Holo Lukaloa
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7/10/2008 12:11:37 PM
McCain's top economic advisor says we're in a mental recession and calls US "a nation of whiners"
GRAMM'S QUOTES FROM THE WASHINGTON TIMES: " 'You've heard of mental depression; this is a mental recession,' [Gramm] said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. 'We may have a recession; we haven't had one yet.'
" 'We have sort of become a nation of whiners,' he said. 'You just hear this constant whining, complaining about a loss of competitiveness, America in decline' despite a major export boom that is the primary reason that growth continues in the economy, he said.
" 'We've never been more dominant; we've never had more natural advantages than we have today,' he said. 'We have benefited greatly' from the globalization of the economy in the last 30 years.
"Mr. Gramm said the constant drubbing of the media on the economy's problems is one reason people have lost confidence. Various surveys show that consumer confidence has fallen precipitously this year to the lowest levels in two to three decades, with most analysts attributing that to record high gasoline prices over $4 a gallon and big drops in the value of homes, which are consumers' biggest assets.
" 'Misery sells newspapers,' Mr. Gramm said. 'Thank God the economy is not as bad as you read in the newspaper every day.'"
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Bob Elliott
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7/11/2008 8:35:17 AM
It's not like he doesn't have any point.
The way people gripe about gas cost is a good example. Silly stuff.
We're in a downturn, but we've had way worse ones. It's just been awhile, and people aren't used to it. Things have been in many ways as soft as humanity ever had it, and when it doesn't keep getting softer, you hear a lot of grumble.
But I'm voting Obama.
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Bob Elliott
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7/11/2008 8:47:18 AM
Meanwhile, as gas goes up, people finally start switching to higher milage cars, they drive less. This is bad?
Even the housing prices going low, is that really all bad? First off, they shot up pretty ridiculously prior to the fall. In California they about doubled over two years, and that's stupid.
Meanwhile everyone I know who rented al of a sudden had some massive bills just for simple rentals. That wasn't so great, and how the hell will our kids ever get into a house of their own if the prices didn't drop at all?
Out in Cal, at least, housing prices were up too high. Let 'em fall. My renting friends will get better rents. The young couples may be able to buy.
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