Word: gramm
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...McCain's, particularly on taxes. McCain, he says, is promoting "$300 billion worth of tax breaks for the same folks who've been getting tax breaks under George Bush." And he told the crowd that a top McCain economic adviser (a reference to comments by former Senator Phil Gramm) "is calling you whiners. ...This guy obviously doesn't pump his own gas. He obviously doesn't do his own shopping. He's obviously not paying his own bills...
...budget policy have rested in this comfortable if unedifying rut for too long. In fact, the most striking thing about McCain's plan was how closely it mimicked the dismal debates of over 20 years ago, when Congress passed massive tax cuts and then pasted on Band-Aids like Gramm-Rudman-Hollings legislation to compel reductions in spending that never materialized. The mildewy whiff of McCain's economic policies intensified three days after the budget speech, when Phil Gramm himself appeared, in his capacity as McCain's economic guru, and pronounced that the country was in the midst...
...country began to show signs of serious / economic reform. The Administration firmly maintains that Mexico cannot simply make domestic cuts, as it did during its debt crisis in 1982, but must swallow its pride and open itself up to more free trade and foreign investment. Said Senator Phil Gramm, chairman of the U.S.-Mexico Inter-Parliamentary Committee, last week: ''If they do what needs to be done, they won't need our help. If they don't, there isn't enough money to help them.'' According to one American official, the U.S. might provide financial assistance more readily if Mexico...
...Well, Gramm has a point, even if McCain is acting as if he never met the guy. It's no coincidence that economic terms like anxiety, confidence and panic--and for that matter, depression--are all psychological terms as well. Markets get jittery because investors do; they calm down when those who invest in them are reassured that their prospects are brighter...
...course, after Gramm let slip his inconvenient truth, McCain publicly rejected the notion that our economic pain is in our heads. So did Barack Obama, who quipped that America doesn't need another Dr. Phil. They've got a point too. Unemployment, inflation, a $9 trillion national debt and $4-per-gal. gas are very real phenomena. It's no mere figment of our imagination that prices are rising at their fastest rate in 27 years. It also just so happens that IndyMac really was dangerously overextended. The panic was ultimately justified...