The battle over the bailout of some segments of the US auto industry has become increasingly defined in terms of class, but this hides the fact that the same type of players will benefit from both bailouts.
I learned -- one day after being told that top AIG executives would be forgoing bonuses this year -- that the company's executives will be receiving 'cash awards' as 'retention payments.' AIG can dress this money up in fancy names, but no one is fooled.
Obama should push for measures to deal with a variety of urban issues in exchange for the financial assistance sought by auto makers, Wall Street investors, middle class homeowners and the rest of America.
It will take a significant change in leadership of economic policy and very radical, coordinated policy actions among all advanced and emerging market economies to avoid this economic and financial disaster.