Login HereCan America afford a presidential candidate who has to bring along an economic adviser in order to be coherent on the subject? Not after the last few years of Bush Administration arrogance in the face of failures, it can't.
Especially when that adviser (and rumored to be a leading contender for a McCain Treasury Secretary spot) is former Senator Phil Gramm (TX-Enron), whose out of touch tendencies led to many a Molly Ivins ribbing back in the day?
So what is McCain's economic strategy? Hell if I know -- or anyone else for that matter -- because it's one big mish-mash, other than the fact that he likes to throw out "spend less and tax the wealthy less for trickle down" platitudes like some magic fairy dust. Sounds like someone has a case of Jack Kemp-itis, without actually comprehending its ramifications on anyone not living in a gated community (YouTube) with deep water yacht slips.
What I do know, though, is that the GOP has put this country in a world of shit. And it seems that most Americans understand that all too well:
More than three-quarters of respondents say the country is heading in the wrong direction, up from 63 percent at the start of the year. The last time more than 70 percent of respondents said that was in 1992.
Among respondents with more than $100,000 in annual household income, 68 percent said the country is on the wrong track. Those with annual income under $60,000 had the highest levels of dissatisfaction, with more than eight in 10 saying the U.S. is going in the wrong direction.
There is a partisan divide in the way people view the country. Slightly more than half of Republicans say the U.S. is headed the wrong way, compared with 87 percent of Democrats.
People see the the cumulative impact of one bad decision after another each and every time they fill up their cars or try to buy food for their families. Including a majority of GOP voters. So, with that in mind, what in the hell were the Republicans thinking trotting out Roy Blunt for some seriously mixed up messaging yesterday?
On CNN's "Late Edition," Republican whip Roy Blunt said, when it comes to taxes, a McCain administration would be in effect a third Bush term.
"I think it would be. And I think that's a good thing," he said. (emphasis mine)
Well, even Roy Blunt finds the god's honest truth occasionally spilling out, I suppose...
(YouTube is a DNC ad -- McCain thinks the economy is going swimmingly. Probably just looks that way from the Sugar Momma Express.)
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and the beat goes on.
Indeed it does. You’d think that “trickle down” would have been thoroughly discredited by now, wouldn’t you?
Yes, the economy is in tip top shape…
In my smallish zip code area, as of this morning, there are 39 homes in foreclosure.
Well, that’s just Anti-American claptrap. *G*
It should be discredited even when it’s dressed up as supply-side economics.
I have to say, I wish that DNC ad above would be played everywhere. Because it really makes the point — very starkly — how incredibly out of touch McCain and his economic team truly is.
Look, you need to decide people.
Either the economy is in great shape or you hate America.
Which is it?
This is great because unless McCain wins he and everything associated with Bush/McCain will be toxic to the GOP and voters for years. Now why the antitax/probusiness GOPers and the Religious wings of the GOP are backing John I don’t know.
What happens to the GOP after November when the business and religious wings of the party both get the blame for the horrible Bush years, John McCain’s defeat and a filibuster proof majority in the Senate.
You ever get the feeling that we’re all trapped in some weird world of stupid? SIGH
It’s a great ad!
People see the the cumulative impact of one bad decision after another each and every time they fill up their cars or try to buy food for their families. Including a majority of GOP voters.
Homeowner’s Insurance cancelled (30 year customer) b/c State F*rm is playing hard ball with the governor. They want the state of Florida to pay for level three hurricanes. Schools are closing for lack of revenue. Real Estate transactions in the toilet - no tax revenue generated by sales.
Repugs let the finance industry merge with insurance companies. Now they have too much money and power. They let the insurance companies create subsidiary companies to minimize exposure.
The Republicans screwed up everything they touched. They have even screwed themselves. Real Estate tycoons and car dealers going broke, yet they still want McCain. Some of them bought Haliburton and oil co stocks early. These guys are still ok financially (but they’re getting cancelled by State F*)rm too.
Actually, I just got that exact feeling a few minutes ago reading Attaturks post this morning!
the reason blunt says “and that’s a good thing” is that this is exactly what they want
they want a robber baron economy, they want the wealthy and then everyone else
the wealthy will get everything payed for by what was once the middel class and they will pay for nothing
then they will charge again for those paying taxes to do what the taxes were supposed to pay for in the first place
this is their model, it is the libertarian model as well, it is the fascist model
the liberatarians, the concervatives, the fascists have morhed and now all call themselves “republicans”
they are not republicans in principle either, they are not concervative, they are extremists and all they want is
“us and then everyone else beneath us”
that is now their brand
Vote McCain. Gotta keep gays from marrying somehow.
video was pulled, I get “we’re sorry, this video is no longer available”
is youtube being bought by abc or something?
So sorry to hear about your homeowner’s insurance. We had a similar issue a few years ago here in WV — not due to hurricanes but due to hardball being played for other reasons. And it was brutal and ugly for a lot of folks.
Plays just fine for me. Try reloading your page…
So slightly more than half of Republicans think the country is headed the wrong way. Are these 30%ers or are these Republicans who have switched to our side or plan to stay neutral this election.
Because if this reflects the 30%er Bush base view the implications for November even if they just stay home are staggering.
if Rove had been a Missourian, Blunt would have been president
Depends is the Chicago school of economics still taught in Chicago?
I love that he says, and that’s a good thing. I love it when Republicans show how out of touch with reality they are. Espcecially since people stopped buying their horseshit.
yup, reload did the trick
wow, this add is great
I would have rather they anouncer ended with a referance to mccains detachment with reality being similar to bush’s…I think an add that did that would nail his coffin shut
I don’t feel confident that people have stopped.
Hang Bush belongs around McBush’s neck like a necktie. At every press conference, somebody should ask “But isn’t that eaxctly what Bush did?”.
Boxturtle (Hmmm…have I just created our advertising slogan?)
It is severely discounted horseshit.
This is on topic only because FEMA is such a screw up under Bush. If Katrina had hit Delaware with the same force most of the state would have been wiped out. Reasons, Delaware is a small state, mostly wood framed houses, and very flat, no hills to knock the wind down.
That should happen, but it’s hard to imagine it happening given the inquiry skills of today’s media.
Yeah, more like “Back to that rib rub recipe…”
Amen - does anyone here know of anyone excited about the forthcoming stimulus checks ?!?!?
btw - the Onion weighs in
It seems that Bob Barr is going to become the Red Nader. That should add an interesting element to the mix.
Bush’s base are the people who ran Bear Stearns, the Banks and Hedge funds they gambled on margin which is borrowed money. Wait no margin is borrowed money for which the bank goes after your assets.
The banks let the hedges borrow $15 to every $1 of assets on the books, or the banks let them borrow lots more (I keep hearing some unbelievable numbers).
So guess who gets hurt worse? Guess who is going to need a tax payer bailout because he Fed cannot keep money cheap forever. Guess who gots the leverage to get what they want if they will only use it?
I’m not sure exactly what happened, as everyone here pays attention and knows what’s going on. But Bush’s approval rating went from 80+% down to where it is today, so I’m thinking that a lot of people woke up.
McCain running on Bush’s tax cuts surely isn’t helping him.
Indeed I am and I will rush right out and buy a bag of groceries as soon as it gets here.
At the risk of going off topic, WE are todays media. The blogs and the key bloggers. We’re not in anybody’s pay, there’s a HUGE, well connected research staff that works basically for free. We are Borg.
Boxturtle (We need to get Jane & Chirsty press credentials for the McBush camp. )
So I admit guilt in not clicking through the links above, but have we thoroughly exposed Carly Fiorina as one of McThuselah’s go to gals on the economy?
Unless the election is rigged.
If you in Florida, you know this already, but for the others, Citizens Property Insurance, a State run company is now the largest property insurer in the State of Florida. That’s right the government is now on the hook for a major hurricane. That whole free market thing did not work out for Florida. And Jeb Bush was the man who created the largest state run insurance company in the nation!
if he had only done it for health care too.
As the election nears, the Republics will move on to nonsensical issues like gay marriage or pornography. They will shout about Obama’s pastor and hint that he’s a muslim. They will stop running on anything Bush related.
Rigged is such an ugly word. Can we please refer to it as “Optimized”?
Boxturtle (Sorry, tinfoil hat on wrongside out)
In our county, we’ve got 74 homes in foreclosure as of the first quarter of this year - 3 times what there were about a year ago. In our case, though we have two factors influencing this (in addition to the economy): Huge flood in June, 2006 and an entire community which has been contaminated by TCE by a plant complex formerly owned by IBM. Those people have been fighting to get IBM to buy their homes for several years; they’ve basically given up and since they can’t sell them, they’ve decided that making payments is not worth it.
do you mean like the way they are trying to optimize it in Missouri?
When Citizens Property Insurance stated out it had to charge the Highest rates in the State, so as not to interfer with the free market. Mostly for people who live near the coast, (millions by the way), who could not get insurance from any company.
All the more reason to tie him around McCain’s ankles like a set of cement shoes.
TexBetsy e-mailed this to me yesterday. For all the Moms in the audience, it’s a hoot…
The GOP will do anything to save the financial system. I say any first all those home loans the Fed is taking as collateral have to be valued at their present value and not at what the bank paid for them.
If that puts the bank under fine they recapitalize then under a bankruptcy judge. The Fed has no right to short change tax payers by accepting near worthless home loans as collateral the dollar has lost around 30% against the Euro I remember when they were tied. The Fed has caused money to be money and interest rates to be cheaper to help the banks make loans to people so hopefully someone will buy the banks home loans.
“McThuselah” is definitely a keeper.
Got to run. Read you all later. Oh, & a little something in the kitty this a.m. for FDL :->
Thanks, Marie — very much appreciated!
1,840 DAYZ AND THE KILLIN’ GOEZ ON AND ON AND…
Firepup Freedom Fighters:
We are in this political and economic tub of shit because we as a people have been convinced to abandon democratic ideology and replace it with the self interest of those who hold the money and issue the dividends. It’s simple, and no amount of “economic advisors” will save us even if they include the likes of our friend Krugman. The debate of the relationship of economics and politics in our country must be reinvigorated and the ideas that are advanced must not be limited to those articulated by the corporate bankers who represent the oligarchy that rules us.
The solution to the crisis we face can only be solved by more democracy and the application of hard nosed Democratic politics! The economic solutions to this crisis ain’t gunna be found in the advice of those who rely on paychecks from the Bush family or dividends from stock holdings. And the solutions to our economic crisis does not include the existing corporate power structure.
KEEP THE FAITH AND PASS THE AMMUNITION, WE KEN BEAT ‘EM WITH MORE DEMOCRACY!!
Honestly, I think they teach it in schools as a valid approach to economics. The reason I think that is that my college educated son believes in trickle down, although the entire rest of the family knows better. My niece is the most recent college grad, and she’s just started getting interested in politics even though the older generation of the family (and even her oldest brother) has been politically inclined ever since I can remember. She’s in her forties, and I don’t know if she would have taken a serious interest if it hadn’t been for GWB. Now that she’s aware of all the harm he’s done and how up in arms we all are about it, she’s paying attention and doing research. Still I wonder. I sent her something on the Ledbetter case, and she said she had been following that as a rep of the college she works for. Maybe she was just being kind of glib and short cutting what she meant, but she said it all came down to statute of limitations; “she missed one of her deadlines.” I keep wondering if she actually missed the point of the case; that the Roberts court turned the deadlines on its ear with their finding. Sometimes I think maybe I’m living in the dreamworld, and all of these things are really not happening or I’m misinterpreting everything. But I don’t think so.
Under our current leadership, isn’t hard nosed Democratic politics an oxymoron.
oh puhleeze trot out senior economic advisor Phil Gramm -
Barrons refers to he and his wife as Mr and Mrs Enron - with good reason
most here know he was the driving force behind ‘relaxing’ regs leading to Big Shit Pile
and let’s not forget his current perch as Vice Chair of UBS/Investment Bank - writing off $52 Billion plus in last 2 quarters - heckuva . . .
Yes, Sen. Enron isn’t exactly who I’d be trotting out as my economics guru, either…
yes.
but not “hard nosed democratic politics”
we are the little “d” in democratic.
Crap hedgefunds as rich as they were borrowed money from the banks at 15 to 1 to buy the bank’s home loans nobody not even the Fed could afford to buy all of America’s home loans at current prices.
Notice the Fed is accepting home loans from banks as collateral but the Fed is not buying home loans from the hedge funds.
Nobody is buying those loans. Those loans were suppose to be currency the hedges used them to buyout companies and as collateral for more borrowing. If the hedges are stuck with a worthless currency they can’t unload then they cannot use that money to make more money.
Which means that they are selling assets like stock right now.
I don’t think you are misinterpreting anything, Ann. I find a LOT of things “unbelievable”, yet they are happening, but never doubt my perception. I read a lot, so I can be confident it’s not just my opinion, but actual fact. These things have never happened to this country before. It’s far easier to refuse to believe the chit and go merrily on. But no, and sadly, it’s all very real. It’s great that your daughter is becoming involved. You and your family did something right, to be sure!
Yes, that’s an excellent example. It sounds so reasonable. Everybody’s got or can get a drivers license right? How can anybody be against that?
Hrrumph. I’ll bet there are paperwork issues at least 10% of the time someone who looks like they might vote for the wrong party shows up at the polls.
Boxturtle (Let’s just be honest with ourselves and bring back the Poll Tax)
1,840 DAYZ AND THE KILLIN’ GOEZ ON AND ON AND…
Citizen HelplessDancer:
“Under our current leadership, isn’t hard nosed Democratic politics an oxymoron?”
Good question, but we will get “hard nosed” Democrats when we get a hard nosed democratic (lower case) movement…trust me even the “Blue Dogs” will bark for their campaign contributions from where ever they come. But in order to get real democracy, we gotta have free elections and free access to the polling places. And the use of the law to justify voter intimidation and suppression can only be countered by muscular Democrats ready ta use the ammunition we pass ‘em.
KEEP THE FAITH, DEMOCRACY CAN ONLY BE SAVED BY MORE DEMOCRACY!!
For the Firepubs in Florida, this was in the Orlando Sentinel on Friday (I think it was Friday)
I LIVE IN AN OLDER HOME
Homeowners can elect to buy building ordinance and law coverage, which is a separate type of coverage to pay for any increased costs to rebuild, demolish or repair a home to make sure it meets current Florida building codes. About 2.5 million homes in the state were built before 1995, and if they are damaged in a storm, the homeowners would be required to rebuild the homes to more recent, stronger codes.
Christy - I didn’t even know about his vice chair at UBS until recently - and the investment banking end no less - two expulsions at the very top the last year alone but somehow he retains his spot - I’m tagging him with a new one:
Mr Derivative
btw, do watch the “gated community” YouTube link above…it’s one of The Peanut’s favorite howlers (something about a singing cucumber that gives her a giggle fit)
Don’t pee on my back and tell me it’s trickle-down…
BC
With the hedge funds being forced to sell to cover their debts they are dragging the market lower than the current bad economy would lower the market.
But a low tide lowers all ships even the good ones not touched by financial companies, housing bubbles or a slowing economy. The market is underpriced and since its expected to get worse it will go lower financial companies and housing may take years to recover.
But not the rest of the economy give it 2, 3 years and the Democratic President should be sitting on a stockmarket boom.
For just as Herbert Hoover was followed by FDR if our next President goes as Left with his economic policy as FDR did well things should be Great. Hmmm…Things Are Great I like the sound of that!
Haven’t you heard? Many companies have become very concerned about infringements of their brands. YouTube has had to pull anything from Viacom and several other media outlets in order to avoid lawsuits and high penalties. Many of my favorite music videos were involved.
Bob Barr as “The Red Nader” is just too funny on so very many levels. 707!
I won’t take credit for McThuselah—someone else started that. But I will take it for the Red Nader. Yes, the possibilities are many, if not endless.
Oh, and any bets that the Ron Paul voters would love to go his way? Seems likely to me.
We simply refuse to learn. Allowing anyone to leverage assets at 15:1 is just stupid. When (not if, when) something bad happens the lender is in deep trouble. Why is it that they won’t allow us 15:1 on our home mortgages without private mortgage insurance? Oh yeah, if something untoward happens and we can’t service the debt, the bank gets most of its money back.
The practice of highly leveraged borrowing was one of the more important factors that led to the 1929 stock market crash. One of the reforms that came out of that was a limitation on margin lending. We learned the specific lesson and failed to generalize it.
BC
I like the image due to knowing his vehement anti-communism stances. It just rings both poetic and ironic for him to be taqgged thusly.
. . . talking points !, get yer talking points here!
Jared Bernstein
HuffPo
BushCo policy chickens comin’ home to roost in the Hamptons, too.
yes. but many of those ron paul voters would have voted for obama over mcsame.
Of course, they’ll do all that. But these guys in Congress still seem to be a united, solid voting block in Congress (inc. Geritol McCain), so as long as they keep saying that the economy is great and we’re winning in Iraq, and bailing out BearSterns and leaving everyone else unbailed out, they keep digging their own grave.
You know, I hadn’t thought about it, but given that:
1. Anticommunist paranoia has always originated in the batshit-crazy right;
2. Red has historically been the color associated with communist parties worldwide;
it’s rather strange that the GOP has allowed itself to get tagged with the color red.
BC
OT but since ppl are giggling at singing cucumbers I thought you might be interested in the non-Disney movie Peach due out the end of the month.
I am heartbroken.
Yesterday I called home to wish my 77 yo Mom Happy Mothers Day. Then I foolishly opt to talk to my 87 yo Dad.
He starts out the conversation with ” Well you know if HE is elected, the Muslims will get rid of our flag”….
I tell my Seriously Religious Christian Dad that that is Republican bullshit and Obama is a member of the Church of Christ, just like my Dad.
My father replies “he is not a member of MY church”…
My father is nearing the end of his life and I can’t even have a civil, extended conversation with him. And I won’t just let the lies go unremarked. Not anymore.
Republicans have done a lot of harm to poor, working-class people, and so little good for them. Yet those same folks are still distracted by flag pins! and fear the scary black man! and Gays!!!!Marrying!!!noooooo
I pray that Dante’s Hell awaits them.
Crucial Point.
Maybe most here know Gramm is more to blame for the housing crisis than anyone, but Tradmed doesn’t and needs to be told. Noriega supporters should remind Texans of how conservative senators harm us every day.
Ultimately, won’t that be a strategically very good thing for us? Split the Rethug vote? Won’t anyone who would vote for Bob Barr not be likely to vote for Obama anyway? Or Hillary, for that matter?
Beware the false prophets.
The false pastors.
and most of all, the false politicians.
The best remedy for elders manipulated by their fears and bigotry is for the rest of us to vote strong and better in November…and work now, “the fierce urgency of now.”
I hear you.
Lilysmom,
I’m going through something similar. My 82 year-old dad is a life-long Republican. He had a heart attack a couple of weeks ago and I don’t expect him to be around much longer. I won’t talk politics with him, when he brings up Barack Obama I change the subject. I won’t have our last conversations be about our disagreements. He and my mother raised three solid citizens, and he acknowledges that, even if one of them is a crazy liberal.
Just change the subject.
BC
Thanks PS
Thanks BC
You know, we laugh about Barr entering the race, and how he’s doing Dems a favor, but I wonder if that may be his intention. He was scheduled to introduce Gore when he gave that impressive speech at Constitution Hall on MLK Day in 2006. He’s been very angry with the destruction of the Constitution that he’s seen the Rethugs doing. I’m sure he’s factored in the fact that he will not win, and that it will split the Rethug vote.
It sure is. Clinton got to 1600 with a big assist from Perot-nistas.
I agree I am trying to advance the idea that this crisis will hit Bush’s base of Economic elites harder than it will hit us.
So that when the financial system needs a bailout we use that as leverage to get what we want. An end to the Iraq war National healthcare, or else we just have the government take over the banks as the go under.
The banks have the Hedge Funds loans which are worth nothing now but in a in a few years they will be worth allot.
So we have nothing to lose and everything to gain cause thanks to the Fed the banks have turned over collateral for loans. But when your collateral goes down in value the banks ask for more collateral.
So far the Fed has not done that but if the Fed treated th banks the same way banks treat homeowners the the taxpayers would own the banks because we own the Fed despite the Fed’s illusion’s of being independent.
The banks would go into bankruptcy the investors in the banks, hedges etc would go bankrupt the government would absorb the remaining assets and Social Security would then be fully funded.
Or the GOP could make a deal with us now to end the war and give everyone healthcare.
One of the downsides is that the elderly is a growing segment of voters. The rest of us can vote rationally, but unless we reassure our elderly parents and relatives, they can provide the margin for the Gooper success.
Bumper sticker:
Give Bush a 3rd Term: 20 Years-to-Life.
love it.
Reagan promised to balance the budget and Bush II promised to reduce mercury pollution. I would have been thrilled if they keep their promise, but Nooooooooo.
Going OT, but any good news is a relief.
http://www.mcclatchydc.com/251/story/36638.html
Voting Republican this year means McWorse.
Republics have never been required to keep promises they make.
I can’t help but to think that Senior Scammers have the manipulation of that demographic down to an art form.
I think we’re discussing two different aspects of the same phenomenon. I was trying to say that the wealthy and (perhaps especially) the uberwealthy often need to be protected from themselves.
The investment reforms (deposit insurance, barring banks from stock sales and insurance, the SEC) coming out of the New Deal were mostly directed at protecting the wealthy from themselves. But our government (at the urging of the wealthy) has mostly dismantled those safeguards.
So we’re back where we were when the curtain finally came down on the epilogue to the Gilded Age.
BC
It should be amusing to see Republics try to marginalize Barr.
Hmmmm. I am retired and still vote rationally… I think
It definitely poses a problem, since seniors are one of the most reliable groups that go to the polls
Yup!
I would love to figure out some way to measure how quickly one of those smarmy e-mail lie campaigns gets rolled out and then pervades the e-mail spam of people all over the country. I know that veterans newsgroups — especially for the WWII and Korean War vets — are rampant with that crap, because I get it forwarded to me all the time by relatives who frequent them. Ditto for a lot of the religious newsgroups and message/discussion boards.
Which hits a whole lot of senior citizens right where they live in terms of internet contact — including with some family member or friend somewhere who is likely to be connected there. Lots of political, anti-immigrant, ten commandments monuments — all the push their buttons issues, all forwarded around like clockwork.
Somewhat O/T.
An e-mail crossed my reader this morning. It was excoriating a bill in Congress that would allow illegal aliens access to Social Security benefits.
This is little-known but remains true: because it’s a payroll tax, OASDI (Social Security) taxes are collected for many undocumented workers. Because they are undocumented and want few things less than an encounter with any agent of the US government they don’t attempt to collect benefits under Social Security. So they contribute to the surplus, and rarely take benefits. This is definitely a sweet deal for SSA, for the undocumented worker, not so much.
This e-mail campaign stinks of a GOoP trick to mobilize older voters. Dunno if it will work, though.
BC
Fresh thready goodness, up top for anyone who wants it…
Me, too, BC…my 84 yr old dad had a heart attack in September last year, and I didn’t expect him to last this long with the severity of his condition. He, too, has remained conservative throughout his life and is strongly opinionated and *loves* Bush/McCain et al.
Like you, I don’t want our last conversation to be about politics, so I change the subject or act like I need to use the restroom.
He wrote my aunt a nasty letter because she was Democrat. She had a heart attack and died. He felt badly at first, but just a few weeks ago, went off again on how much Democrats have “messed up” this country…and how we’re responsible for everything that’s going wrong now. And he knows that I’m Democrat, too.
I really don’t want to be thought as ageist, but I think that at a certain point people vote their fears rather than their hopes.
I think the last few years, a whole host of people — regardless of age and level of education — voted their fears and not much else. Sad to say…