Video: McCain rejects Gramm’s “mental recession” description

posted at 6:30 pm on July 10, 2008 by Ed Morrissey

John McCain quickly repudiated the comment of his economic adviser, Phil Gramm, that the US had become a “nation of whiners” and that the only recession the nation had experience this year was a “mental recession”.  ABC News reports that Team McCain pushed a YouTube today that showed McCain rejecting that construct even as Gramm said it had been misunderstood:

“I don’t agree with Senator Gramm,” he said. “I believe that the person here in Michigan that just lost his job isn’t suffering from a mental recession. I believe the mother here in Michigan and around America that is trying to get enough money to educate their children isn’t whining. America’s in great difficulty and we are experiencing enormous economic challenges as well as others. Phil Gramm does not speak for me. I speak for me, so I strongly disagree, go ahead and follow-up.”

Asked about Obama’s comments today — in which Obama noted that McCain had said that part of the recession are psychological and that some of McCain’s energy plan will have “psychological”, adding that the nation doesn’t need another Dr. Phil — McCain said that when it comes to ideas about energy independence, Obama is “Dr. No.”

A reporter asked if there’s any chance that Phil Gramm would be McCain’s Secretary of Treasury or play a significant economic policy-making role in a McCain administration.

“I think that Senator Gramm would be in serious consideration for Ambassador to Belarus,” McCain joked, “although I’m not sure the citizens of Minsk would welcome that.”

Gramm, meanwhile, tried to clarify his comments by saying that he was referring to the leadership of the country, and that’s probably true. However, Gramm is no political naif who should get surprised by the opening he left Democrats. They rushed to trot out every anecdotal story of tough times, even using Michigan — a state in which Democrats run the government and control its economic policy — as an example.

McCain takes the politically adept course here, acknowledging the pain of many in the current economic slowdown, and casting his policies as the answer for the problem. He doesn’t look very happy with Gramm in this clip, which unfortunately does not include the joke about sending Gramm to Belarus. Actually, the Belarussians would be lucky to get Gramm as an envoy if the current dictatorship would be smart enough to take his advice — and even if Gramm tossed some sand in the gears today, McCain’s still fortunate to have him as an adviser now.


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Terrye,
I live in Iowa I know the ethanol mess. It is insane to susidize ethanol so as to keep it lower priced than gasoline, and if it weren’t susidized it would not be. You don’t take a food crop and put it in your gas tank thus removing a percentage from the market without higher food crop prices. Corn has gone from nearly 2.00 per bushel to over 8 per bushel since subsidized ethanol production came on the scene.
Ethanol, from grass as W. proposed would be a different technology, but has the benefit of not driving up the cost of corn thus food made from corn, meat from cattle, hogs, chickens that farmers cannot afford to feed corn to in hopes of a return on investment
Its’ simple supply and demand increase the demand (ethanol) without an equal or greater increase in supply and price increases. I am an economics major and married a farmers daughter. We’ve made a lot of money on ethanol and corn the last few years. That is not to say its a good idea it is not.
W. had it right make it from grass that is set aside in unused acres that coorporate farms own and get susidized for doing nothing with. No planting, no harvesting, minimal weed control for a government check from you and me by the way.

dhunter on July 10, 2008 at 8:56 PM

The fact that “Maverick” has to distance himself from Gramm’s statement is proof that Gramm’s comments were spot on.

Texas Rainmaker on July 10, 2008 at 9:03 PM

McCain, the only guy able to lose to B Husein. Unreal.

progressoverpeace on July 10, 2008 at 7:10 PM
May I please use with accompanying attribution?
Brill!

Branch Rickey on July 10, 2008 at 7:25 PM

.
Not true. I do recall several others are in contention for the White House.

News2Use on July 10, 2008 at 9:09 PM

BacaDog on July 10, 2008 at 8:18 PM

Sigh… made a long post on where I was coming from… in responce,… but won’t bother…

If you truly believe that we are at full employment, you are clueless. Go look at the BLS website, where I got the number from.

Then factor in 303 million people. Then factor in the ages who are not working… then go look at their own guidelines of who is considered unemployed, and how many are supposedly not looking.

ANY person who owns their own company, as I do, is automaticly employed, whether money is coming in the door or not.

any person who has not interviewed, or put a resume in for a job, is not looking, and is NOT considered unemployed. Looking at the web, or wantadds, does not count.

I’ve been part of the process… I’ve been one of those households who were asked those questions.

Bls webite says there are 153,294,000 workers in America…

With 303 million Americans, 24.6% over 18, 12.4% under 65, that leaves 190 MILLION folks of working age. Please explain the disconnect, or stop insulting my intellect.

If you want to blindly trust politicians, feel free….. I’ve worked for the government, I don’t.

Romeo13 on July 10, 2008 at 9:23 PM

Romeo13 on July 10, 2008 at 9:23 PM

Your numbers are extremely confusing (24.6% over 18? etc.), but I’ll try to follow your train of thought.

Have you accounted for those who choose not to work? For example, stay at home moms. What about early retirees (a small number, but not zero- especially considering military, firefighters etc. who can retire before 65)? Those 18-65 who are disabled?

I see more than a few holes in your argument.

cs89 on July 10, 2008 at 9:37 PM

Romeo13 on July 10, 2008 at 9:23 PM

There is what is called a natural unemployment rate ~5% here in the U.S.

It does not take into account cyclical unemployment, frictional unemployment, or structural unemployment.

The govt. isn’t lying…. about this anyways.

Yes, there are alot of folks who are not listed as unemployed because they are considered “discouraged workers” i.e. those not looking for employment, but it is certainly not 190 million people.

Unemployment is at best one of many factors to look at to determine the health of an economy.

VolMagic on July 10, 2008 at 9:47 PM

Here is the U.S. economy at a glance. The sky is not falling.

VolMagic on July 10, 2008 at 9:49 PM

I’ll “just stick to discussing” whatever I’d like, thank you very much.

By pretty much any valid economic definition, we are not in a recession and are a loooong way from depression. There are economic problems, but the economy is hardly “imploding.” And, try telling other countries who still rely on the dollar as an international standard that it is “worthless.” The value has gone down, but as it has our exports have risen, and tourists from other countries are using this opportunity to vacation here at “bargain” rates, assisting our economy as well.

As to middle America- our economic prospects are not improving as quickly as they were 5-10 years ago. There is, however, no comparison to the Great Depression.

cs89 on July 10, 2008 at 7:45 PM

Apparently you are referring to the one definition of recession that defines one as two consecutive quarters of negative GDP. Well if you strip out inventory building in the first quarter, we go negative. That’s one quarter. The second quarter is being floated by the stimulus checks which comes at the expense of the value of the American dollar. Like $5 gas? Wheat and corn just about tripling? Then we should just keep spending money without the tax revenue to pay for it. By doing so, we will pay for it with a diminished dollar.

We have lost almost a half million jobs so far and the job loss is just beginning. Real Estate price declines are on a faster pace than even during the Great Depression. Lending and credit is drying up. The consumer, which represents 70% of our GDP is completely tapped out and can’t borrow money to fuel spending. Fannie Mae and Freddie Mac are, for all intents and purposes, insolvent. Ford, GM and Chrysler are losing money hand over fist and are in very dangerous situations.

The banking system is near collapse. It would have collapsed already if the regulators didn’t believe their (the banking industry)lies. Such as not marking mortgage paper and real estate owned to market. The FDIC is gearing up (by luring retirees back to work) to handle the coming bank collapses. Car repos are through the roof and anecdotal evidence suggests that some banks won’t repo cars because they can’t get rid of them. They are doing the same thing with some foreclosures, choosing not to foreclose even though they have the right to.

This time around, unlike during the Great Depression, the dollar is not backed by gold. Any “New Deal” initiatives taken by either party will crash the dollar, which will only exacerbate our woes.

To state that we are not in a recession because we haven’t had two quarters of negative GDP is just plain wrong. You would have to ignore everything stated above. Besides the government numbers are cooked. Inflation is really two to three times the current rate stated and the employment numbers are cooked not to count millions that are unemployed beyond jobless benefits. Then the there is the BLS wild card of the birth/death rate. The BLS doesn’t mark their estimates to market but once per year. By that time it’s too late.

Ignore the evidence and wait for some ivory tower pundit to proclaim “we are in recession” at your own peril.

As for a depression, no we are not in one now. My position is we are headed there fast and no one can stop it.

Both parties share an equal amount of responsibility for our current circumstances. Both have ruined the strongest economy on the face of the earth. As long as we play party politics instead of changing the system, we will only get more of the same. A good start would be to implement term limits for ALL political positions. It would be much more difficult to buy a politician and then maybe they would work in the interests of their constituents instead of big donors and special interest groups.

voiceofreason on July 10, 2008 at 9:50 PM

As of 2007, there were 78.7 million people who were not part of the labor force. And that roughly tracks with population growth.

Note, that is not all “discouraged workers.” Only about 4.7 million want a job and cannot find it. And that does take into account the various types of unemployment.

Hope that helps.

VolMagic on July 10, 2008 at 9:56 PM

If you truly believe that we are at full employment, you are clueless. Go look at the BLS website, where I got the number from.

Then factor in 303 million people. Then factor in the ages who are not working… then go look at their own guidelines of who is considered unemployed, and how many are supposedly not looking.
Romeo13 on July 10, 2008 at 9:23 PM

Romeo – You’re making the argument using incorrect assumptions. You obviously didn’t look at the link I provided in the earlier post which describes in great detail how the unemployment statistics are calculated.

Here it is again.

You’re making the argument that the denominator in the calculation is the sum of the population between the ages of 18 and 65. That’s simply not true.

Whether you like the way the Bureau of Labor Statistics performs the calculation or not does not matter. That’s the way it is done, and it has been done for a number of years. As such, the numbers are comparable period to period.

The available labor pool (my phrase) does not include those in prison, in the military, in college, housewives, retirees of any age or those who simply choose to not look for work.

BacaDog on July 10, 2008 at 10:01 PM

gonna see lots of people running away from mccain this election. why help a guy who will kick you square in the nuts if you make a slightly controversial remark. as a previous poster mentioned mccain could have remarked that “well the democrats and liberals have been whining the last 8 years while the economy was growing.” but no, he pulls his typical kneejerk reaction whenever a republican is involved and smacks him in the mouth.

no wonder the ny times endorsed him

chasdal on July 10, 2008 at 10:05 PM

Voice,

Besides the government numbers are cooked. Inflation is really two to three times the current rate stated

Huh?

the employment numbers are cooked not to count millions that are unemployed beyond jobless benefits.

You’ll have to explian that to me.

Real Estate price declines are on a faster pace than even during the Great Depression.

Bubbles…

In fact, in stead of going through piece by piece, I’ll just ask if you have any links to back up your claims.

Thanks.

VolMagic on July 10, 2008 at 10:05 PM

Apparently you are referring to the one definition of recession that defines one as two consecutive quarters of negative GDP

voice of irrationality 9:50 PM

Do you have a better definition of recession? If so, I’d love to see it.

cs89 on July 10, 2008 at 10:09 PM

Hey… where’d alphie go?

cs89 on July 10, 2008 at 10:16 PM

Hey… where’d alphie go?

Off licking his wounds from responses to his earlier posts.

BacaDog on July 10, 2008 at 10:25 PM

VolMagic on July 10, 2008 at 10:05 PM

When I receive your tuition, I’ll educate you. Until then, hit up google.

cs89 on July 10, 2008 at 10:09 PM

I think I laid it out pretty well. If you don’t grasp it, that’s your problem.

voiceofreason on July 10, 2008 at 10:28 PM

voiceofreason on July 10, 2008 at 10:28 PM

I mean, all it would take would be a couple links to reputable sources. Not exactly back-breaking work.

I’m especially intrigued by how the govt. is cooking to inflation rate and unemployment figures. Just one or two links explaining that would be wonderful.

VolMagic on July 10, 2008 at 10:32 PM

Also…

The banking system is near collapse. It would have collapsed already if the regulators didn’t believe their (the banking industry)lies

That’s a pretty strong claim. If I didn’t know better, I’d say you’re regurgitating something you read somewhere. I’m wondering where. Link please.

VolMagic on July 10, 2008 at 10:33 PM

voice:
I will always take more of my money back (stimulus checks).

Consumer credit may be tapped out because of bad personal decisions. Mortgages that are too big for a budget, buying newer cars sooner than ever, I want it now and I’m going to have it attitudes. Banks way to willing to lend money with little security or financial responsibility on the part of the borrower.

The population continues to grow so after a period of adjustment during which time over extended borrowers will be flushed out the real estate market will come back and be stronger than ever. Its’ simple supply and demand again.

My fear is government will intervene bailing out bad banking and personal decisions with the money from those of us living within our means. I and many people I know have more personal assets than ever but I also know younger people mortgaged to the point of bankruptcy. Its’ not my problem and I should not have to pay for their living ab ove their means niether should I have to pay for the housing speculators buying more and higher priced houses that got caught when the prices started down.
Auto companies will offer products consumers will buy or the market will correct them. The 5 year no interest loans were not a good deal for them either. Luring people to over extent themselves now at the expense of future sales is not a good business model.
Much of the current unrest lies with the prices of energy and this can be laid almost entirely at the feet of the Democrat party and their environmental terrorist bosses.

Ethanol driving up food prices, refusal to increase domestic petroleum production increasing gas, heating fuel, and petro chemical products almost exclusively Democrat caused problems going back to Bill Clinton vetoing drilling in ANWR and perpetuated through the years following by a Democrat refusal to allow any increased domestic production.

If we drill here, drill now we keep more money at home increase jobs and revenue, lower the price of fuel and decrease our trade deficit thus putting valu back into the dollar. It can be done but it takes one political party getting out of the way.

dhunter on July 10, 2008 at 10:35 PM

I think I laid it out pretty well. If you don’t grasp it, that’s your problem.

voiceofreason on July 10, 2008 at 10:28 PM

Oh, I grasp it just fine. You would rather pick economic indicators of your choosing (price of gas, loss of real estate value) to argue the sky is falling while ignoring the historical indicators such as published unemployment numbers, inflation rates, etc.

I’m not claiming there are no economic problems- there are. There is also a lot more economic resilience than I think you want to admit. Since the Depression and WWII, our nation has built up a lot of value and equity, especially as individual wealth. That ain’t going away overnight. And, some of it is in underrecognized resources such as home equity (even if my house sheds 25% of its current value, and it’s worth 300% of what it was when I bought it 20 years ago, I’m still ahead)and 401(k)s.

The “gold standard” has its own problems, like major fluctuations in value. I could probably find a couple of charts that show the U.S. dollar has a historically more stable value than gold over, say, the past 25 years.

I hear what you’re saying. I just think you’re wrong.

If you want to prove you’re not, back up your statement that we are in a recession with some kind of definition for “recession” that makes sense.

cs89 on July 10, 2008 at 10:40 PM

Voice:
I agree term limits are good for POTUS they should be for congress, senate, and even judges. Take away accountability and invite corruption in the judiciary, no limits on congress and senate and we have professional politicians spending your and my money to get themselves elected year after year after decade.

dhunter on July 10, 2008 at 10:41 PM

Rising fuel prices and surging imports are drying up demand for U.S.-made goods and services, destroying jobs and plunging the economy into an even deeper downturn.

On Friday, the Commerce Department will report figures for the May trade deficit. It is expected to surge upward again, further sapping hopes of an early resolution to the jobs and growth crisis choking the American economy.

With gasoline selling for $4.15 a gallon, Americans spend too much getting to work, and they visit shopping malls less. Most of the extra cash they fork over for fuel ends up in the hands of wealthy Middle Eastern and Latin American oil exporters, who don’t spend comparable amounts on U.S. goods and services. When Americans do go to the malls, the television sets and T-shirts they buy too often come from factories in China, not America.

It’s no wonder the economy has shed 438,000 jobs since December–235,000 of which were in the well-paying manufacturing sector. Throw in 261,000 jobs lost in construction–thanks to the banking and housing crises–and the dismal picture of the economy is complete.

Factoring in all the adults that have been discouraged from even looking for work in recent years, the actual unemployment rate is about 7%, not the Labor Department’s stated 5.5%, which only takes into account adults who are seeking jobs and haven’t secured them.

Last month, the Commerce Department reported the April deficit on goods and services was $60.9 billion. For May, the consensus forecast is $62.2 billion.
- Forbes

MB4 on July 10, 2008 at 10:51 PM

The foreign borrowing to finance the deficit is about $50 billion a month, as only about 12% of the deficit is financed by new direct investment in productive assets. Debt to foreigners now exceeds $6.5 trillion, and this flood of greenbacks abroad is driving down the dollar, heightening concerns about the solvency of U.S. financial institutions and pushing up the price of gold.

Thanks to the record trade deficits accumulated over the last 10 years, the U.S. economy is about $1.5 trillion smaller. This amounts to about $10,000 per worker. Lost growth is cumulative, and May’s figures will only exacerbate the downward spiral.
- Forbes

MB4 on July 10, 2008 at 10:54 PM

BacaDog on July 10, 2008 at 10:01 PM

I did look at your link, as I looked at the exact same link sometime back, when I started to look at this issue.

Please explain to me the difference in numbers from the BLS own site.

There are X amount of employable people in the US, due to age. Other factors, by law, would be discrimintory.

They HAVE an amount that they consider “not in the labor pool”… ie not looking. That includes housewives and such.

The total number of employed, and unemployed, according to the BLS is NOT consistant with the amount of adults we have in the US. Its off by MILLIONS, and in fact, off by a factor of over 10%. By there own definitions, it that aggregate total SHOULD include all adults of working age (housewive by their definition are counted as not looking for work). By law you must count EVERYONE, whether physicaly able to work or not. The idea that the Military is not counted as employed? Please send me a link, I find that REALLY hard to believe.

The idea that I would not look at your evidence is insulting, and somthing I would expect from Not2bright….

Snark aside, I look at all sides of an issue… send me information and I look at it… I, unlike some others don’t think I’m always correct… and am always willing to listen… but that does not mean I may agree.

I try to impugn others character on here, its a shame that others will not adhere to the same standards.

Romeo13 on July 10, 2008 at 10:56 PM

ftp://ftp.bls.gov/pub/special.requests/lf/aat35.txt

Not in labor force explained.

VolMagic on July 10, 2008 at 11:07 PM

Romeo13 on July 10, 2008 at 10:56 PM

Romeo – Not trying to impugn your character at all. Just disagreeing.

The idea that the Military is not counted as employed? Please send me a link, I find that REALLY hard to believe.

From the BLS site [bold is mine]:

Who is not in the labor force?

Labor force measures are based on the civilian noninstitutional population 16 years old and over. Excluded are persons under 16 years of age, all inmates of institutions and persons on active duty in the Armed Forces. All other members of the civilian noninstitutional population are eligible for inclusion in the labor force, and those 16 and over who have a job or are actively looking for one are so classified. The remainder–those who have no job and are not looking for one–are counted as “not in the labor force.” Many who do not participate in the labor force are going to school or are retired. Family responsibilities keep others out of the labor force. Still others have a physical or mental disability which prevents them from participating in labor force activities.

BacaDog on July 10, 2008 at 11:07 PM

I try to impugn others character on here, its a shame that others will not adhere to the same standards.

Romeo13 on July 10, 2008 at 10:56 PM

I try not to be too nitpicky, but I can be snarky at times.

This is a pretty obvious case of you saying the opposite of what you (I hope) mean, and it’s actually a key for me to your earlier confusing figures.

I think you meant a certain number (24.6% ?) is under 18, and reversed the over 65 number as well. Is that right?

Did you say you used to work in the government?

cs89 on July 10, 2008 at 11:21 PM

Rising fuel prices and surging imports are drying up demand for U.S.-made goods and services, destroying jobs and plunging the economy into an even deeper downturn.

- Forbes

MB4 on July 10, 2008 at 10:51 PM

Got a link? US exports are at record highs due to the week dollar and in fact, it’s one of the few bright spots right now. The balance is right around the average for the last 2 years as shown, probably due to the fact that oil prices have risen so sharply offsetting the gains in exports.

TheBigOldDog on July 10, 2008 at 11:25 PM

Yes, John, keep it up…alienate everybody who makes any sense, then the nutroots will vote for you! Well, not so much….

AUINSC on July 10, 2008 at 11:28 PM

Got a link?

TheBigOldDog on July 10, 2008 at 11:25 PM

Hang on.

MB4 on July 10, 2008 at 11:40 PM

A Choking Trade Deficit

MB4 on July 10, 2008 at 11:42 PM

A Choking Trade Deficit

MB4 on July 10, 2008 at 11:42 PM

It’s misleading to attribute to Forbes comments made in a commentary by Peter Morici.

TheBigOldDog on July 10, 2008 at 11:52 PM

I’m probably the most RINO who posts frequently at HotAir, but I’m so annoyed by McCain giving in to Clintonian bathos. What about Bob Dole and his bon mot, “I feel your pain, or whatever” mocking Prez Clinton.

Senator Gramm was right, and to suggest otherwise is succumb to the pathetic childish of the our current culture. I don’t even know if I’m a conservative anymore. I’ve become a reactionary, but we sure as hell made a wrong turn when a Democratic Presidential candidate, much less a Republican one starts espouses this type of decadent tripe.

thuja on July 11, 2008 at 12:12 AM

Gramm was right.
McCain was a dolt to blow him off like that.
End of story.

D2Boston on July 11, 2008 at 12:25 AM

It’s misleading to attribute to Forbes comments made in a commentary by Peter Morici.

TheBigOldDog on July 10, 2008 at 11:52 PM

It was in Forbes online magazine. Good God! If that is all you have got to bitch about you must live a very sheltered life.

MB4 on July 11, 2008 at 12:27 AM

It’s misleading to attribute to Forbes comments made in a commentary by Peter Morici.

TheBigOldDog on July 10, 2008 at 11:52 PM

It was in Forbes online magazine. Good Lord! If that is all you have got to #itch about you must live a very sheltered life. You must be a very cranky person. What’s your BP anyway?

MB4 on July 11, 2008 at 12:30 AM

It’s no wonder the economy has shed 438,000 jobs since December–235,000 of which were in the well-paying manufacturing sector. Throw in 261,000 jobs lost in construction–thanks to the banking and housing crises–and the dismal picture of the economy is complete.

How many of those manufacturing jobs were lost due to companies moving these functions overseas? How many lost to foreign competitors subsidizd by their own governments as opposed to nbeing handcuffed like ours does?

How many of those lost construction jobs are US citizens? How many construction jobs were lost by US citizens to illegal immigrants? Why wasn’t there an outcry then?

Things are tough now, but they could be worse. Life is more expensive and people are incresingly unwilling to control their spending. Thank Dr. Spock and the liberals for enabling a generation of victims and whiners.

cannonball on July 11, 2008 at 12:50 AM

Quit playing the field McStupid and make a stand

Kini on July 11, 2008 at 1:30 AM

Romeo13

You don’t represent me. I represent you.

Excuse me while I go puke.

winemkr on July 11, 2008 at 1:37 AM

Romeo13 on July 10, 2008 at 9:23 PM

Quit bitching and work harder.

winemkr on July 11, 2008 at 4:16 AM

Phil made a really stooooopid statement and he knows it! This should not be the message of a conservative to the American people. EVER! A real conservative should be challenging government to get out of the way and quit wreaking havoc on the economy which is what is currently going on! Blaming the American people is always a bad idea and McAmnesty is going to get his ass kicked because that is what he’s about…except that is what Obama is also about…so this should be a really depressing election with nobody there to really represent us rubes out here in America!

sabbott on July 11, 2008 at 7:42 AM

well at least McSame has stepped it up on his choice to throw under the bus. Billy Cunningham was just a loud mouth water toter but Gramm was some kind of economic guru, I guess. Maybe he will throw his wife under the bus next.

He is throwing the wrong people under the bus, he should be throwing Bush under the bus and going after the 72 percent of people who would agree with that move.

Monkei on July 11, 2008 at 8:12 AM

McCain throwing Gramm under the bus…

Man, I hate election years. No good choices.

Hendo on July 11, 2008 at 8:57 AM

Volmagic:

I mean, all it would take would be a couple links to reputable sources. Not exactly back-breaking work.
I’m especially intrigued by how the govt. is cooking to inflation rate and unemployment figures. Just one or two links explaining that would be wonderful.

If voiceofreason has exited the thread, I can give you a link. Here is a chart of reported vs real unemployment (1), with a brief description of issues involved (2). Also, here is a chart of reported vs real CPI (3). The way inflation is calculated was changed in the early 1980′s. Using the earlier, more accurate, method, the CPI is now over 10%, which matches the reality that most people see with their own eyes. Here is a brief explanation. (4) More detailed info is by subscription only

1) shadowstats.com/imgs/sgs-emp.gif
2) shadowstats.com/article/54
3) shadowstats.com/imgs/sgs-cpi.gif
4) shadowstats.com/article/56

dave742 on July 11, 2008 at 8:57 AM

McCain needs to refine what he is rejecting.

Eject the PC!

Emphasize Gramm’s Economic Plan!

A great symphonic conductor is known to jealously guard his maestro image. McCain’s POTUS image, admitted or not by himself, is “compassionate conservative” and he may as well wear his badge of honor with integrity. Great conductors not only have an egotistical reputation, but an absolute appreciation for great talent. They also get over spiffs with a blink of the eye in favor for the magnificent performance. Give McCain and Gramm some elbow room and quit prodding for PC kneejerks. Enough. Let this spiff flow naturally under the bridge, and quit promoting either of the personalities be thrown under a bus providing fodder for Obamarx.

Read the entire transcript and focus on Gramm’s program. Nowhere in Gramm’s program will you find disregard for the unfortunate in our country or our world. Now cipher the interview from the biased reporter’s objective. Jab anyone enough times and expect a blow in return–that’s fair play. PC rules dictate Marxism by pussifying your brain and mushing your guts from consuming smooth talk boob tube acceptability requirements. Tunnel vision is deadly today.

maverick muse on July 11, 2008 at 9:16 AM

It strikes me as odd that McCain says his top economic adviser doesn’t speak for him on matters of economics.

Troika37 on July 11, 2008 at 9:16 AM

Volmagic:
BTW, a recession is defines as two consecutive quarters of negative growth. We’ve been in a recession for nearly all of the past 8 years.

dave742 on July 11, 2008 at 9:19 AM

Sam Stein @ HuffPo:

But in an initial statement published by Politico and then, seemingly, removed from its site, a McCain campaign aide actually stood by Gramm’s remarks, saying the interview as a whole was merely meant as a preview of the Senator’s economic agenda.

Thanks above link, Ed’s update.

1. Gramm outlined a great economic agenda.
2. The reporter @ interview, Patrice, made a soundbite occur, assuring her promotion @ Washington Times and nationally as a verbal PC ripper–she slashed the agenda for a soundbite to abort it.
3. This will be McCain’s economic agenda if McCain has the guts to be President and stand by good policy vs. PC insanity.

McCain was noted by the Jerusalem Post for his quiet reserve that maintains absolute vigilance for his family’s secure privacy. That same sense of honor will work out this tiff that the press created to burn his agenda. Quit feeding the flames if you like the outline Gramm provided. Gramm has taken his public beating, so quit pouring salt in wounds he didn’t deserve getting had the fight been fair instead of on the MSM field of dishonor.

Don’t kill the messenger who brings news of hope because he’s struck and strikes back. Who the hell is Patrice–put the screws on HER!

maverick muse on July 11, 2008 at 9:35 AM

Thebogolddog:

US exports are at record highs due to the week dollar and in fact, it’s one of the few bright spots right now. The balance is right around the average for the last 2 years

The trade imbalance is dismal, and it cannot be fixed. The amount of imports measured as a percentage of GDP actually exceeds our total manufacturing output by 5% of the GDP. That’s unbelievable. Even if we exported every single item made in the US, we would still have a trade deficit.

dave742 on July 11, 2008 at 9:46 AM

My fear is government will intervene bailing out bad banking and personal decisions with the money from those of us living within our means. I and many people I know have more personal assets than ever but I also know younger people mortgaged to the point of bankruptcy. Its’ not my problem and I should not have to pay for their living ab ove their means niether should I have to pay for the housing speculators buying more and higher priced houses that got caught when the prices started down.
Auto companies will offer products consumers will buy or the market will correct them. The 5 year no interest loans were not a good deal for them either. Luring people to over extent themselves now at the expense of future sales is not a good business model.
Much of the current unrest lies with the prices of energy and this can be laid almost entirely at the feet of the Democrat party and their environmental terrorist bosses.

Ethanol driving up food prices, refusal to increase domestic petroleum production increasing gas, heating fuel, and petro chemical products almost exclusively Democrat caused problems going back to Bill Clinton vetoing drilling in ANWR and perpetuated through the years following by a Democrat refusal to allow any increased domestic production.

If we drill here, drill now we keep more money at home increase jobs and revenue, lower the price of fuel and decrease our trade deficit thus putting value back into the dollar. It can be done but it takes one political party getting out of the way.

dhunter on July 10, 2008 at 10:35 PM

.
dhunter, good post. My only quibble is that we likely will not lower the price of fuel, as domestic production costs more than foreign (though reduced crude transport offsets most of this), but at least our trade deficit will be decreased.

Think_b4_speaking on July 11, 2008 at 10:26 AM

How about we start exporting oil & gas. Oh yeah, we can’t because we do not have enough to spare. How would our economy look if the US had been leading the way on oil & gas production. We have enough natural resources to not only satisfy our energy needs, but also become a leader on oil & gasoline exports. Drill + refine + sell = $.

chief on July 11, 2008 at 10:34 AM

Well, I guess there’s a credit crunch at the moment. Funny thing is, I’ve heard my banker and other bankers/financial analysts say, “This is a great time to get a loan.”

Of course, they’re talking about a very restricted class: people with a stable source of income and a good credit rating who bought a house some years ago at a sensible price, and who now have a reasonable amount of equity in it. Lord knows there’s only a few of us like that.

I regularly wander through the local Wal-Mart (yes, I shop at the Evil Empire; it gives me more money to spend on imported beer) and the local warehouse-type grocery store (where poor people like me shop) and look at the amount of discretionary spending that’s going on. Makes it hard to tell there’s a recession.

glendower on July 11, 2008 at 10:48 AM

Speaking of the trade deficit

phronesis on July 11, 2008 at 11:10 AM

According to the NBC Nightly News, there’s a problem with McCain’s repudiation of Gramm’s remarks:

“The trouble for McCain, he has relied on and praised his long-time friend’s expertise.”

How in the world was Obama able to make a clean break with all of those troublesome long-time friends he relied on and praised?

glendower on July 11, 2008 at 11:16 AM

cs89 on July 10, 2008 at 11:21 PM

Yep, your correct, mistyped while trying to multitask…

And Baca, thanks for the link… 1,380,082 active duty military in 2007… still leaves about 35 million unaccounted for adults.

US Prison population looks like 2.2 million in 2007….

So now we’re only missing about 33 million…. still well over 10% of the entire US population seems to be missing.

Romeo13 on July 11, 2008 at 12:12 PM

The idea that I would not look at your evidence is insulting, and somthing I would expect from Not2bright….

Romeo13 on July 10, 2008 at 10:56 PM

Look, I already educated you on what these stats mean. Different stat tables use different data bases to establish trends.
With your scenario, all of the data is out of date, since the only true census is taken every 10 years.
The rest are projections.
So they established, like I had pointed out to you, a group of stats that they compile to establish trends. These are used to compare from quarter to quarter (in some cases) and year to year in others.
That is like saying (and I repeat again) that the Dow Jones is not accurate because it doesn’t have all of the stocks represented.
They are TRENDS, because the mechanics of accurate statistical reporting of each individual class would be to difficult, and because they have developed statistical models that accurately project the information needed. It is the consistency of the model that is important.
You can pick them apart…but the dummies on Wall Street, and the dummies who run fortune 500 companies, and the dummies who make investment decisions for international companies, use these facts and figures…next time we will send them to you, so you can correct them.
Do you actually think that they use purposely distorted figures to invest in?
Here have at it.
and more

And finally this where I would start if I were you.
The abstracts will explain what I just through explaining.
Your welcome…

right2bright on July 11, 2008 at 12:38 PM

Regarding China -
Don’t put too much faith in the ‘sanctioned’ message put out by the Chinese. Besides like any other country, those numbers can not be maintained for long.

I know and speak fluent Mandarine, and I have access to internal regions of China (local newspaper versions).

Needless to say, it is better to pray (or whatever means) that they can maintain the current (stable) structure.

Sir Napsalot on July 11, 2008 at 12:39 PM

dave742 on July 11, 2008 at 8:57 AM

Thanks for the links. I’ll ponder and return…

VolMagic on July 11, 2008 at 1:01 PM

right2bright on July 11, 2008 at 12:38 PM

sorry, but any statistical study that is off by 10% on a the very base number of that study?? HUH?

Its like the silly studys about how many sexual partners men and women have had, their very results show that the methodology is invalid, because they are impossible.

Or the Global Warming hype based on false numbers (poorly placed ground stations that are then renormed to take out errors, but they use other poorly placed stations to do the renorming on the heat island affect).

On your Dow Jones analogy… the Dow Jones covers all stocks on the Dow Jones average… not all stocks, just as the S&P500 covers all stocks on the S&P list… they do not portray themselves as covering all stocks.

This “study” however does portray itself as the National Unemployment average figure.

And just like the inflation figures, I believe they are inherently flawed and under reporting what is actualy going on.

Romeo13 on July 11, 2008 at 1:04 PM

Phil made a really stooooopid statement and he knows it! This should not be the message of a conservative to the American people. EVER! A real conservative should be challenging government to get out of the way and quit wreaking havoc on the economy which is what is currently going on! Blaming the American people is always a bad idea and McAmnesty is going to get his ass kicked because that is what he’s about…except that is what Obama is also about…so this should be a really depressing election with nobody there to really represent us rubes out here in America!

sabbott on July 11, 2008 at 7:42 AM

what he said

james23 on July 11, 2008 at 1:22 PM

Would you trust this man to be your president?

Kini on July 11, 2008 at 4:16 PM

Kini on July 11, 2008 at 4:16 PM

Is it saints’ preserve us or… Lord almighty, preserve us from the Saint!

J_Gocht on July 11, 2008 at 5:14 PM

Phil Graham Is Right

DannoJyd on July 12, 2008 at 12:04 PM

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