Spinning the Economy
Think you're worried about the economy? Phillip Swagel is a wreck.
The assistant Treasury secretary for economic policy, Swagel came out for his monthly economic briefing yesterday, 90 minutes after the Labor Department reported that the country had shed jobs in June for the sixth straight month.
Does this mean the economy is worse than the Bush administration expected?
"We shouldn't, in a sense, be surprised when the data are, are, soft," Swagel managed to say.
Does the economy need another stimulus package?
"I-it seems, you know, it seems like that's, that's enough, uh, enough."
What might trigger another round of economic stimulus?
"I don't, I guess I don't have an answer, I mean, you know, beyond saying we look at all the data and, um -- so, my usual line."
Okay, so it wasn't a strong performance. But let's cut Swagel some slack. He's a sharp economist (his PhD is from Harvard) and, in ordinary conversation, he suffers none of the speech difficulties that plagued him on the stage yesterday. His various roles in government, at the Council of Economic Advisers, the Federal Reserve and the International Monetary Fund, were too junior for him to deserve any blame for the current economic troubles.
But Treasury Secretary Hank Paulson, who was in London yesterday, and Swagel's other superiors in the Bush administration left him with an impossible task: appearing on camera to put a favorable and reassuring gloss on an economy that has gone to the dogs.
-- Dana Milbank
By Dana Milbank |
July 4, 2008; 12:00 AM ET
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Posted by: Robert James | July 8, 2008 12:50 AM
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I suspect that Bush has no strategies in place to manage the current economic morass. He denies the existence of the seriousness of the current situation while the economy and the welfare of millions of Americans gets ever closer to the cliff face. Once they go over the edge they will not get back on their feet.
At present, Bush is fixated on bombing Iran. If this happens then Iran can be expected to retaliate. Afterall, America retaliates if some one or another nation crosses its borders.
If Iran is bombed then expect that it will turn off its oil taps. If this happens oil will go through the roof and the American and Western economies will be severely disrupted.
If Iran is not bombed and if the US has direct talks with Iran instead of demonising it then their is some prospect of those issues that give rise to conflict being resolved. If the oil keeps running then its price might even fall slightly. This will not prevent a Recession takeing grip of the US and the West and much of the rest of the world but it will allow structural adjustments to the economy to take place in a regulated and managed manner. Disruption will occur but it will be less severee than a Bush induced Depression.
I am aware that there are many Americans believe that Iran should be bombed. However, they had better think further than their little minds presently permit. I want to know if they are ready for a Depression and how many people the USA or ISrael should kill.
If these people have a strong case in favour of bombing then let them state it. So far, I have only heard them state what they want. It is little more than part of a Wish List for Psychotics.
If America bombs Iran I am just wondering which nations it will bomb next. Will the PSychotics let us know what is on their Wish List. If they have principles that support their decisions I just hope that they share them with the rest of the world.
If Iran was to take the kind of action contemplated by Israel and the US it would be described by Washington as a Terrorist State.
America strikes me as a dangerous nation. Lord Acton said: Absolute Power Corrupts Absolutely. America is a moralising hypocrit when it invades, destroys and kills outside its borders. Its arguments are unconvincing. It is time that America looked inwardly and asked why it is such a violent nation.
It made a mess of Vietnam. It has covertly interfered in South America and now the Middle East is in the sights of the Yankees.
Arguably, America is a dangerous terrorist state.