Three months ago I was pretty confident that America’s economic recovery would take hold by November and allow Obama to defeat Romney. In an ironic twist the conservative “starve the beast” attitude towards government in Europe, and trumpeted by Romney, is threatening to undo the hard work that has been done to get us out of a very deep recession. The Economist’s warning is not subtle.
The European Union, the world’s biggest economic area, could plunge into a spiral of bank busts, defaults and depression—a financial calamity to dwarf the mayhem unleashed by the bankruptcy of Lehman Brothers in 2008.
If you think such a disaster would not send the entire world into a tailspin then I suggest you bone up on some history. Perhaps America’s Housing Collapse circa 2008? The Economist doesn’t shy away from placing blame either.
Throughout this crisis, [Germany's Prime Minister Angela] Merkel has refused to come up with a plan bold enough to stun the markets into submission, in the same way that America’s TARP programme did.
That’s right, the
socialist rag rationally conservative magazine The Economist is calling TARP bold while criticizing Merkel’s government austerity. Lets put up a score board shall we?
|Conservative Policies||vs.||Liberal Policies|
|Lehman Brothers &
Worldwide Economic Collapse
|Goldman Sachs Pays $550 Million1|
|Euro Crisis||America’s recovery2|
By my, admittedly biased, count that makes 0 for 2 for the economic school of thought that Romney hails from. Yet despite that Obama is getting blamed for not getting us out of an economic disaster fast enough. What a bastard.
- Chump change to be sure but it was a record setting fine. It’s also very hard to prove that Regulation is working since when it works, things go smoothly. [↩]
- Yes it’s slow but takes time to crawl out of something so deep [↩]
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