Sadly, Gramm made the statement almost on the same day when the Senator bluntly stated to Pittsburg Tribune that there was really a recession in America.

Gramm’s statement therefore runs counter to that of the Senator’s. Again, may I repeat that the winner of this election shall be the candidate with least mistakes and inconsistencies.

McCain’s mistake was rejecting ordinary supporters like Pastor Hagee earlier in the primaries.

Pastor Wright’s case is totally different from that of Pastor Hagee’s. The Senator is an Episcopalian and has never attended Hagee’s church (i.e., not regular member). There is no reason to believe that any of Hagee’s viewpoints would somehow affect McCain’s policies. If an ordinary criminal on the street who has never personally met McCain would like to vote for him, should the Senator ask the guy not to vote for him? Such move would be very illogical, right?

Economists always disagree on economic issues. That’s why they use the terms like “theory”, “hypothesis”, and “ceteris paribus”, among others. In fact, no economicst can truly claim that his/her opinion/analysis is precisely correct. There will always be “assumptions”, “risk” and “uncertainties”.

The Senator should have taken the higher road of commenting that “Gramm is entitled to his own opinions. Let him defend his own viewpoints/statements.”

Finally,

I don’t think a lawyer like Obama (with non-Economics undergrad background) has a sufficient intellectual capacity to argue with a pure-blooded Economist like Gramm, particularly on market and economic issues.

Lesson for the Old Mac:

Imitating any foolish actions of Barry won’t do you any good.

Or you will be doomed like Mr. Gramm.

What about a nation of … forget it.

I will be banned if I write it.