Sunday, July 10, 2011


Crystal. Mark Sumner
There is no fiscal crisis. Everyone should be clear on that.

The United States is not bankrupt. Social Security is not about to founder. Wall Street is not on a precipice, the IMF is not standing by demanding massive shifts in our government, and U.S. bonds are not trading 1:1 with Charmin. There is nothing wrong.

Nothing except that the Republican Party is prepared to slice the nation's throat to get its way.
Nothing to add, except that...

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Anonymous Terry Parkhurst said...

Actually, most of that - sans a crisis with Social Security - happened during the last full year of President G.W. Bush's administration. A compelling account of what it was like to be at the epicenter of the action to save, not just America's, but the world's economy, can be found in Henry Paulson's book, On The Brink (now available at most libraries).

Anyone who reads that book can get a sense that, anyone who thinks the solution is just to let "the market do what it does," is either mislead, or fooling themselves, because they like to live in a world of fairy tales.

The crux of the problem is the United States shifted, starting with the Clinton administration, from a country which prided itself on making things, to basing its economy on financial institutions that liked to play games with bundled derivatives and other such "economic tools."

What's going on in the other Washington, this week, will determine far more than who wins the presidential election, next year. It will determine what sort of country America is going to be.

11:44 PM  

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