The timing couldn’t be more priceless. In yesterday’s Washington Post, one of John McCain’s economic advisors, Donald Luskin wrote an op-ed piece entitled Quit Doling Out That Bad-Economy Line that did not actually use the phrase “nation of whiners”, but in every other way mimicked Phil Gramm’s now notorious remark from a few months back. Note the McCainian bullshit-twist Luskin applies to Obama’s argument that things are the worst they have been since the Depression. Luskin goes on to “prove” that things were worse in the Depression, which is not at all what Obama said. McCainian. Bullshit. (I picture a t-shirt logo.)
No sooner were the electrons dry did we get to read that the huge financial edifices Lehmann Brothers and Merrill Lynch were going into bankrupcy protection and being bought out to avoid it (at less than 50% of their value one year ago) respectively. It looks like the incipient greed that both forced and took advantage of the erosion of regulation in the banking and mortgage industry is not yet finished destroying what it built over the past eight or ten years.
What happens next is anybody’s guess, but my bet is that John McCain’s proposed tax cuts to the already fat are not going to do anything but throw an anchor to the already drowning.
It’s good to see that Barack Obama is drawing the right connections and taking aim at the right fools.