“Barack Obama calls it spreading the wealth, Joe Biden calls higher taxes patriotic, but Joe the plumber and Ed the Dairy Man, I believe that they think that it sounds more like socialism,” Palin said. “Friends, now is no time to experiment with socialism.”
Bernanke said Monday that economic recovery would depend greatly “on the pace at which financial and credit markets return to more normal functioning” and said Congress should consider ways to encourage lending in any package.
“If Congress proceeds with a fiscal package it should consider including measures to help improve access to credit by consumers, homebuyers, businesses and other borrowers,” he said in his prepared remarks.
The central bank chief said in the slowing US economy consumption was falling, confidence was low and the housing market still depressed.
“The slowing in spending and activity spans most major sectors,” he said.
Clearly the McCain-Palin campaign’s sole purpose at this point is to heighten the stupidity of what Atrios always refers to as “our stupid discourse.” Because nobody who has the slightest idea what is going on in the real world can take seriously Republican claims about “socialism” when a former head of Goldman Sachs is advocating for massive demand-side spending. The traditional media would be doing its job to point out the absurd nature of the McCain-Palin attacks.
At some point a half-truth or quarter-truth or one-eight truth starts to become a bald-faced lie, at least in the reality based community. Without some sort of effort to shore up the consumer economy, a recession will likely be very painful, to put it mildly.
As always with the current incarnation of the Republican Party, hating the dirty hippies is far more important than any actual policy prescriptions. If they can’t keep “spreading the wealth” to fund vinotherapy for corporate executives, they’ll throw a series of massive temper tantrums.
While the initial (and horribly flawed)
$750 $850 billion bailout was “government by Dow,” McCain-Palin represents the possibility of government by pique. It’s a pathetic and troubling spectacle to see the McCain-Palin campaign thrashing about hoping for a “game changer” when their only hope was to level with the American people.
John McCain is not a stupid man. He must know that something has to be done about the larger economy, so for him to countenance these ridiculous statements by his running mate puts him at risk of losing whatever shred of credibility he still possesses.
I wanted to give McCain a break a while back when he appeared to be signaling to his supporters that they should stop acting like a bunch of middle school students (apologies to middle school students everywhere,) but it appears that was a temporary blip or something. It looks like McCain wants to go down dirty. So be it. The historians can sort it out, if they wind up caring who McCain was.
The election is happening now in Washington state, so as always urge all your progressive friends and neighbors to get those ballots mailed back (except, of course, where you still have those old-fashioned voting thingies, I think they are known as “polling places.”)