Published 3/5/2009
by ian.bremmer
at The Big Money
As President Obama was making his case for the $787 billion stimulus package he hopes will help revitalize the U.S. economy, he warned that failure to enact the plan would "turn crisis into a catastrophe. ... Millions more jobs will be lost, more businesses will be shuttered, more dreams will be deferred." Congress passed the rescue package, and Obama signed it. Bailouts of various institutions and economic sectors continue, and new rules will be written to try to ensure none of this ever happens again.
Something extraordinary is happening. New York used to be the financial capital of the world. It's no longer the financial capital of the United States. For the moment, that honor falls on Washington, where lawmakers and executive branch officials are hard at work on policy proposals that will shape the future of the U.S. economy.
In fact, the shift in the balance of economic decision-making power from capitals of finance to capitals of government is taking place in several countries at once. ...
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