America needs a 21st century economic plan because we now know the market-worshiping, privatizing, de-regulating, dehumanizing American financial plan has failed and should never be revived, worshiping the market again. . . It has failed America and everyone that works here.Stern, former boss of the SEIU union, has said it before.
What's it mean? Well, the credit crunch mostly was the product of over-regulation (Fannie/Fredie loans and purchase of mortgage securities (see page 25)) plus excessively low Federal Reserve interest rates lasting excessively long, not the demonized deregulation. So Stern's solution won't fix the flaw.
Rather, and unsurprisingly for a union shill, Stern seeks to "spend, spend, spend." Which we can't afford. See page 7 of Treasury's recent public debt report--predicting that net public debt (total debt minus U.S. Government holdings) will top 70 percent of GDP in 2013, roughly twice its 2003-2007 share:
source: Treasury Department, Annual Report on the Public Debt for FY2009 (June 2010)
In other words, it's hopeless.
(via Instapundit, Representative Dave Camp (R-Mi))