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October 06, 2008

Comments

Trade Meme

Great post. Thanks for the analysis.

Somervillen00b

At minimum, more regulations are necessary enforcing transparency and the maximum size these companies can get. I doubt Gramm will do it. That leaves us with Obama. Bill, I'm surprised you cannot admit that the Obama team has the best economic plan, as many economists have acknowledged. Could it be that you are not ready for a black President?

Bill Shelton

"Bill, I'm surprised you cannot admit that the Obama team has the best economic plan, as many economists have acknowledged."

"Best economic plan" compared to what? Certainly not compared to what is really necessary.

William Hurst

Bill, does Barack Hussein Obama have an economic plan? When he is sworn in as this nations 44th President, he will arrive in Washington having not defeated John McCain but as someone who has defeated President George Bush. If it were anyone but Bush that happened to be President right now, it would force people to actually look at a candidates qualifications to become this nation next leader. People are so consumed with hatred for Bush that they would vote for anyone or anything as long as it is not him. Another example of this is, in New Hampshire is Jean Shaheen running against John Sununu or George Bush? Another fine example how is Deval doing and wouldn't Kerry Healey look better right now.

JARfromWard3

From what I've seen, the two large parties' candidates "economic plans" both involve abdicating more power to the FED. Today's "emergency" interest rate cut will only, in my opinion, serve as short term salve. Long term--and this would be a worse (vs. worst) case scenario, it will devalue the US Dollar at a time when monetary policy should be geared toward strengthening it.

Keynes didn't consider the phenomena of stagflation, and could never really explain it. The time may have come to give Mises and Austrian Economics a try. There's no perfect solution, but anything is better than the BS that Paulson, Bernanke, et al are feeding us presently. Unfortunately, I don't see it happening with either McCain or Obama, who both seem stuck on this bizarre concept of Capitalism on the way up and Socialism on the way down. That is NOT a sustainable economic model.

Just my opinions.

73
JAR

Truth Fan

I watched the debate last night. Neither of the candidates had anything insightful to say about our economic state of affairs. They didn't offer any solutions that promised a clear break with the past.

I remember when Americans were shocked by the Savings and Loan crisis and how much the bailout cost. Then there were the Enrons and World Coms who exploited consumers and states with the blessing of elected officials. They got caught, but all but a tiny few kept their booty. They went on to get richer and screw other people, while their former employees lost their savings.

Now we've got this mess created by huge financial institutions. And you're right, the result is only going to be even bigger financial institutions, with more power, and more ability to do whatever they want.

Our so called leaders don't lead, they react. And the voters are sheep. Maybe I'm imagining it, but when I was young in the 50s and 60s, more people seemed to have the ability of critical thinking. Television and the newspapers are so dumbed down, you can't do anything with the "news" they report.

I appreciate what you're doing here, Bill, and I appreciate your independence. You're taking something that is very complicated and going to the essentials of it. That's where we have to start, not putting band aids on a tumor. I hope that it will push people who read it outside of their normal habits of thinking just a little bit.

The Patriot

And the real change must be a tax on standing wealth of those who amassed trillions....their accounts must be frozen worldwide, so that their fortunes do not escape, so that the inflation needed to offset what they have taken off the table is halted, and their weaalth is taken back to right the system. Otherwise, everyone of modest means will subsidize their windfalls in the higher energy and food prices they will pay.
But I do not attribute this greed to
a random set of opportunistic happenstances, rather I believe that Bush and his consorts planned this swindle from the start. He's not as dumb as he pretends to be...his exit strategy requires he look unknowing.
Where are you on these thought, Bill?

NewSomervillian

Here's my take as an Eastern European transplant: during the Cold War, the Western Bloc and the Eastern Bloc achieved cohesion amongst their people through what essentially boiled down to decades of brainwashing about the superiority of their respective economic and political systems. Then the Eastern Bloc crumbled, and its peoples were rudely awakened to the fact that not only was their system not superior, but that the Western capitalist ways they eagerly embraced also brought about insecurity and poverty. Meanwhile, the Western Bloc, and specificaly the US, never had that moment of paradigm-shifting illumination. Americans still sincerely believe in their superiority as a nation, and as a political and economic system. It is political suicide for any candidate to try to imply that capitalism is not the answer. That's why I think nationalizing or strongly overseeing critical financial institutions in this time of major economic crisis is so hard for the public here to swallow, even though it's completely obvious to an outsider like me. Let's hope Obama has more radical change up his sleeve once he's in power, because I certainly don't have any illusions about McCain.

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