Word: gramm
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...financial crowd, this may well be--as is oft proclaimed--the worst crisis since the Great Depression. But you don't have to agree with Phil Gramm that this is a "mental recession" to acknowledge that things don't look quite so bleak beyond Wall Street--unless you're struggling to make payments on a house that's worth 30% less than the mortgage. Then you're in crisis. Most Americans aren't. The economy still seems to be growing. Job losses have been manageable. Yes, people are very unhappy about the economy. But day to day, they're more...
...less credit for heavily indebted American consumers. In the second quarter of 2008, this credit crunch was counteracted by $78 billion in stimulus checks--yet another of those government interventions. That boost is petering out. The likeliest next step, while not the Great Depression, is a recession that even Gramm will have to concede is more than just mental. Which could lead to a few more emergency meetings of the men in dark suits...
...hard to believe Phil Gramm said the U.S. is only in a "mental recession." These are times of tremendous economic anxiety: consumer confidence is sagging, banking and housing sectors are verging on panic, and the Bush Administration is scrambling to soothe markets. Now a key adviser to John McCain says the economy is some kind of psychological thing...
...news cycle, however, refuses to slow - and thanks to Jesse "hot mic" Jackson, Phil "nation of whiners" Gramm, its pace picked up a bit this past week...
...Jackson threatened Obama's manhood in a whisper on Fox News. McCain adviser Gramm seemed to minimize voters' economic pain by declaring a "mental recession." Jackson's open microphone criticism of Obama for "talking down" to black people was replayed endlessly (and part of the fun was watching the media describe what it is, exactly, that Jackson wanted to do to Obama.) But by the end of the week the consensus was that Jackson had done Obama a favor, as the contretemps give Obama the freedom to distance himself from Jackson without directly offending his African-American base. Gramm...