Talking Down The Economy
Bradley Schiller calls shenanigans on the Obama Administration’s efforts to compare the current economic downturn to the Great Depression. And he brings in the factoids to back up his argument.
I have written this before, but it bears repeating: In December, 2000, George W. Bush accurately warned that the country was entering a recession. He was right, but he got attacked because he wasn’t Mr. Happy and Optimistic in his rhetoric. In the aftermath of 9/11, the former President told us that we would come through despite the calamity that had been inflicted on the country and urged us to continue our normal commercial activities by way of trying to maintain economic activity and prevent the country from falling into a deeper recession. For this, he was attacked for being excessively Mr. Happy and Optimistic. And no one batted an eyelash.
Now, Barack Obama is comparing our current recession to the Great Depression and completely getting away with it. There has been hardly any media pushback concerning his blatant misreading of history.
Think that effective and workable policies will emanate from this misreading of history?
Yeah, me neither.