Justice is Cheap


Posts Tagged ‘Economics

Playing the Economic Blame Game

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With the collapse of Lehman Brothers yesterday, with Merill Lynch being gobbled up by Bank of America and AIG looking like they’re next in line, the talking airless heads were making the rounds today pointing fingers. The loudest finger-pointers happened to be the Republican surrogates for John McCain. Even though Deregulation came to fruition under Richard Nixon–he was a Republican, right–fingers can be pointed at all the subsequent administrations.

So for the McCain talking heads continuing to spew half-truths or outright lies, it isn’t the current Democratic congresses fault. You can’t erase history as much as you’d like to and you can’t manage to make McCain’s 26 years of doing nothing in Congress go away either.

Let us not forget John McCain has admitted that he knows nothing about economics and just today his running mate admitted getting a D in Macroeconomics (but for some reason will work with the economy if elected). I got a pity D in algebra class and I’m sure you wouldn’t want me responsible for the United State’s economy. But wait, what about McCain’s advisors you may ask–surely they’ll help him with the economy. Okay, fair enough, let’s look at his top economic advisers Phil Gramm and Carly Fiorina. Phil Gramm, plays a large role in this current debacle–it’s most common reference is “corporate welfare.” Gramm introduced the Gramm-Leach-Bliley Act in November 1999 and it is said to have led to the 2007 subprime mortgage financial crisis. So we have a self-avowed economic idiot, McCain, taking advice from historically regarded idiot Phil Gramm, who legislated us right into this mess.

McCain’s other Economic advisor is failed Hewlett-Packard Chairman of the Board Carly Fiorina. During her tenure, the market halved HP’s value and the company incurred heavy job losses. So that says to me that if we want to keep our declining unemployment rate, then Carly’s the gal for you!

What about Obama? Surely his Economic advisers are as corrupt as McCains. I mean, McCain and his surrogates keep saying Obama doesn’t know what’s going on. Let’s take a quick look.

According to the The New Republic, Obama has, surprisingly, surrounded himself with “…a group of first-rate economists.” Further, Bloomberg.com says, his Economics team consists of

“Three academics — Austan Goolsbee, 37, a University of Chicago professor and columnist for The New York Times, Jeffrey Liebman, 39, a pension and poverty expert at Harvard University, in Cambridge, Massachusetts, and David Cutler, 41, a Harvard health economist — form the core of Obama’s economic team.

“They’re all top-notch economists,” said Greg Mankiw, a Harvard professor and former chief White House economist for President George W. Bush. “Their views are left of the political center, as one would expect, but only slightly.”

I know it’s not the norm to have non-Washington insiders in these positions, I mean we keep hearing that McCain is going to reform Washington but how can you do that when the majority of your campaign is made up of long-time Washingtonites or failed corporate executives or special interest lobbyists. Is his reform going to be for everyone but those on his team? It would appear that Obama’s “More of the Same” mantra has a ring of truth to it. McCain isn’t a maverick, he’s a desperate old man trying to grab the brass ring he feels he deserves (not something you earn) and his pick of advisers point out as much.

All I know is that I don’t want a President who didn’t have the foresight to go outside the norm to surround himself with real “mavericks” but instead decided to keep the current problem of Washington close to him and running his campaign.


Written by justiceischeap

September 16, 2008 at 3:32 am

Posted in Rant

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