Home prices falling from stratospheric to merely ridiculous is not a recession. It's a correction, and one that was badly needed.
Other than those two things, there really isn't much wrong with this economy.
Gramm used the term recession, I didn’t. He said we had a mental recession, and americans were whiners.
House values down 20%. Stock prices down 20%. Milk, gas twice as expensive. Costs a thousand dollars to fly up and down the east coast. Unemployment up by 1%. GM possibly going bankrupt. Almost a million people out of work.
For the most part, people are not whiners. And this is not in our mind. It’s not a recession, although I wouldn’t discount the possibility that we have one in the next 6 months or so.
Things are not that bad, but they are not good either. I’m sure they are good for Gramm, with his cushy Senate retirement.
Gramm had a valid point to make about how the economy is strong, how the setbacks are relative to large gains, how gas prices are the Democrat’s fault.
Instead, he blamed the American people for making up their hardship, and for whining about it.
Because of Gramm, we will have at least two days when the story won’t be Obama being an idiot, or the Democrats messing around NOT doing anything about gas prices. Instead, it will be about how out-of-touch Republicans still are.
The quicker he disappears, the better. Worse, because of what he said, I’ve had to listen to Gingrich disagreeing with him. Which almost, but not quite, makes me want to agree with Gramm.