Posted on 01/02/2011 8:06:22 AM PST by Chunga85
How: Gold. Tax cuts. Debts. Wars. Fat Cats. Class gap. No fiscal discipline
ARROYO GRANDE, Calif. (MarketWatch) -- "How my G.O.P. destroyed the U.S. economy." Yes, that is exactly what David Stockman, President Ronald Reagan's director of the Office of Management and Budget, wrote in a recent New York Times op-ed piece, "Four Deformations of the Apocalypse."
Get it? Not "destroying." The GOP has already "destroyed" the U.S. economy, setting up an "American Apocalypse."
Yes, Stockman is equally damning of the Democrats' Keynesian policies. But what this indictment by a party insider -- someone so close to the development of the Reaganomics ideology -- says about America, helps all of us better understand how America's toxic partisan-politics "holy war" is destroying not just the economy and capitalism, but the America dream. And unless this war stops soon, both parties will succeed in their collective death wish.
(Excerpt) Read more at marketwatch.com ...
$nip>
Warning: this black swan won't be pretty, will shock, soon
His bottom line: "The day of national reckoning has arrived. We will not have a conventional business recovery now, but rather a long hangover of debt liquidation and downsizing ... it's a pity that the modern Republican party offers the American people an irrelevant platform of recycled Keynesianism when the old approach -- balanced budgets, sound money and financial discipline -- is needed more than ever."
Wrong: There are far bigger things to "pity."
First, that most Americans, 300 million, are helpless, will do nothing, sit in the bleachers passively watching this deadly partisan game like it's just another TV reality show.
Second, that, unfortunately, politicians are so deep-in-the-pockets of the Wall Street conspiracy that controls Washington they are helpless and blind.
And third, there's a depressing sense that Stockman will be dismissed as a traitor, his message lost in the 24/7 news cycle ... until the final apocalyptic event, an unpredictable black swan triggers another, bigger global meltdown, followed by a long Great Depression II and a historic class war.
So be prepared, it will hit soon, when you least expect.
$nip>
Somehow I just knew before reading.
David Stockman stabbed Reagan in the back first chance he got.
David ignored the Brown Acid warning...
I’ll take the lifelong Democrat Arthur Laffer over the clown Stockton....anyday.
And yes, Laffer is still a Democrat. Reagan didn’t play these political games. He wanted the best people, regardless of the letter after their name.
I sure miss that president, lemme tell you.
Me...me...me...me...look at me...me...me...it's all about me...me...me...I'm in it for me...me...me...the universe evolves around me...me...me...
Even though I’m no fan of Stockman, there’s a lot of truth here.
I would however change one sentence.
“...politicians are so deep-in-the-pockets of the Wall Street conspiracy that controls Washington they are helpless and blind.”
I don’t think most politicians - Dem’s and Rep’s alike - are all that helpless.
So I’d replace “helpless and blind” with “shortsighted and greedy.”
Quite a few Reagan cabinet and admin members are now RINOs. What a shame. They should have left town when their term was up.
In before Art Laffer refutes this idiot.... =.=
Stockman:
“If there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing.”
So, Stockman, where were you when they were proposing Stimulus 1, Stimulus II, QE1, QE II, etc.??
Spending is okay but tax cuts are evil when you are the guy that proposed tax cuts in the first place? Sounds like you are trying to curry favor with the press and people in D.C.
Stockman was and is a buffoon. He is right about too much spending, but his inability to understand that growth is the key makes him a dullard.
This is what syphilis will do to your brain... It turns you into a liberal.
PAHLEEEEZE...Stockman was a traitor in the 80’s an nothing has changed. I find his trying to crawl out from under his rock quite amusing.
Maybe the GOP took his advice AFTER REAGAN left office. ASK GHW Bush about that.
Dave Stockman was an idiot when he worked in the Reagan administration, and he’s an idiot now. Tell me you knew.
“Even though I’m no fan of Stockman, there’s a lot of truth here.”
Absolutely; BOTH parties were the best things to happen to the economies of China, India, and Mexico. As far as people watching passively, I take my hat off to those Europeans that riot when their governments betray them. Whatever they stand for, they know when they’ve been screwed, are being screwed, or are about to be screwed by their “representatives”, and they do something about it. Seeing as we’re ending up in the same boat as them anyway...
The Frum of his time. I remember well.
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