The Fundamentals of the Economy Continue "Strong," So Stop "Whining"

By: Lowell
Published On: 10/24/2008 7:13:22 AM

When John McCain admitted he "doesn't really understand economics", he really wasn't kidding. And when he said that "the fundamentals of the economy are strong," apparently he wasn't kidding either. Nor was John McCain's top economic advisor kidding when he said that we were in a "mental recession" and that "we've sort of become a nation of whiners."  Nor was Alan Greenspan, who endorsed John McCain for President, and who yesterday was "pilloried by a congressional committee for decisions that contributed to the financial crisis devastating world markets."

Quite a lineup we've got there, huh? And that's not even mentioning Sarah Palin, who claims that John McCain's "track record of the leadership qualities and the pragmatism that's needed at a crisis time like this."

Yeah, just what we need: a guy who admits he doesn't understand economics; a guy who's tight with Alan Greenspan, whose own personal reputation "bubble" has burst as badly as the housing market; a hot-headed, erratic man who one minute is "suspending" his campaign to have dinner with Joe Lieberman at the Mandarin Oriental Hotel apply his complete lack of economics expertise to the problem; a candidate who picked as his running mate somebody who knows even less - far less - than he does about the economy, doesn't even seem to understand how much oil Alaska produces or that oil and coal molecules are not "fungible."

If the stakes weren't so high, all this would be great fodder for the TV comedians.  In fact, coet to think of it, all this IS great fodder for the TV comedians.  But besides that, I'm not sure what use we've got with it, as stock markets plunge around the world and Alan Greenspan admits that - whoops! - deregulation and Ayn Rand economics wasn't such a great idea after all.  D'oh!!!!

Comments



McCain Needs to Dial 911 (dsvabeachdems - 10/24/2008 7:43:03 AM)
Today looks to put the exclamation mark on the Bush legacy.


911 for the entire legacy (Lowell - 10/24/2008 7:54:27 AM)
of "supply side," "trickle down," "crony capitalism," "free" markets, deregulation, "greed is good," "the private sector knows best/the government is the problem," etc.  In other words, it's time for the entire Republican Party and "conservative" movement to dial 911.  Hopefully, when they do, a good Teddy Roosevelt Progressive will pick up the phone, talk to them, and set them straight.  Ha.


This Conservative Economics Curriculum (dsvabeachdems - 10/24/2008 8:06:03 AM)
is Republican pablum. Anything beyond econ 101 contains way too many factors resembling reality...and they need to re-read Atlas Shrugged and see who "Head of State Thompson" calls to mind now.  


Panic (tx2vadem - 10/24/2008 8:58:38 AM)
It's just ridiculous at this point.  As if that wasn't the case last week too.  Oil ministers are not helping by quotes like: "We can't produce if no one is going to buy it."  Nice!  So much for renewables if global prices for oil continue their free fall.


This is looking like 1998 all over again (Lowell - 10/24/2008 9:07:26 AM)
when the Asian financial crisis caused oil prices to fall as low as $10 per barrel.  This will really hurt the oil producing countries, and that's a good thing if you ask me. This will also hurt the terrorists, and that's a REALLY good thing!  The problem is, it will also hurt renewables, energy efficiency, the goal of breaking our "oil addiction," the economy, and of course the environment. That's why we need a serious energy policy, with strong renewable portfolio standards, aggressive energy efficiency goals, a Manhattan Project of R&D on 100-mpg cars and new energy sources, and a revenue-neutral carbon tax to put a price on this pollution.  Without all that, and much more, we'll just continue this boom/bust cycle for decades, and in the end nobody will benefit from that.


The "market" is working perfectly well (Teddy - 10/24/2008 9:37:17 AM)
and it's doing its job: wringing out leverage and bubble-time mal-investment. Is it over-reacting? Not really, just bringing us a comparable downswing pain to cover the upswing euphoria.  Current events fit perfectly into Austrian, also Friedman Free Market theories. Too perfectly; everyone was a Free Marketeer while the  bubbles of Alan Greenspan were on the rise but when the natural consequences ensued, the chickens came home to roost, suddenly there's a problem, leaders should Do Something. We are now paying for Bush-economics, and are going through one of those inevitable crises on which Free Market Disaster Capitalism thrives, indeed demands to thrive. If you don't like it, then see to it that we change the basic operating theory or business plan underlying the World Bank lending criteria which guide almost every financier in governments large and small around the world, not to mention the masters of the universe on Wall Street.

President Bush the Maniac is holding a world economic-financial conference to "solve" the world economic crisis. Only problem is, he's already said he is doing it to be "sure that the free market" is not compromised. So, the conference, like so much Bush does, is rigged in advance, in this case NOT to replace Free Market Theory, just to paper over the problems (which will leave us to face the next (far worse and deeper) free market crisis in the future with far fewer weapons in our hands.