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View Diary: Two Nobel Prize Economists Recommend Obama (203 comments)

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  •  The smell of pain trickling up (2+ / 0-)
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    Overseas, SciVo

    Phelps was not only theorizing, he was visualizing the future:

    "We need new blood, a new set of players on the economy.  PRESIDENT OBAMA will bring that."  (paraphrase)  Sounds sweet, doesn't it?

    Sorry to say, before these two appeared this morning, several of the heavyweights on CNBC have been stoking the fires of fear among investors by raising the specter of massive Capital Gains Tax increases from Obama (including the odious Larry Kudlow and the beauteous Maria Bartiromo).

    Meanwhile, back on Joe, clip of McCain flogging the same old chestnuts: "All we need is more tax cuts! Obama's an out of touch elitist!  He'll raise taxes!  He knows nothing about economics!"

    Obama's enemies are twisting themselves up pushing their oxymoronic and reality-challenged argument:  "Obama's a rich, elitist, ivy-league snob who has condemned the working class that he's out of touch with and he wants to take away your hard-earned capital gains and tax the rich for his socialistic giveaways to the evil, protectionist unions and the lazy working class!"  WTF?

    Unfortunately, both of these contradictory memes are taking hold, for reasons we all understand and are maddened by.  Obama needs to smack down this crap right now.  Line up his people (like Stiglitz and Phelps), and show both the investment-class guys who have lost money backing Bush AND the little guys being crushed out there what he will do for them.  He needs to crystalize it into a few basic ideas:

    Bush/McCain economy is a miserable failure for all, including the rich.

    What's good for Main Street is good for Wall Street.

    The pain is trickling up!

    Here's exactly how I will make it stop, and make money for everybody.

    Wouldn't hurt to also give an economic edge to his vow to restore America's standing in the world:  another thing Phelps pointed out was that the dollar was tanking because Bush has screwed up so badly that foreign investors now see us as a risky investment and are witholding cash-- nobody out there wants to "eat our trade deficit" and get left holding the bag.  (Even China, after enjoying "drinking our milkshake" for years, is getting tired of it.)

    C'mon, President Obama-- turn the tide and raise all our boats!

    "What everyone wants is a job and some hope."--RFK

    by For Dean in Dixie on Fri Apr 25, 2008 at 08:33:09 AM PDT

    •  That's essentially what Soros says in his (1+ / 0-)
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      interview in the new New York Review of Books:

      Well, I have very high regard for Hillary Clinton, but I think Obama has the charisma and the vision to radically reorient America in the world. And that is what we need because I'm afraid we have gotten off the right track and we need to have a greater discontinuity than Hillary Clinton would bring.

      The influence of the [executive] has increased, is increasing, and ought to be diminished.

      by lysias on Fri Apr 25, 2008 at 02:32:05 PM PDT

      [ Parent ]

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