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Après Alan, Le Deluge? (Buchanan Alert)
American Conservative ^ | 02/27/06 | Patrick J. Buchanan

Posted on 02/26/2006 3:43:27 PM PST by peyton randolph

-snip-

Dissenters say our prosperity is hollow. While the economy appears healthy, a disease is eating away inside, a disease that Dr. Greenspan has been treating with oxycontin. The chairman, they say, was a friend to presidents and kept them happy and himself in power by the greatest expansion of money and credit in history. And just as the easy-money Fed policies of the Hoover-Coolidge era led to the crash of ’29, a day of reckoning is ahead.

-snip-

(Excerpt) Read more at amconmag.com ...


TOPICS: Business/Economy; Government
KEYWORDS: alasandalack; antisemite; assclown; bernanke; bitterpaleos; buchanan; depression; despair; doom; dooooooooooomed; dustbowl; economy; fallingsky; fedreserve; greenspan; mullahpat; patbuchanan; patbuchananhatesjews; patrickbuchanan; pitchforkpat; repent; sackclothandashes; skyisfalling
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While I agree with the view that homes are overvalued, the rest is typical Buchanan sky-is-falling nonsense.
1 posted on 02/26/2006 3:43:29 PM PST by peyton randolph
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Comment #2 Removed by Moderator

To: peyton randolph

Pat's angling for the Stopped Clock Award. Eventually he'll accidentally get one right. Not this one ... but eventually.


3 posted on 02/26/2006 3:46:10 PM PST by r9etb
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To: peyton randolph

He's become a crackpot, just like his brother.


4 posted on 02/26/2006 3:51:20 PM PST by Andy from Beaverton (I only vote Republican to stop the Democrats)
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To: peyton randolph
Every working day, we borrow more than three billion dollars from foreigners, notably the central banks of China and other Asian nations, in order to pay our import bills and keep our interest rates low.”

No need to read any further than this to understand that Pat's got an agenda, and an ax to grind, and is more than happy to willingly misrepresent any information to appeal to his protectionist disciples.

5 posted on 02/26/2006 3:59:39 PM PST by Mase
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To: Andy from Beaverton

I guess everyone is happy that energy, metals, and real estate has doubled?


6 posted on 02/26/2006 4:02:18 PM PST by spanalot
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To: spanalot
I guess everyone is happy that energy, metals, and real estate has doubled?
It's the price we had to pay for low interest rates.
7 posted on 02/26/2006 4:05:11 PM PST by Andy from Beaverton (I only vote Republican to stop the Democrats)
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To: Mase

I've been hearing these stats all my adult life. While they sound worrisome, they don't seem to have slowed us down much. The truth is that there is a lot of debt out there and the Federal Budget deficit will get steadily worse as the Boomers retire. At some point, the piper will have to be paid. It's possible we've just been postponing the day of reckoning and they, when it arrives, it will arrive with a vengence.


8 posted on 02/26/2006 4:14:21 PM PST by rbg81
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To: Andy from Beaverton
He's become a crackpot, just like his brother.
I know about his sister Bay. Who is his brother...and what does he do?

 

9 posted on 02/26/2006 4:25:56 PM PST by peyton randolph (As long is it does me no harm, I don't care if one worships Elmer Fudd.)
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To: rbg81
The truth is that there is a lot of debt out there and the Federal Budget deficit will get steadily worse as the Boomers retire.

Yes, but Pat thinks (and asserts in the article) that trade deficits create debt. That's ridiculous. They do no such thing. He's doing nothing more than appealing to the economic ignorance of his followers. And that's just the beginning. He carps about our personal savings rate but has no understanding of how it's calculated and why that makes our rate of savings look low. He cries about household debt but refuses to recognize that household net worth is at an all time high. Pat's a doomer who works far too hard to find bad news, thereby losing all credibility.

10 posted on 02/26/2006 4:47:26 PM PST by Mase
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To: peyton randolph; A. Pole; Willie Green; Wolfie; ex-snook; Jhoffa_; FITZ; arete; FreedomPoster; ...
“If Greenspan is popular . . . it is because he has made many middle-class home-owners millionaires, at least on paper.”

Fools gold.

“The Chinese lend us cash; we buy their goods”—like the college kid whose binge drinking is put on a tab by his bartender until the terrible settling of accounts at the end of the term.

. . . . . . As Chinese goods come to us, our technology, factories, and industrial jobs go to them. As China talks of exporting a $10,000 sedan to the United States, Ford joins GM in slashing 30,000 jobs

Pat is the Winston Churchill of our times.

Time will prove him right (and a true conservative).

More likely, our media elites will, as they did to the hapless Hoover, lay it all at the door of the White House. If the economy is going into the dumpster, George W. Bush will take the hit in the history books

Except I think the plan is to keep the economy propped up until the next Democrat president, so that the democrats can take the blame when the economy crashes.

11 posted on 02/26/2006 4:57:08 PM PST by Age of Reason
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To: Willie Green; Wolfie; ex-snook; Jhoffa_; FITZ; arete; FreedomPoster; Red Jones; Pyro7480; ...
How do we pay for all those foreign goods? Through what one economist calls “vendor financing.” Writes Cassidy, “The Chinese lend us cash; we buy their goods”—like the college kid whose binge drinking is put on a tab by his bartender until the terrible settling of accounts at the end of the term.

As Chinese goods come to us, our technology, factories, and industrial jobs go to them.

Free trade bump

12 posted on 02/26/2006 5:11:31 PM PST by A. Pole (Carly Fiorina: "Technology will 'disappear' in 25 years")
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To: Willie Green; Wolfie; ex-snook; Jhoffa_; FITZ; arete; FreedomPoster; Red Jones; Pyro7480; ...
How do we pay for all those foreign goods? Through what one economist calls “vendor financing.” Writes Cassidy, “The Chinese lend us cash; we buy their goods”—like the college kid whose binge drinking is put on a tab by his bartender until the terrible settling of accounts at the end of the term.

As Chinese goods come to us, our technology, factories, and industrial jobs go to them.

Free trade bump

13 posted on 02/26/2006 5:11:54 PM PST by A. Pole (Carly Fiorina: "Technology will 'disappear' in 25 years")
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To: peyton randolph

Buchanan's brother threatens Clinton associate

http://www.salon.com/news/feature/1999/05/20/buchanan/


14 posted on 02/26/2006 5:15:07 PM PST by Andy from Beaverton (I only vote Republican to stop the Democrats)
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To: Mase

It's true that Pat Buchanan is lacking in credibility, but that doesn't mean trade deficits and consumption debt are good things. The United States is losing its manufacturing base. Even weapons and military parts are made overseas, and the countries producing them are not necessarily friendly to the United States.


15 posted on 02/26/2006 5:16:02 PM PST by Clintonfatigued (Bob Taft for Impeachment)
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To: Mase
" Yes, but Pat thinks (and asserts in the article) that trade deficits create debt. That's ridiculous. They do no such thing."

Trade deficits are enabled by the creation of debt for the following reason. In a trade deficit, foreigners can either hold more U.S. dollars [and they already have a boat load and do not have any real need for more]; buy U.S. assets from domestic holders; or buy U.S debt at what they perceive to be interest rates that will provide reasonable compensation [or at the very least allow their export driven economies to continue to export to the U.S.] from domestic sources ... usually with newly created Treasuries and GSE debt as the first choice.

Does that make Pat's statement "ridiculous" or only technically incorrect?

After the party is over, the debts both internal and external will remain to be repudiated [through outright default]; inflated away through inflation; or continue as a drain on the taxpayer / average Joe homeowner.

16 posted on 02/26/2006 5:18:43 PM PST by R W Reactionairy ("Everyone is entitled to their own opinion ... but not to their own facts" Daniel Patrick Monihan)
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To: Clintonfatigued; A. Pole

Bump!


17 posted on 02/26/2006 5:21:02 PM PST by Borax Queen
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To: Andy from Beaverton
Buchanan's brother threatens Clinton associate
Thanks for the link. Informative.
18 posted on 02/26/2006 5:25:18 PM PST by peyton randolph (As long is it does me no harm, I don't care if one worships Elmer Fudd.)
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To: Mase

I'll make you a billinaire. I offer you one billion for your house, trust me.


19 posted on 02/26/2006 5:26:25 PM PST by junta (It's Jihad stupid! Liberals, Jihadis and the Mexican elite all deserving of "preemption.")
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To: Age of Reason

I agree with you, and it will only take one or more major acts of domestic terrorism, or some major international disasters, to break not only our economy but the globalized world economy as well and produce recession/depression. If it has to come, I would prefer it to happen under a Dimocrat - but I dread the thought of another Toon-type administration.


20 posted on 02/26/2006 5:26:59 PM PST by Malesherbes
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