Posted on 12/02/2008 7:30:24 PM PST by SeekAndFind
The problem is that we are also dealing with a bipartisan culture of corruption. Enron had close business ties with the Bush administration and the Republican Party, just as Goldman Sachs and Fannie Mae were filled with Democrats. Most of Obama's incoming economic advisers are cut from the same cloth as those from the Bush Administration.
This author suffers from the same sort of misguided thinking that led to the attitude among many Republicans that deficits do not matter and that throwing a few trillion dollars at insolvent and mismanaged financial institutions and brokerage firms will cure the problem rather than merely postponing the inevitable. McCain's support for the $700 billion bailout may well have cost him the Presidency, as he went from a virtual dead heat with Obama to underdog status. The classic and Austrian schools of economics rightly teach that increasing the money supply will eventuate in the devaluation of the currency. They also eschew government intervention to thwart the business cycle.
The Obama Administration will be typically Keynesian, meaning that they will throw money at social and economic problems even more than the outgoing administration did, and increase taxes to boot. These measures will thwart recovery and prolong the downturn. However, unless the GOP returns to the free market principles of Goldwater, Taft, and Coolidge, a Republican restoration in 2012 will make little difference.
Or maybe just a "\" shaped recession. Whee!
There’s got to be a bottom somewhere!
Whoa! Now THAT'S just scary...
There some who would say the market just put in a double bottom.
What’s a double bottom? Is that similar to someone with four buttocks?
Nope. More like both buttocks.
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