Economic Crisis: A Guide for the Perplexed

[Tracy]

You have GOT to watch this video--very informative...


http://cumberlandbooks.com/blog/?p=1793

[Tim Elston]

Tracy, this was right on. Thanks for sharing it.

The only quibble I have with it (and it is almost as big a quibble as I have with bailouts themselves) is that Thompson is already blaming Obama for what Bush did. I know that's going to be a refrain that will clang endlessly, thanks to disengenuous politicians like Thompson, but it was the Republicans who just doubled our national debt from $5 to 10 trillion, and it was President Bush who foisted the $700 billion bailout onto the collective psyche. Thompson says that "liberal economists" are responsible, as though people on the left are responsible, but they were Republican economic advisors who are responsible for the loans on the future that we now call "stimulus and rescue packages." I find it a complete cop-out to insinuate that "liberal economists" and our "president elect" are responsible for this without even mentioning President Bush and the Republican party. Completely shameless.

Besides that, it remains to be seen how Obama deals with the bottom line, whether he balances, or comes closer to balancing, the budget over the course of his tenure, compared to Bush, who is responsible for going into more debt by far than any other administration in U.S. history.

However, Thompson's sarcastic analysis is otherwise right on the mark. Unfortunately both Republican and Democratic constituents were more than happy to get their checks and spend them. Since "stimulus packages" have not traditionally been on the list of Republican don'ts, Republicans were more than willing to take money printed out of tomorrow's thin air and buy, buy, buy. It reminds of me things that weren't ever listed in the Advice to Members. A list of dos and don'ts is a substitute for real discernment.

Right on, Fred! in spite of your disengenuous partisanship. We're smart enough to get your point but not so dumb that we have already forgotten today.

Thanks, Tracy! Good video.

[pastorables]

thanks to disengenuous politicians like Thompson, but it was the Republicans who just doubled our national debt from $5 to 10 trillion, and it was President Bush who foisted the $700 billion bailout onto the collective psyche.

What about disingenuous politicians like Bill Clinton? Tim, there's actually not a lot of difference in $5 or $10 trillion debt when in reality neither one is escapable at those levels. However, it's interesting that you never mention NAFTA. My parents both lost their jobs under Bill Clinton's watch along with hundreds of other working class people as they watched thousands of jobs move off to Mexico and other corners of the world.

What was that about disingenuous politicians again?

Blessings,
pa

[Tim Elston]

What about disingenuous politicians like Bill Clinton?

Bill Clinton is a great example of shifting blame. I actually thought of him as I thought of how Thompson was doing it.

Tim, there's actually not a lot of difference in $5 or $10 trillion debt when in reality neither one is escapable at those levels.

You have got to be kidding me, right? You are excusing the doubling of the national debt from $5 to $10 trillion?

However, it's interesting that you never mention NAFTA.

Yeah, I guess it's interesting that I didn't bring up every subject in the Encyclopedia Britannica, too.

My parents both lost their jobs under Bill Clinton's watch along with hundreds of other working class people as they watched thousands of jobs move off to Mexico and other corners of the world.

What was that about disingenuous politicians again?

Wow, pastorables. Talk about shifting blame. Looks like Republicans can't take responsibility for their own actions, doesn't it? Bill Clinton did what he did. President Bush did what he did. Be a man and take responsibility for your party's failures. Set an example to the Democrats rather than imitate their blame shifting.

[pastorables]

Wow, pastorables. Talk about shifting blame.

Typical liberal response. It's kind of like Pee Wee Herman's "I know you are, but what am I?" At least, you could have acknowledged my personal example of tragedy under a socialist president. Hmmmm.

No Tim, I'm not shifting blame. I'm only stating facts.

pa

[Tim Elston]

Typical liberal response.

What was liberal about it?

At least, you could have acknowledged my personal example of tragedy under a socialist president.

Sorry for your family's pain, but NAFTA originated with George H. W. Bush and was overwhelmingly supported by Republicans. Bill Clinton had to fight his own party to get it passed after he took office. You may not realize it, but protectionism is a reflex of liberalism. Conservatism is on board with free trade, and so am I.