What a brilliant comparison - John McCain is more Herbert Hoover than George W. - (Palin is George W. in drag - so far we have not seen them in the same room so who knows LOLS - morph their faces together - same person and their politics and ways of governing are frighteningly so...but I digress.)
The always brilliant Paul Krugman mad a great observation and a great campaign slogan last night night on Countdown with Keith Olbermann.
More below...
Tried like the Dickens to embed the You tube video no luck followed the FAQ not luck if anyone can advice let me know for now here is a link to it.
OLBERMANN: Let‘s turn to Paul Krugman, op-ed columnist for the "New York Times," professor of economics at Princeton University.
Dr. Krugman, thank you for some of your time tonight.
PAUL KRUGMAN, NEW YORK TIMES: Hi, there.
OLBERMANN: The fundamentals of the U.S. economy, in saying he meant the American workers are the fundamentals of the economy, did Senator McCain reinforce his previous observation about himself that economics is not necessarily his strong suit?
KRUGMAN: I have to say, you know, I guess history is not his strong suit because that‘s Herbert Hoover.
OLBERMANN: Wow.
KRUGMAN: I mean, how is it that 75 years later, Republicans still can‘t stop themselves from, you know, quoting Herbert Hoover about how things are OK? I was—this was just stunning. I mean, it was, you know, that, look (ph), ad lived. I mean, I think that was—this is what he really believes. Unbelievable. I was shocked.
OLBERMANN: So, he believes the economy is strong and the Bush
administration seems to be betting that the financial system can handle the
collapse of the Lehman Brothers and whatever is to follow without any
intervention or any major intervention at this point. How -
KRUGMAN: That‘s not quite right, actually.
OLBERMANN: Yes.
KRUGMAN: Because what they‘re doing is they‘re actually throwing a lot of money at the financial system in general.
OLBERMANN: OK.
KRUGMAN: And it wasn‘t specific. So, actually, the taxpayers are being put on the hook. There‘s been a lot of moral hazard, as they say, being created. That‘s why the Dow fell only 500 points today because there‘s a lot of money being pushed out that is ultimately taxpayer money.
OLBERMANN: So, when Governor Palin said today, it was good to see that the government was not going to come in and spend any taxpayer money on Lehman Brothers, she was misinformed?
KRUGMAN: Yes. I mean, it wasn‘t Lehman, they know (ph), it was sort of what the left hand took away the right hand push onto the roulette table. So, it was—unfortunately, it‘s not true. I mean, we are actually—we are seeing a socialization of risk. I‘m not sure there‘s no alternative (ph) because the deregulation policies pushed us into this. But no, risk is still being socialized. It‘s just they decided that Lehman was not going to be the place where they make the stand.
OLBERMANN: The senator and the Republican campaign obviously selling themselves throughout the campaign as a break from the Bush administration on the subject of the economy and this sub-subject gigantic, disastrous black holes opening up in the middle of the economy. Is McCain actually a difference from Bush?
KRUGMAN: No, if he had said, at any point, look, you know, we need some regulation, we need some policing, if there was—I‘ve actually been trying to see if I can come up with anyone sort of on the Republican side who has said anything, who said anything about the housing bubble, who warned about subprime. You know, I can‘t see it. The fact of the matter is he‘s—and you know, what he says is, well, we‘re going to clean up Washington, and then I‘ll clean the markets. I don‘t understand.
OLBERMANN: And, the one connection, the one historical connection between Senator McCain and perhaps some of the things that set up the dominos that seem to be falling in the economy right now, his formerly official economic advisor now, simply the guy who draft his economic plan, Phil Gramm, the guy who coined this term about whiners in the nation and the mental recession—did his role, when he was the chair of the banking committee, did he, in fact, set up some of those dominos and some of the current crises?
KRUGMAN: Yes. I mean, if you‘re going to ask who is responsible for the, you know, which people in official capacity would bear the most responsibility for getting us into this mess it would be, number one, Alan Greenspan, and then, number two, Phil Gramm. He‘s at the core of this. I mean, it‘s—and by the way, whatever they may say officially, everybody knows that if McCain becomes president, Phil Gramm is, the odds in favor (ph) for him to be the treasury secretary.
OLBERMANN: What would that do to the American economy, do you think?
KRUGMAN: Oh, boy. Well, you know, under current management, Hank Paulson, I have some sympathy for, the (INAUDIBLE) works for the czar, he can only do so much given the guy he works for. But boy, Phil Gramm, you know, Ben Bernanke, think Hank Paulson understand that we could manage to have another Great Depression if we work at it hard enough. I think Phil Gramm might be just the guy to do it.
OLBERMANN: Continuing -
KRUGMAN: Sorry, that‘s a bit strong, but -
OLBERMANN: But if it‘s necessary, so what if it‘s strong.
KRUGMAN: Yes.
OLBERMANN: The last point here. Even in a McCain world, in that sort of bubble, where nobody in Arizona gets to buy a Budweiser without the OK of the missus, is that economy strong?
KRUGMAN: I actually haven‘t looked at Arizona. But, look, I mean, there are no—aside from, you know, people selling oil and the repo trade, I think, is doing really, really well. That business is good these days.
But no, I mean, this is an economy which if this is not an economy in
recession, then the problem is with our definition of recession. This is -
this is a lousy economy. Unemployment is spiking, industrial production way done, according to the figures released today. And the financial thing is got, you know, everybody is scared.
OLBERMANN: Paul Krugman of the "New York Times" and Princeton University, as always, great thanks for your time, and more especially, your insight tonight, sir. Thank you.
KRUGMAN: Thanks so much.
Then after that he brought on the always interesting Eugene Robinson who in a great discussion with Keith said....
Seems to me more can be made by anyone who realizes how dangerous McCain would be for the economy and the future of the country. Link him to not only Bush Co but to the disaster that was Herbert Hoover.
Also In sidenote the mess in Houston needs more attention as another failure of the policies of the last 8 years that McCain so enthusiastically endorses and supported.