GOP Spews Economic Fiction Again

wall streetIt seems the only thing most Republicans know about economics is the price of propaganda to get job killing corporate and special agendas through Congress. This time is a winner, winner, chicken dinner. For a $2 buck derivatives bet you can blame the poor and middle class.

Ya know the housing bubble, all of those derivatives, the sub-prime disaster, credit default swaps that caused financial Armageddon? Oops, not so, say four Republicans on the Financial Crisis Inquiry Panel. They hate truth so much, they are going to write their own report, a tale of spin built upon the weave of woe. Call it Goldisachs in Kansas, or My Pet Scapegoat, but do not call it anything founded in economic theory and financial statistical reality.

The four Republicans appointed to the commission investigating the root causes of the financial crisis plan to bypass the bipartisan panel and release their own report Wednesday, according to people familiar with the commission's work.

The Republicans, led by the commission's vice chairman, former congressman and chair of the House Ways and Means Committee Bill Thomas, will likely focus their report on the explosive growth of subprime mortgages and the heavy role played by the federal government in pushing mortgage giants Fannie Mae and Freddie Mac to purchase and insure them. They'll also likely focus on the Community Reinvestment Act, a 1977 law that encourages banks to lend to underserved communities, these people said.

A "Decisive Defeat" But Is Anyone Winning?

On the eve of Election 2010, most pollsters and pundits are predicting a decisive defeat for Democrats with most claiming this is a referendum of the Obama administration. But, what, exactly does this vote mean for the economy and U.S. middle class?

Reading the tea leaves, pun intended, one must wonder how the media can be so disconnected with what is really going on in America.

What are people so pissed about? Is it bi-partisanship, Obamacare, the Stimulus, taxes? Is it elected officials are not liberal, moderate, conservative, work across the aisle enough?

All of that is wrong.

As a site which has daily written about the United States economy, I can definitely say it's about jobs.

Wall Street got a bail out and bonuses, Americans got laid off and made poor. Special interests and even China got Stimulus, Americans got more jobs offshore outsourced and foreclosed upon. High frequency traders made billions, regular Americans lost their meager retirement.

Now there is pressure for Obama to shed himself of his advisers.

Among the complaints: Mr. Obama conveyed an incoherent message that didn't express what Democrats would do over the next two years if they retain power; he focused more on his own image than helping Democratic candidates; and the White House picked the wrong battle when it attacked Republicans for using "outside" money to pay for campaigns, an issue disconnected from voters' real-world anxieties.

RNC - Trade Through the Spin Cycle

con artistOne of the Republican leadership's best tricks is to claim a bad policy is somehow good.    They say a lie with a complete straight face.    Not a blink, not even a nervous tick.    Nope.    No acknowledgment on how the United States is plain losing on bad trade deals.

Make no mistake, Republicans want more corporate written, NAFTA based, glorified outsourcing agreements.   Nary a statistic will be mentioned.  One is presented with the lie.  Bad is now good and upside down is right side up.


From the GOP platform:

Bubbles, Tiny Bubbles - Bush's Real Economic Performance

The House of Representatives Democratic Caucus released the below summary table to the press. This economic summary on the major economic indicators of the last 7 years deserves reposting. That said, the title should read Corporate lobbyists policy and legislation, the real Economic performance. One must note that Democratic leadership is pushing for more bad trade deals, more guest worker Visas and enabling more offshore outsourcing as well. If you notice in the Presidential campaigns, a dramatic and much needed strategic change in trade, fiscal and labor policy is not discussed. One might get the token "labor and environmental standards" sound bytes without nary a question on the reality those cannot be enforced in other nations. Both administrations in the last 15 years had bubble economies, the dot con and now the housing bubble.