The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Einstein Was A Physicist. Repeating Others’ Economic Failures, Hoping For Success, Is Sane.

Posted on | April 28, 2010 | 12 Comments

by Smitty

The Federal Reserve holds interest rates where they are for an ‘Extended Period‘, and the Dow holds itself above 11k. One person in three thinks the country is one the right track, which may or may not be related to Fed policy.

Across the pond, Spain joined Portugal and Greece in the downgrade club. If words themselves could do the trick, Greece would be leading the way out of the pit, emphasis mine:

Speaking during a cabinet meeting Wednesday, Greek Prime Minister George Papandreou said that every EU member must “prevent the fire that intensified through the international crisis from spreading to the entire European and global economy.”
Papandreou insisted Greece was determined to bring its economy into order. “We will show that we do not run away. In difficult times we can perform — and we are performing — miracles,” he said, adding that “our government is determined to correct a course that has been followed for decades in a very short time.”

Via Blogprof, Peter Schiff, who is campaigning to replace Chris Dodd, rhetorically dribbles James Galbraith on the subject of debt like a California State check:

Let Galbraith eat cake.

Meanwhile, the Republicans appear to have decided that the havok to be wreaked by Dingy Hairy’s financial regulatory reform bill is less than the threat of an all-nighter trying to keep it off of the Senate floor.

Senate Minority Leader Mitch McConnell, Kentucky Republican, said there had been a “key agreement reached”.
He cited “assurances” from Senate Banking Committee Chairman Chris Dodd, Connecticut Democrat, that he would remove provisions in the bill that the GOP believes will lead to excessive risk-taking by financial firms requiring more bailouts.

Reached for comment, Bart Stupaka Democrat was nearly overheard saying that anything less that a privately signed Executive Order wasn’t worth the condom in which it was delivered.

Look, the Constitutionally legitimate Federal spending is less than half the budget. More dismal analysis here. Veering in the direction of something tasteless, one wonders how much personal, physical risk Mr. Galbraith would undertake in support of his “What, me worry?” analysis of the threat to the US economy. Strictly as a thought experiment, would he seriously bet his own future as cheerfully as he risks that of others, if the negative feedback touched him personally?

Determination to ‘bring the economy into order’ occurs when the budget submitted has a gazoutta less than the gazinta. It will also happen when the Federal government is confined to Federal tasks.  There are too many Galbraithians holding office today.

Reached for comment on the outlook, Tim Geithner was saturnine about the economy:

Previously:
Dow Loses 213 Points on Debt Crisis in Greece, Portugal; Rachel Maddow Trying to Figure Out How to Blame Sarah Palin

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Category: Democrats, Timothy Geithner, Weimar America

Comments

  • http://912member.blogspot.com just a conservative girl

    One thing that very few people in this country is talking about is the fact that the EU is going against it’s contract (for a lack of better word) that they are responsible to get other nations out of economic trouble and are expected the IMF to do it. Which in a roundabout way, the US is bailing out Greece. The German citizens don’t want to use their tax dollars to do it, but it is ok for us to use ours. My question is who is going to bail us out?

  • http://912member.blogspot.com just a conservative girl

    One thing that very few people in this country is talking about is the fact that the EU is going against it’s contract (for a lack of better word) that they are responsible to get other nations out of economic trouble and are expected the IMF to do it. Which in a roundabout way, the US is bailing out Greece. The German citizens don’t want to use their tax dollars to do it, but it is ok for us to use ours. My question is who is going to bail us out?

  • http://theothermccain.com smitty

    @JACG,
    >who is going to bail us out?
    No: if you listen to their song, they won’t get fooled again.

  • http://theothermccain.com smitty

    @JACG,
    >who is going to bail us out?
    No: if you listen to their song, they won’t get fooled again.

  • young4eyes

    Debt concerns?
    I wonder where the debt concerns were bet. 2000-2008?
    Or for that matter,where were the concerns when under President Reagan our country went from the biggest creditor to the biggest debter in the world?
    For all of the chatter about debt, I’m waiting for someone to remind me of the last Conservative president who reined in our nations debt.
    Will Conservatism come up with anything new outside of its supply-side hogwash? How’s that working for ya?
    No, I suspect ( as the rest of the country does) that the so called” debt” fear is code for something else. Like when Rush Limp-balls call Obama a man-child knowing full well we know that to be a crude euphemism for “boy”. Rush doesn’t have the balls to say it , you see, hence the love of Viagra.
    So guys, come up with another “fear” to hide your discomfort with the current POTUS. Your Tea- Party antics would mean something if you guys made noise when, you know, the problem began…

  • young4eyes

    Debt concerns?
    I wonder where the debt concerns were bet. 2000-2008?
    Or for that matter,where were the concerns when under President Reagan our country went from the biggest creditor to the biggest debter in the world?
    For all of the chatter about debt, I’m waiting for someone to remind me of the last Conservative president who reined in our nations debt.
    Will Conservatism come up with anything new outside of its supply-side hogwash? How’s that working for ya?
    No, I suspect ( as the rest of the country does) that the so called” debt” fear is code for something else. Like when Rush Limp-balls call Obama a man-child knowing full well we know that to be a crude euphemism for “boy”. Rush doesn’t have the balls to say it , you see, hence the love of Viagra.
    So guys, come up with another “fear” to hide your discomfort with the current POTUS. Your Tea- Party antics would mean something if you guys made noise when, you know, the problem began…

  • http://theothermccain.com smitty

    @Y4E,
    Your argument would seem to be: “Since the sexual assault already happened, we should just go ahead and form a queue and keep on going.”
    BHO is merely the culmination of a long, bi-partisan problem. We can even blame the Left for wrecking the schools, so that, prior to Al Gore’s Internet, there was precious little discussion of the evil unfolding.
    But that’s all blame management. Past nebulous ‘hope’ and ‘change’ pronouncements, how will we reform to avoid a Greek fate?

  • http://theothermccain.com smitty

    @Y4E,
    Your argument would seem to be: “Since the sexual assault already happened, we should just go ahead and form a queue and keep on going.”
    BHO is merely the culmination of a long, bi-partisan problem. We can even blame the Left for wrecking the schools, so that, prior to Al Gore’s Internet, there was precious little discussion of the evil unfolding.
    But that’s all blame management. Past nebulous ‘hope’ and ‘change’ pronouncements, how will we reform to avoid a Greek fate?

  • Adobe Walls

    Reagan ran the debt up outspending the Russians militarily this is what caused the economic and subsequent political/military collapse of the soviet union. A good investment by any rational measure. After that astounding success conservative governence could have concentrated on balancing budgets and reducing the debt. Given the fiscally responsible improvements we managed to achieve under Clinton just imagine what we could have accomplished if we’d had conservative presidents and congresses from 1980 thru 2008. If our government in the 90s had taken the Muslim world at it’s word when it announced repeatedly that Islam requires our destruction, it’s unlikely we would be involved in two semi conventional wars. Going to war is one of the few justifications for deficit spending. Proper aggressive and most importantly lethal actions against Islamic Fascism 20 years ago may have slowed the rise of these movements, at any rate we will be at war with extreme Islamism for at least the next half century. The off budget war deficits are blamed on the Republicans, fair enough to a point. I submit the 43rd administration was not really conservative and the international dangers we faced at the beginning of the 21st century were entirely preventable at the end of 20th, but that is a rant for another day.

  • Adobe Walls

    Reagan ran the debt up outspending the Russians militarily this is what caused the economic and subsequent political/military collapse of the soviet union. A good investment by any rational measure. After that astounding success conservative governence could have concentrated on balancing budgets and reducing the debt. Given the fiscally responsible improvements we managed to achieve under Clinton just imagine what we could have accomplished if we’d had conservative presidents and congresses from 1980 thru 2008. If our government in the 90s had taken the Muslim world at it’s word when it announced repeatedly that Islam requires our destruction, it’s unlikely we would be involved in two semi conventional wars. Going to war is one of the few justifications for deficit spending. Proper aggressive and most importantly lethal actions against Islamic Fascism 20 years ago may have slowed the rise of these movements, at any rate we will be at war with extreme Islamism for at least the next half century. The off budget war deficits are blamed on the Republicans, fair enough to a point. I submit the 43rd administration was not really conservative and the international dangers we faced at the beginning of the 21st century were entirely preventable at the end of 20th, but that is a rant for another day.

  • http://ak4mc.us/cms/ McGehee

    A good investment by any rational measure.

    No wonder Y4E complains about it.

  • http://ak4mc.us/cms/ McGehee

    A good investment by any rational measure.

    No wonder Y4E complains about it.

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