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This Is What Democracy Looks Like
Today's Note From a Madman
Tuesday, June 5, 2007
Tomorrow, we discuss the two most recent debates: The Democratic Candidate debate which aired Sunday night and the Republican debate which aired on Tuesday night. -NG
Madame Bernanke's Crystal Ball
Fear not my fellow Americans. The new Chairman of the Federal Reserve, Post-Biog-AL Ben Bernanke, has predicted that the doldrums of the economy is going to be reversed. Good news is here - Great God Almighty! - Good news is here at last!
Bernanke predicts that even if the housing market - the one thing people used to be able to count on - doesn't rebound, the economy will swell.
I wonder if that wave will lift all boats or if most of us will simply be weighted down by our GOP anchors, hairline deep in water?
Our economy grew just 0.6 percent in the first quarter of 2007, which represents its worst showing in four years. I wonder how the Bushies are going to spin this one? It'll probably sound something like this: "And the economy grew in the first quarter of this year in spite of the Democrats trying to bring it down."
And the language Big-Ben (sounds good, doesn't it?) uses to instill this confidence is so reassuring. It makes Bush's thoughts on how well the "Surge" in Iraq was going to work look almost anemic.
Some forces bringing the economy down "seem likely to be at least partially reversed in the near term,"
"The economy will advance "at a moderate pace, close to or slightly below the economy's trend rate of expansion,"
Wow! How can anyone argue with that? I think I'm going to faint (swoon).
Of course, when one looks at what is truly awful news from the Fed - that growth is stagnant, if not in a reverse - one must realize that any gains are gotten by the top one percent of this nation's wealth keepers. In other words, if anyone's getting ahead, it's Bush's "base" of "haves and have mores".
A normal growth rate, which would just keep up with inflation, would be in excess of three percent. But, let's face it, even when the Bushies managed to show a stronger economy, it meant nothing to the middle class.
When Trickle Down economics was introduced by Ronald Reagan, even the "Great Communicator" realized it didn't work. Unfortunately for the great majority of us working class slobs, that theory has been brought back into practice by President Bush and his band of "Outsourcing is a good thing" lackies. In Bush's case, however, he refuses to: (A) admit a mistake and; (B) whether admitting it as a mistake or not, fix anything which isn't working. Damn the torpedoes and full speed ahead. All of you in the middle class, get up at the front bow and act as a cushion just in case one of those torpedoes blows up.
"We have not seen major spillovers from housing onto other sectors of the economy,"
The housing market has also shown little or no growth after millions of Americans took out huge balloon loans to buy that house they otherwise couldn't afford. But, let's face facts, even if one could have sold their home during those boom months of housing prices on the rise, one still would have had to live someplace, which would have meant buying a house! Duh.
And what about inflation? As reported here in Monday Madman, we have seen inflation rise by 0.6 percent in just the last month while wages rose at a near 700 percent slower pace of just 0.04 percent. So when Bernanke says, that prices for goods and services, excluding gas and food, are "somewhat elevated," he misses the point. We all need food and gasoline and rising prices without relief is unacceptable.
Bernanke realizes that those "subprime mortgages" are what is helping to kill the housing market, but he offers no real solution to fix it, or anything else wrong with the economy. His only advice comes in the form of his crystal ball and Madame Chloe should not be in charge of our nation's finances.
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