McCain Adviser on Economy: ‘Things Today Just Aren’t That Bad’

[marmar]

from Truthdig:



McCain Adviser on Economy: ‘Things Today Just Aren’t That Bad’

Posted on Sep 14, 2008

On Sunday, The Washington Post ran an Op-Ed piece written by McCain campaign adviser Donald Luskin in which he argues that, despite “trouble spots in the economy,” recent comparisons between the present moment and the Great Depression are the product of “pessimists” and “politics.”

Later that same day, former Federal Reserve Chairman Alan Greenspan appeared on ABC’s “This Week” and said that the U.S. economic situation is worse than he has ever seen before in his career—a “once in a century type of event.” Sunday was also the day when Merrill Lynch agreed to sell itself to Bank of America for $50 billion and a day when the outlook for Lehman Brothers was very grim indeed.

Donald Luskin in The Washington Post:

Overall, the pessimists are up against an insurmountable reality: In the last reported quarter, the U.S. economy grew at an annual rate of 3.3 percent, adjusted for inflation. That’s virtually the same as the 3.4 percent average growth rate since—yes—the Great Depression.

Why, then, does the public appear to agree with the media? A recent Zogby poll shows that 66 percent of likely voters believe that “the entire world is either now locked in a global economic recession or soon will be.” Actually, that’s a major clue to what started this thought-contagion about everything being the worst it has been “since the Great Depression”: Politics.

http://www.truthdig.com/eartotheground/item/20080914_mccain_adviser_on_economy_things_today_just_arent_that_bad/

[Tampa Rob]

1. I read that, good catch! Seem's like McCain's "Advisor" is a bit out

of touch with the Economy. Big surprise there.

Go Tigers (not much left to play for, I'm afraid).

TR

[KharmaTrain]

2. Boilerplate GOOP Denials

Admitting the economy is in the shitters means admitting the past 25 plus years of "trickle down" is also a complete failure. It means admitting that the mighty bastions of capitalism are just as quick to run for the welfare line as a poor person and that the entire "principal" was a complete sham. Deregulation led to speculation and shell games that now are destroying the American economy in ways we still haven't begun to comprehend. And we're still not at the bottom.

If you're rich and have your money hidden under the mattress or stocked away in silver and/or gold, things may still be ok, but for millions the crashing markets, tight credit and rising prices are being felt big time. The GOOP will continue to downplay it to fool their sheeple that the problem is "isolated" (translation: your problem, not ours...get with the program) and play the corporate media for the chumps they are.

[APPLE_PIE]

3. Where is the growth?

If you were to subtract out the $47,000,000,000.00 a month we are spending on the war, (That's $10,000,000,000.00 adjusted with the multiplier effect for the velocity of money ) you come up with a net loss of income. By adjusting for inflation the loss is even larger. Folks, blowing up a bomb does nothing for an economy. and it sure does nothing for the bombee. But it is morally disgraceful to count money spent on war into the gross national product. We are doomed to repeat the mistakes of World War II where we were selling to both sides of the conflict.

APPLE_PIE

[Raschel]

4. They only say that to taxpayers

If things "just aren't that bad" why don't they tell the banks that when they come begging for taxpayer bailouts?

[The Traveler]

5. Growth is not the only indicator.

Look, if you add 3.4% muscle mass to your frame, your are happy ... good growth. If a tumor grows 3.4% you are not happy ... bad growth. The economic growth they are referring to is not well structured and does not contribute to the strength of the middle and lower classes. The foundations of society are under serious stress, and the upper classes are sufficiently delusional to believe they can remain insulated from all those implications.

[hatrack]

6. Good to see reality kicking this clown in the head less than 24 hours after this POS ran in the Post

Pathetic, clueless, out-of-touch, arrogant, STUPID people.

[Javaman]

7. Trouble spots?????

I guess that spot basically covering north america and expanding doesn't concern him.

fucking tool.