Russia, Germany Shift Right - US Goes Left

Is it possible that Europe and Russia, seeing a shift to the Left with Obama that will weaken America economically, are shifting to the Right to maximize any advantage coming out of the downturn? Because that is what is happening to some extent folks.

Amazing, even as Michelle points out the latest pig lining up at our trough - US auto parts suplliers want $20.5 billion.

Russia opts for fiscal discipline and a no bailout approach.

Russia signalled a change in its policies to fight the financial crisis on Wednesday, indicating that it would switch from bailing out individual companies to supporting the economy through the banking sector. Moscow also plans huge budget cuts in an attempt to limit its fiscal deficit – rejecting pressure to follow the US and other western countries to try to stimulate the economy with a big boost in public borrowing.

And Deutsche Bank says no thanks to state aid, even with its worse loss since WW II.

Chairman Josef Ackermann said the bank did not require government assistance and would pull out of the financial crisis on its own.

Hello?

Comments

[Al]

In addition to this, Russia had cut the corporate income tax from 24% to 20%.

http://www.taxfoundation.org/blog/show/23949.html

By comparison, US corporate income tax stands at 35%.

[prose]

I think Putin schooled Obama on state interventiona couple of days ago. My god, how bad Obama must be if Putin teaches him sensible economics.

[Patrick]

Prose, you know Obama is bad, Putin is teaching and the economics are sensible. Obama doesn't know this. If he did, he wouldn't be Obama. This is what happens when media and voters accept generalities like Hope and Change instead of specifics. In the past we had specifics like Bush's record as governor, Bill Clinton's record as governor, and Ronald Reagan's record as governor. Today we have hopiness and changitude.

[Stephen]

Well, then good for Russia and Germany. That's how states are supposed to behave. That's how states have always behaved. That this needs noting, much less commented upon, speaks to sorry state of our intellectual life.

[Brock]

Good for Russia.

But the response of one German bank (even if it's "the" bank) is not s signal of how the German State will move forward. Unless Fascism came back in vogue while I wasn't looking I'm pretty sure the banking sector and the State are two different actors.