Barack Obama, who I guess is now an economic “expert,” claims that government actions have headed off a huge depression.  Given that the economy in this country still is sinking, I wonder about the veracity of such a statement, that if made by a CEO of a private firm, most likely would put him in jail for “securities fraud.”  However, Obama lays the blame where all statists believe it belongs: on private enterprise.

“Reckless actions by a few have fueled a recession that spans the globe,” Obama said of the meltdown that began in the United States with a tumble in housing prices and drastic slowing of business lending. The downturn now threatens superpowers and emerging nations alike.

Obama urged national leaders to unite behind a global recovery plan that includes stricter financial regulation and sustained stimulus spending.

The depression has nothing to do with reckless government monetary policies, and the huge moral hazards that government created in the financial markets.  Yeah, government to the rescue.  All we have to do is to spend ourselves into prosperity.