your caring, sharing GOP
Sep. 15th, 2008 03:42 pmFull marks to the Washington Post, who published yesterday an op-ed by McCain financial advisor Donald Luskin telling us that we're all just a bunch of whingers and there's basically nothing at all wrong with the US economy:
Quit Doling Out That Bad-Economy Line
. . . A housing "slump," a housing "crisis"? A "severe" price decline? According to the latest report from the National Association of Realtors, the median price of an existing home is up 8.5 percent from the low of last February. And according to the U.S. Census Bureau, the median price of a new home is up 1.3 percent from the low of last December. Home prices may not be at all-time highs -- and there are pockets of continuing decline in some urban areas -- but overall they've clearly stopped going down and have started to recover. So why keep proclaiming a "crisis" after it's over?
"Turmoil" in the debt markets? Sure, but we've seen plenty worse. . . .
McCain campaign adviser and former U.S. senator Phil Gramm was right in July when he said that our current state "is a mental recession." Maybe he was out of line when he added that the United States has become "a nation of whiners." But when it comes to the economy, we have surely become a nation of exaggerators.
Yet Gramm was pilloried for his remarks, and McCain had to distance himself from his adviser by joking that in a McCain administration, Gramm would be ambassador to Belarus. What does it say about our nation that it has become political suicide to state the good news that our economy is not in recession? . . .
A matter of mere hours later, of course, the Lehman Brothers bank filed for bankruptcy, and the talk now is of how many other US banks will go the same way before the end of the year. Yet according to Luskin everything in the economic garden is rosy. I suppose those thousands of people who've lost their homes are going to wake up tomorrow and discover it was all just a dreadful dreram.
And this is the quality of advice a President McCain would be getting?
(Aside, of course, from his veep telling him, in between demanding Pentagon funding for helicopter gunships to use on her wolf hunts, that anthropogenic global warming's a myth and that dinosaurs co-existed with cavemen.)