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.
Obama presented his economic team -- all protégés of Robert Rubin -- just as the Treasury was pumping out billions to rescue Citibank -- which featured Rubin as chair of its executive committee. Is this the change we need?
Obama fundamentally trusts markets, but believes that they make grievous errors (I'll say!), and that those errors must at times be aggressively corrected. Is that a new idea? If so, then no wonder we're screwed.
There is a strong chance that Lawrence Summers is going to be returned to the post of Secretary of the Treasury. Larry will have to prove to us that he is different and not the harbinger of Clinton Term III.