Obama the fiscal conservative

wkmac

Well-Known Member
And speaking of the "absense of any cohesive principle"

May 11, 2009

Rush Limbaugh's Wrong About the Economy

Posted by Anthony Gregory at May 11, 2009 03:54 PM
It goes without saying that the Obama-Geithner-Bernanke-Reid-Pelosi cabal is doing the precise opposite of the right thing regarding the economy. But what has disturbed me about the most prominent member of the Republican opposition, Rush Limbaugh, is his own very distorted understanding of the financial crisis.
First off, these Republicans tend to understate how bad the crisis was that Obama inherited and is making worse. But more fundamentally, they tend, with some notable exceptions, to ignore the real problem: easy money and credit. Why? Because they tend to support the same nonsense, and their team was responsible for creating this, the largest bubble ever.
This is where the biggest distortion is. They refuse to admit how big of a bubble it was. They don't realize the recession is a necessary correction to Bush-era inflation that must be confronted.
So when Giethner recently said the administration wants to stop booms from happening again, Limbaugh went off today about how booms are the same as economic growth. He still sees nothing wrong with Bush's economic central planning, apparently. I also heard him condemn those who called all the mortgage bubble wealth "artificial" or "illusory." He insists all this credit leveraged upon credit is real wealth.
Thus is Rush like the man who would attack FDR's economic policy while whitewashing Hoover's. The problem is, if we don't honestly face what the problem is, it cannot be addressed. Limbaugh, unfortunately, refuses to concede what the cause of the crisis is, since most of the blame for it lies with his team.

source

You can also find Anthony at the Independent Institute where he works as an research analyst. What's so ironic about Rush and his economics is that he's known to quote Dr. Robert Higgs on his show for the purpose of berating the democrats and yet proves once again he's either to stupid to understand where Dr. Higgs comes from with economics or as this post started out with.......My money is on the latter even though the stupidity does have it's appeal!

:wink2:
 
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