Posted by
Desert Blue on Monday, October 13, 2008 8:22:26 PM
Are the Republicans showing the epithet to be true? Secretary Paulson and Senator McCain are good
cases on point.
If the Secretary of the Treasury of the U.S.
is not receiving money under the table from the Obama campaign, he is
stupid. Economists (that is to say
conservative economists, who have at least some grasp of finance, as opposed to
politics) differ greatly about the causes and proper solutions to the ‘crisis’
in the U.S. and
the world. However, even the Keynesian
talking heads bloviating for the Democrats would probably be against shouting
“Fire!” in a crowded theatre (although the presence of an actual fire might
sway a few – Bill O’Reilly, whose favorite word is ‘bloviate,’ keeps going on
about the politicians’ needing to have warned us about the shockingly obvious risks
of borrowing more than we can afford, or investing in derivative securities.) Even with an actual fire, shouting, “Fire!”
is likely to cause more harm than it avoids, but Sec. Paulson (R?), Speaker
Pelosi (D), and Sen. Reid (D) all inflamed the markets into panic. This was unnecessary in any fiscal sense,
because there was no panic to avoid yet, so all the necessity must therefore
have been political.
Yes, Lehman Brothers and AIG might have been in trouble, but
the long-expected receivership of Fannie Mae and Freddie Mac provided the
perfect means and justification for snuffing out risky mortgage
derivatives. Almost as an aside, the
“mark-to-market rule” could have been suspended unilaterally by Chairman
Bernanke (R? D?), to see whether or not it is actually harmful, which we still
do not know, empirically. Yes, world
markets are in trouble, but the panic started here. Secretary Paulson is personally responsible
for the one-quarter loss of value in the stock market and every retiree’s
portfolio, which is a hardship to millions of voters. The retired, employed, and unemployed all now
look askance at a Republican administration that gives away giant blank checks
of dubious constitutionality to those who, by their own admission, are
irresponsible. This was demanded by
Speaker Pelosi (D) and Sen. Reid (D). The voting divided the Republican caucus, and put John McCain (R) on the
same side as Barack Obama (D), denouncing capitalism. If the Secretary of the Treasury of the U.S.
is not receiving money under the table from the Obama campaign, he is stupid.
If John McCain thinks that jumping on the ‘populist’
bandwagon will help his campaign, he is stupid. Populism can have many meanings: populism in France
might mean opposition to high taxes and easy immigration, while populism in Palestine
might simply mean opposition to Israel. In the U.S.,
Populism with a capital P was historically the opposition of farmers to
railroads and workers to factories; this has almost exclusively been a movement
within the Democratic Party. Ronald
Reagan was popular, but never a Populist in this sense. Confusing popularity with Populism is not
only a nineteenth-century notion, it was wrong even then: William Jennings
Bryan (D) lost the race for the presidency three times as a Populist.
Democratic politicians still pander to the public with
Populist rhetoric because FDR made it respectable again in the 1930s. He won the Presidency because the previous
Republican administration let a market crash become a disaster. Sound familiar? The American people know where to get
socialist solutions to capitalism – from the Democratic Party; denouncing the
markets belittles Republican candidate John McCain, and makes him seem
desperate. When McCain runs against the
Bush administration, he only confirms Obama’s claims that the Republicans can’t
be trusted. Failing to connect Obama and
other Democratic politicians to the grossly political and irresponsible
practices of lending institutions does not insulate the administration from
criticism; silence, rather, is a tacit admission that Democratic accusations
are accurate. Collegiality, which is
such a necessity to a Senator, is actively harmful in a candidate for President
of the United States.
Reagan’s policies of strong defense and lower taxes were
truly popular. Today’s truly popular
policies would be those of populism in France:
lower taxes and border control (assuming that the voters take McCain’s
superiority on the subject of national defense as a given). These are not Obama’s policies, and part of
the reason that Obama has never gotten a majority in any respectable poll. Unfortunately, they do not seem to be
McCain’s policies, either. The
Republican candidate should espouse Republican policies, which have been proven
popular time and time again. If John
McCain thinks that jumping on the ‘populist’ bandwagon will help his campaign,
he is stupid.
Are Secretary Paulson and Senator McCain showing the epithet
about Republicans to be true? As Fox
News says, “We report, you decide.”