economics, John McCain

They really, really don’t get it…

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.

-kvd out

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7 thoughts on “They really, really don’t get it…

  1. it’s going to get worse – AIG’s going to be filing for protection – on the plus side, if they go under, it will mean an end to those truly annoying commercials with that guy saying ‘save your money’, yeah you guys did that really well didn’t you?

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  2. I have to think that they are going to try to keep AIG alive. A huge insurance company, big enough to insure many of the loans that banks make, could bring the industry down altogether. If I had the $$$, I’d be buying AIG stock right now while it’s cheap.

    In the end, regulation is badly needed, and only Obama has the stones to try I think.

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  3. Oh, they’ve kept it alive all right – by nationalizing it. I’m sure the right wingers will chime in saying they’ve done no such thing, but the fact that the Federal Government is now an 80% majority shareholder in AIG, would definitely make it a Crown Corporation in this country….

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