Economist Jeffrey Sachs of Columbia University writes:
We all know the end of the story as it's now being written with an overpriced rescue of the banks. When it comes time for health care reform, education funding, infrastructure rebuilding, and (heaven forbid) help for the world's poor and dying people, there will be no fiscal space. Budgets will be tight. Spending that helps make rich guys richer while leaving the poor to die of hunger and disease seems to be par for the course in our Wall-Street-besotted public policy.
A political storm is coming Obama's way over the bank bailouts. He would be smart to reconsider and get some new economic advisors. Or he could sink like a stone beneath the deluge. And unfortunately, we'll all sink with him.