National Bankruptcy

“Much weirdness to come.”

Gerard, unfortunately I think that is an accurate prediction. We are in for very turbulent times.

It bears repeating that, because one can’t argue the counterfactual, Obama is most likely going to emerge from this recession smelling like a rose. If the stimulus works (doubtful), he takes credit. If it doesn’t, then we simply have a longer and deeper recession, and he takes credit for it “not being as bad as it could’ve been.” Business cycle downturns have a way of correcting themselves even when governments bungle policy badly, and output is likely to trend upward on his watch in any event. I don’t have the link, but Megan McArdle has argued this point before (contrasting the Argentine and Japanese experiences).

If the issue here is that the nation will be insolvent because of the unsustainability of entitlement spending, then that’s another matter that’s been on the table for some time — wholly apart from the stimulus package. Everyone sees that train wreck coming, but it’s hard to pin that on any political party because neither one wants to be the one to incur the wrath of AARP.

Now, now, Mark. It’s true that many of Obama’s high profile appointments have turned out to be tax cheats or to have had shady backgrounds, but we can’t judge everyone Obama appoints that way. Sen. Gregg may be a perfectly honest fellow even though he did have the misfortune to be nominated by Obama.

I think this is what Mr. DeFrancisis is referring to:http://www.swamppolitics.com/news/politics/blog/2009/02/judd_greggs_dealings_not_why_h.html

Politicians fattening their private wealth this way is appalling. Imagine how many will have immense opportunities to do just this through the Bankrupt the Nation Act of 2009 and all the other debt bombs that Congress will pass this year. It also says nothing good about Obama’s staff work that this factoid, presumably, was not known to them. Interesting that the AP unleashed this story after Gregg dropped out of consideration for Commere Secretary and began to attack Obama’s economic policies. Of course none of this detracts from Gregg’s correct observation that the nation is headed toward bankruptcy.

And with Katrina Jindal and Mr. Steele heading up the GOP, how long can Obama hope to remain president?

If the operative word is “hope” I would assume the answer is “eight years”.

I’d agree with Donald that Sen. Gregg’s dealings here are greedy and unethical — though he’d hardly have stood out from Obama’s other nominations in that regard.

How exactly you consider Gov. Jindal to have been responsible for the Katrina debacle, however, escapes me. It was disgust with how the Democratic governor handled Katrina that brought Jindal into office.

Calling the story “fabricated” is a major stretch:

http://www.politico.com/blogs/bensmith/0209/Jindal_aide_Story_was_set_after_Katrina.html?showall

Paul.

Pot. Kettle. Black

Mark:

I know you are but what am I is just about the level of comment I have come to expect from you. It really is pointless in engaging in debate with someone who can’t rise above the level of soundbite.

QED.

The stimulus needed: In his Ash Wednesday homily, Pope Benedict concluded his homily by asking that Lent, “marked by more frequent contact with the Word of God, by more intense prayer, and by a severe and penitential lifestyle, be a stimulus to convert and to love our brothers and sisters, especially the poor and needy.”