Wednesday, October 29, 2008
Hands off, Hands on - Alan Greenspan pulls a Karate Kid
Tom DeLay (yuck) recently said, “All three branches of our government should stay out of the economy…”
Last week, before the House Oversight Committee, the former Federal Reserve chairman, Alan Greenspan, did some serious fessing up. His economic theories had a flaw, “a flaw in the model that I perceived as the critical functioning structure that defines how the world works.” Indeed. In layperson speak that means: I screwed up. The market couldn’t take care of itself after all. Go figure.
This from a man who openly proclaims himself to be a Libertarian, who has held that governments shouldn’t interfere in the market, who has fought regulation for years. Now he says, the only way to sustain support for capitalism “is to continue to support market incentives that create jobs and to find productive ways to ease the pain of job losers.” He also spoke of “the recent growing inequality of income,” a new problem that “requires insight into its roots, and policy action where appropriate.” I find this all immensely ironic. Sounds a little like “spread the wealth around” to me, or maybe that some government oversite is needed. And that leads me to my next point.
I have heard over and over how scared people are of Obama being elected president. Is it mainly because of this comment he made to Joe the plumber? Do they find it offensive because it sounds socialistic – taking money from the taxpayer and giving it to someone else, in this case someone who makes less? Maybe part of the reason the country as a whole is moving towards the center is because, if taxpayer money can be used to bail out stupid bankers, then why can’t the every day person get help from the government before they lose their house?
Or is it that if Obama is elected, that he and the Democratic controlled congress and senate will reign unchecked in Washington and according to DeLay, go about "prohibiting conservative talk radio, validating socialization of the energy industry, and billions in new taxes on small businesses and the resulting job losses and wealth evaporation?" I could be wrong here but it seems to me that when FDR and his congress took over the mess Hoover made, they were able to successfully set America right again from the brink of collapse. Can it happen again? Maybe. I believe Obama should be given at the very least, a chance. He's not an idiot after all. When the bases are loaded, I want my best and smartest hitter at the plate. Could it get any worse than what we’ve already been through these last eight years?
What I can’t figure out is why no one is scared about McCain and his hard-line taking with Russia and China, wanting them kicked out of the G8, his not agreeing with Bush being so soft on North Korea, not having a problem with bombing Iran, and continuing the war in Iraq for 100 years if necessary. How many of these countries have nuclear weapons? Most of them! Good grief. You know what I worry about? I worry about this:
Now to me, that's scary.