Monday, September 15, 2008

Bush-McCain Economic Philosophy Needs More than "Adjustments" by Robert S. McElvaine

This morning George W. Bush used the carefully chosen word, adjustments, to describe the accelerating financial collapse.

"In the long run I am confident that our capital markets are flexible and resilient and can deal with these adjustments," the president said.

John McCain fully agrees with this Hooveresque assessment that the economy is "fundamentally sound."

That is a fundamentally flawed argument.

We don't need an "adjustment." We don't need tinkering with the let-go-of-the-reins-and-hope-that-greed-works philosophy that has been in the driver's seat without holding on to the steering wheel for the past eight years.

The Republican economic philosophy has brought us to a point very similar to where the nation's economy was in 1929: little regulation, income concentrated among the hyper-rich, weak unions. It was a prescription for disaster under Coolidge and Hoover, and it remains a prescription for disaster under Bush.


A euphemism often employed for a massive stock market fall is "correction."

Now, though, we desperately need a real correction: a correction of the foolish policies of deregulation, tax cuts for the rich, golden parachutes for failed greedy CEOs and trickle-down economics that got us into this mess.

Anyone who votes for John McCain on November 4th should make no mistake about what she or he is voting for:

Dr. McCain's economic prescription is to increase the dosage of Dr. Bush's bad medicine that has brought the patient to death's door.

Are people going to vote for personality and more of the same or for their own personal interests and genuine change from the disastrous policies brought to us by the current personality in the White House?

[For more on McCain's economic policies, see Memeorandum.]

[Robert S. McElvaine is professor of history at Millsaps College and the author of Down and Out in the Great Depression, the 25th anniversary edition of which was published earlier this year and The Great Depression: America, 1929-1941, the 25th anniversary edition of which will be published early next year by Three Rivers/Random House. His latest book is Grand Theft Jesus: The Hijacking of Religion in America (Crown, 2008)]

Tags: ,

| +Save/Share | |

Links to this post:

Create a Link




FEATURED QUOTE

"It is the logic of our times
No subject for immortal verse
That we who lived by honest dreams
Defend the bad against the worse."


-- Cecil Day-Lewis from Where Are The War Poets?


ABOUT US

  • What is the Blue Voice?
  • Bruce Miller
  • Fdtate
  • Marcia Ellen (on hiatus)
  • Marigolds2
  • Neil
  • Tankwoman
  • Wonky Muse

  • RECENT POSTS

  • Let Bill Moyers Question Palin by Robert S. McElva...
  • Pakistan War?
  • Bolivia and other points south of the border
  • Big Brother, Big Sister: it ain't good either way
  • The American press is broken, seriously broken
  • Scaring the bejeebers out of us
  • 9/11 at Sampson State Park
  • Republicans and the End Times
  • South American solidarity with Bolivia
  • Oh, yeah, did you know the US is trying to start a...

  • ARCHIVES




    RECENT COMMENTS

    [Tip: Point cursor to any comment to see title of post being discussed.]
    SEARCH THIS SITE
    Google
    www TBV

    BLUE'S NEWS





    ACT BLUE











    BLUE LINKS

    Environmental Links
    Gay/Lesbian Links
    News & Media Links
    Organization Links
    Political Links
    Religious Links
    Watchdog Links

    BLUE ROLL


    MISCELLANEOUS

    Atom/XML Feed
    Blogarama - Blog Directory
    Blogwise - blog directory

    Blogstreet
    Haloscan


    Blogger

    hits since 06-13-2005

    site design: wonky muse
    image: fpsoftlab.com