By Richard Russell
It looks to me as if the US and other nations are giving Mr. Putin the Reagan treatment. The Russian ruble has caved in, the price of oil is collapsing and the Russian economy is crumbling. This may take some of the arrogance out of Putin.
Latest news is that durable goods declined three out of the last four months, which obviously did not please the stock market. Obama has followed Reagan’s path to weaken Russia and I think he may follow Roosevelt’s path in creating make-work programs.
It’s too early to spring a bombshell make-work program (such as the Great Depression's Works Project Administration - WPA) but with the infrastructure of the US falling apart, a massive make-work program would be the ideal medicine for today’s unemployment. In other words, “put them to work and put the country back together again.”
The market has been in the red all morning but looks ... Log in or subscribe to continue reading.