Exclusive: The economic pain from the Wall Street crash of 2008 and the ensuing Great Recession has fueled the right-wing Tea Party movement in the United States and a revival of fascism in parts of Europe, including hard-hit Spain where some leaders are promoting the brutal Franco era, writes Andrés Cala.
In recent years, the Republican obsession with slashing the federal budget even at a time of high unemployment rested on the intellectual foundation of a study purporting to prove that government debt strangled economic growth. But that foundation crumbled when a computation error was revealed, as Beverly Bandler explains.
With Treasury Secretary Timothy Geithner planning to step down, President Obama is faced with an important appointment. Much of Official Washington wants a “deficit hawk,” but Obama and the country would be better served by someone who cares more about recovery than austerity, says Beverly Bandler.