamplona.
If the language in his first post-election press conference is any indication, Senator Barack Obama will be true to his profligate campaign promises. He pledged in that November 7 press conference a variety of vague new government initiatives that would appear to require massive new federal spending.