WE Blog

“Home foreclosures spiked by 53 percent in June.” An out of context number. How many homes are privately owned verses the number under foreclosure? And according to the linked article that is only the number of homes that got at least one forclosure notice. Only a notice, not an actual forclosure or some kind of forced sell.

As for the bailout, perhaps if the government would let them fail companies would adopt successful practices rather than looking for Daddy Warbucks to pay for their mistakes.

And high oil prices are a an indicator of increased costs, not a ‘bad economy’.

This is just another example of ‘if it bleeds it leads’ sensationalism in reporting.

In the immortal words of the late Molly Ivins, who I aspire to be like if I grow up:
“Phil Gramm was the perfect candidate… for all those who thought Bob Dole wasn’t mean enough.”

Maybe some will write a strongly worded letter to John McCain to ask Phil Gramm to come back. Especially since Phil Gramm is right. After all, John McCain knows he needs help on Economic matters.

Reposted from this morning’s Open Thread –

#
Monkeyhawk
Posted July 11, 2008 at 8:54 am | Permalink

So we’ve all seen that John McCain’s top financial advisor, former Sen. Phil Gramm, said:

“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. …

“Misery sells newspapers,” Mr. Gramm said. “Thank God the economy is not as bad as you read in the newspaper every day.”

It was a big, slow, juicy watermelon-sized fastball, and Obama smashed it out of the park.

We don’t need another Dr. Phil! We need solutions! It’s not just a figment of your imagination. It’s not all in your head. When people are struggling to buy gas and groceries….When people are losing their homes…It’s not a figment of your imagination. And it’s not too much to ask for the government to step in and give you some relief. It’s time to have a president who doesn’t deny our problems or pretend they don’t exist. It’s time we had a president who takes responsibility.

Good one on the “Dr. Phil” line.

So the McCain camp reacted the way it always does — a bit addled and confused. First, they agreed with Gramm.

In an initial statement published by Politico and then, seemingly, removed from its site, a McCain campaign aide actually stood by Gramm’s remarks, saying the interview as a whole was merely meant as a preview of the Senator’s economic agenda.

“Mr. Gramm was simply saying that we are laying out the economic plan this week,” the piece quoted a “McCain official” as saying. “The plan is comprehensive, providing immediate near-term relief for Americans hurting today as well as longer-term solutions to get our economy back on track, secure our energy future and deliver jobs, prosperity and opportunity for the next generation. We’re laying out that plan this week with an emphasis on the critical importance of job creation, and it’s been a great success so far.”

Then they realized that, oops, this wasn’t looking so good. So then they decided to excommunicate Gramm (who will apparently be no longer be considered for Treasury). And not only did McCain attack his own top adviser for the comments, but is emailing reporters a YouTube clip of his stern response.

Poor Gramm. His good friend McCain has turned on him, and for saying the very same things that McCain himself had said!

On January 2008:

As far as putting additional money in taxpayers pocket, that’s fine, because a lot of it is psychological. Because I agree the fundamentals of our economy is still strong.”

Back in April 2008:

I’m very concerned about it, Neil. And obviously the way it’s been going up is just terrible. But I think psychologically — and a lot of our problems today, as you know, are psychological — the confidence, trust, the uncertainty about our economic future, ability to keep our own home. This might give them a little psychological boost. Let’s have some straight talk, it’s not a huge amount of money.

Or June 2008:

So I don’t see an immediate relief, but I do see that exploitation of existing reserves that may exist — and in view of many experts that do exist off our coasts — is also a way that we need to provide relief. Even though it may take some years, the fact that we are exploiting those reserves would have psychological impact that I think is beneficial.

At one of the Republican debates:

On the issues of rebates, fine, part of this is psychological. Part of the problem we have of course in any recession is psychological.

Heck, he’s said it again and again!

When you use that word this much, it’s not a gaffe.

It’s a talking point.

All Phil Gramm did wrong was follow the lead set by John Sidney McCain the Third (for Shrub’s 3rd term).

Gasoline doesn’t cost $4-a-gallon.

It’s all in your head.

Actually, foreclosures are DOWN in month to month figures.
The “spike” you speak of is June 08 compared to June 07.
Please do your homework!

You should write and tell that to John McCain Franklin. You can also tell him not to throw the Phil Gramm under the bus.

All of your who wish to defend Phil Gramm should tell this to John McCain. Why aren’t you doing so?

Doesn’t McCan support cap & trade?

VET – didn’t you get the memo? Neither Gramm nor McCain can do anything wrong!

Here’s a fun little chart with coming mortgage resets.

http://bp3.blogger.com/_pMscxxELHEg/RxzD0s_7EYI/AAAAAAAABB4/ljDSXZhMG3o/s1600-h/IMFresets.jpg

Also do a wee bit of research on the drill here drill now propaganda speel. Most of the big new finds are in deepwater. Worldwide there are only 21 deepwater drilling rigs. Petrobas Brazil has leased 75% of those rigs.

For the record, I think that stock market results and Presidential elections have very little to do with one another.
I also think that the President has very little to do with the economy.
Yes, politicians do play a role.
However, that role is always overstated and over hyped, by all sides, in every election and in nearly every economic commentary.

Now, having said that, the current stock market correction might have some political considerations involved.

The stock market is nothing more than a future prediction of corporate profits.

Corporate profits are an huge indicator of economic health.

The investing public could well be saying that George W. Bush LEAVING the White House will be bad for the economy.

The investing public could well be saying that the global warming hype is going to kill the economy.
—-
Honestly, nobody really saw the huge spike in 3rd world demand for oil.
Honestly, very few people really saw the mortgage problems comming.

Those are the major drivers in our current economic situation.

It is the Democrats in Congress that stand in the way of more oil production.

Democrats in Congress had a great deal to do with all of the political pressure, placed on lenders, to lend money to people who could not afford the mortgage loans.

The economy always goes through cycles, no matter who is in office.

Politicians can do stupid things, to screw things up.

However, there is nothing any politician, in the White House or in Congress, can do to eliminate economic cycles or business cycles.

Sol Dev
I think Budweiser Beer has Carbon Dioxide bubbles in it.
We should put a tax on beer farts!
That would be Methane AND CO2!

annie
So we can make more rigs.
If we open up the opportunities, America can meet the challenges.
You can not, on the one hand, tell us all to wait for “new technology” to get us out of these energy problems, and then, in the same breath, tell us we can’t use existing technology because it will take too long.

Nobody saw the spike in global demand for oil?

Global expansion means global increase in energy demands.

Here is a clue: Google “economies to scale” It is a very simple, Freshman level Economics principle. Then read on the Diseconomies to scale.

Anyone who took Freshman Economics could have seen it coming.

The housing market. I will give you that one.

I’m all for it Franklin,
here’s a common sense approach:

http://www.pickensplan.com/

annie – didn’t you know that Pickens is a Liberal Commie Enviro Wacko?

Yeah, well, “Electriclarry” –

If “some dude in the newspaper this last week with Wiegand who said Wichita is not affected by the current foreclosures” says it, it must be true.

Real estate people are the ultimate Tinkerbell CONservatives; their survival depends on clapping their hands and believing in fairies.

Shrubonomics is a disaster for this nation by every measure.

If memory serves. It was Pickens who tried a leverage Buyout of Phillips. It cost my dad his chemical engineer job.

OKOB. Does that sound right to you?

VET – I think you are right. He also did the run at Gulf when I was there.

My best friends lost their job. Thinking faster than I can type again.

Monkey
You are wrong.
“Drill Here, Drill NOW!” works on several levels.

Domestic oil production is a taxable enterprise. Domestic oil production will increase federal income tax revenues, state income tax revenues, federal employment tax revenues, local property tax revenues, local sales tax revenues, etc.

Domestic oil production will mean more people employed by the oil industry, which will reduce unemployment rolls and welfare rolls.

Domestic oil production will require oil field service workers, pipeline production, oil rig production and other support services.

Also, you are completely wrong, as far as the impact on domestic prices:

Every drop of oil produced, ANYWHERE in the world, helps to meet WORLD demand.

Therefore, every drop of oil produced, anywhere in the world will help to REDUCE domestic gasoline prices.

LLVET

I did not say that we should not have seen it comming.

I said that nobody DID see it comming, as far as the spike in oil prices.

As a hedge, many people put 10% or more of their money into commodities, energy production, precious metals etc.

However, I can not recall anyone, one year ago, telling everyone to get 100% out of residential real estate and to get 100% into oil stocks.

Yes, many people expected increases in energy prices, over time. Please find someone, in the mainstreem of economic thought, who predicted this, one year ago, would you please?

“And there’s only one way to achieve that: nationalizing American oil production.”

Nationalizing? Where in the history books have we seen that?

“Franklin” the classic CON –

…resorts to theory when reality interferes with his bias.

“Drill here. Buy here” only works if all that’s drilled here is sold here. If we weren’t an oil-exporting nation, and oil weren’t a commodity, there might be some real-world rationale about energy independence. As long as every drop of oil, from the Alaskan north slope to ANWR to stripper wells in the Flint Hills, ends up on the international commodities market there is nothing on a nation level that offers energy independence.

This doesn’t even address the issues of logistics. Were there enough drilling rigs to poke holes in every plot of land (including your back yard) in America to suck out oil, it’d take at least five years (more likely, ten) to see any possible impact on the international commodities market. And, given the already developed and producing oil fields in the Middle East and former Soviet Union, any new American oil production would amount to a spit in the ocean.

Now, given shale oil and the restructuring of the market so that all American-produced oil were sold and used in America, you might achieve energy independence. But that’s not the way the business works. So the only-est way to make the United States “energy independent” is to exclude the United States from the multi-national inter-dependence of the commodities market.

You can’t have it both ways.

Franklin
Posted July 11, 2008 at 12:55 pm | Permalink
Now, having said that, the current stock market correction might have some political considerations involved.

The stock market is nothing more than a future prediction of corporate profits.

Corporate profits are an huge indicator of economic health.

The investing public could well be saying that George W. Bush LEAVING the White House will be bad for the economy.
—

:lol:

I believe that the US is having some problems economically in America. Phil Gramm was either being too optimistic or he actually cannot relate to those who are struggling. I would really like to know where rich begins and poor ends. Between my husband and I, we make under $80,000 a year. He may work for “the evil oil company” but he is not a top dog so we don’t make that much. I can tell you that the price of fuel rising, is most definitely hurting us, it affects everything – food, clothes, medicine and the price of gas. Then you can bet it is going to affect other costs because anyone who owns a business is going to raise their prices on the consumer. It is not just this President that has set on their butts and not fight for the average American citizen. I remember this faintly during the 70s when we went through this. Now I know what my parents saw. I say, drill here and drill now. It would not only help with the fuel costs but it would also help with our industry and it would give create some more jobs for Americans.

About the foreclosures, I know a lot of those happened because the realtors gave out loans to consumers who could not afford the houses they bought. We had some friends that did the same thing. They were not bailed out, they paid the price and are now luckily in a home they can afford. The “bail out” is not for the consumer but for the realtors. I think the realtors should pay the price for what they did. Now because of them, houses are so expensive no one can afford them.

Oops, my bad. Please substitute Lender for Realtors in my last post.

Drill here, wouldn’t make any difference, since oil is fungible, the countries producing the bulk would just slightly trim production and offset anything we pulled out of the ground.
You can’t drill your way out of this oil hole.

Moneyhawk: A poll in a Toronto newspaper recently claims 36% of Americans are dead set against NAFTA, however 45% of Canadians are. The reliance on their energy (hydro, natural gas and oi) is no longer a given because rumours of an election this fall, which if the Liberals win, NAFTA could be re-opend and the matter of energy exports will be the first thing revised if not drastically reduced. It might happen because they’ve seen good jobs shipped to Mexico in greater porportion than lost American jobs apparently, as US branch plants just closed up and moved south to Mexico. It was more politically astute to close a plant in Ontario than have layoffs in Ohio. Nobody important would even notice.

“You can’t drill your way out of this oil hole.”

To repeat: This makes as much sense as saying “you can’t drink your way out of thirst or eat your way out of famine.

Every barrel we get from here is one more barrel we don’t have to get from elsewhere. What does it hurt to drill for our own oil?

obviously fleetie you have too much money and time on your hands

Monkey, you are, simply WRONG!

If we sold one barrel to Japan, and bought one barrel from Mexico, that would net out to ZERO on our balance of trade.
In other words, every DROP we produce will either be used, domestically, or exported.
There is nothing wrong with exporting oil from Alaska, as that oil will STILL reduce world prices.
That oil will ALSO provide jobs and tax revenue.

Every DROP of oil produced, anywhere in the United States, HELPS the United States, no matter where that oil ends up.

Oil that Japan gets from Alaska is oil that Japan does not have to buy from Mexico or Canada.

EVERY drop of oil that we produce HELPS the United States.

“There is nothing wrong with exporting oil from Alaska, as that oil will STILL reduce world prices.”

The trouble with Republicans like Franklin is that they live in some dream world.

There is no shortage of oil driving the higher cost.

There IS an abundance of GREED driving the increases.

“There IS an abundance of GREED driving the increases.”

Pleased to be wondering your definition of GREED?

“CONSERVATION, folks: it really works.”

Sure it does, but you people seem to think we can’t drill and conserve.

KansasNative

Bull buddy, You have no clue what you are talking about.
There is no way any company can “corner the market” on oil.
Therefore, there is no way that “greed” can be blamed for current prices.
Liberals tend to hate Exxon. But Exxon is not even in the top 10, world wide, in total oil production.
Try to understand basic economics.
There is “no shortage of oil” because the MARKET dictates that gasoline is worth $4.00 a gallon.

If the government demanded that gasoline had to be priced at $3.00? We would have MASSIVE shortages.

Supply has met demand, only because demand was REDUCED by price!

Production WILL bring down prices.

Everyone with any brains knows this.

Why else would the Democrats want to take OPEC to court, to force higher production?

Why else would some Democrats be talking about taking oil out of our Strategic Petroleum Reserve?

Gold is expensive because it is rare. If we found a way to turn lead into gold, the price of gold would crash.

These days? The looney left tells us to wait on “new technology” that can turn some unknown thing into “black gold” or OIL!

We can’t wait.

Drill here, drill NOW!

Franklin…you’re party is losing and you just blabber out your butt.

Sucks to have a loser like McC@nt an old senile fart that lies about his service record for a cundidate.

KansasNative
I will do fine, regardless of the elections.
Must suck to depend on the government for your well being.

If demand drops more than supply, production will be cut, the price will remain the same, their will be more reserve capacity. And, you’ve gained what?

The other problem driving prices is that our balance of trade is so out of whack because we import our food, non-durable and durable goods, and energy, that the dollar is quickly becoming worthless to our suppliers, and they demand more of them.
So the speculators are trying to hedge by investing in oil.

http://www.busrep.co.za/index.php?fSectionId=565&fArticleId=4496844.

“further forex hedging” = dumping dollars for oil

Sorry.

Which furthers the supply of dollars and increases the demand for oil…which drives the price of crude up.

sorry = whining Republicans

Chrisfrommactown
Posted July 11, 2008 at 7:26 pm | Permalink
First of all, about Phil Gramm. This Country owes him a debt we can never repay. In 93 when “Hillary Care” was rolling through Congress and appeared to be heading for passage. When Bob Dole and the other linguini spined Republican leaders were ready to cut a deal and pass the thing, it was Phil Gramm who stood up and said “NO, this is socialized medicine and its wrong for America”. He led the fight that defeated Hillary Care and paved the way for the Republican takeover of Congress in 94.
Phil Gramm was right in 93 and he was right yesterday. The ailing economy is not as bad as the “elect Obama at any cost” media would have you believe. The #1 goal of the media right now is to make Mr and Mrs. America feel bad about themselves, their Country, and their future. They did the same thing in 92 when Bill Clinton ran on the “its the economy stupid” theme. They echoed Clintons claim that it was the “worst economy since the 30’s” and helped elect him that sorry election year. Only after the election did they finally admit that the recession of the early nineties had ended in the second quarter of 92 and by election day the economy was well on its way to recovery. His choice of words could have been better, but essentially he was right.
—

Yes, shame on Americans for insisting that Federal policy raise all ships, not just the yachts. Shame on Americans for having invested in the American dream, in other words.

You can blame the eee-vil MSM if you like, but you’d probably be as close, if not way closer. to the truth if you just examined today’s economy in the light of fiscal and monetary policies of 2000-2008.

:lol:

Chris…quit your whining…oops! that’s the Republican way…

Its ALL CLINTONS FAULT!!!!!!!!!!

Let me help you out Chris…McC*nt’s economic plan is:

continue 100-1000 year war in Iraq/Iran

more Americans die = more jobs

That’s “4 more years of Bush”’s plan…

Actually, drilling will make the cost of gas go down because it will cause the price speculators to deal with increased supply that trumps current usage.

#
Regular
Posted July 11, 2008 at 8:53 pm | Permalink

Actually, drilling will make the cost of gas go down because it will cause the price speculators to deal with increased supply that trumps current usage.
==============================================
Check under your pillow.

Multi-nic’d ‘Regular’ posted July 11, 2008 at 8:53 pm

“Actually, drilling will make the cost of gas go down because it will cause the price speculators to deal with increased supply that trumps current usage.”
——————–

Only if you flunked econ101, and don’t live in reality.

1) It’ll take a couple of decades for new drilling to possibly produce a meaningful amount.

2) OPEC can easily countermand any supply increases.

3) New sources will only (possibly) help offset other declining domestic sources.

4) New sources will not keep up with increased future demand, unless we become more efficient.

5) Higher efficiency can “produce” more, sooner, faster, cheaper, and cleaner. It’s also guaranteed, and doesn’t run dry.

http://www.sierraclub.org/gasprices/

http://www.sierraclub.org/energy/biggestsinglestep/
“The biggest single step the United States can take to curb global warming and save oil is to raise the fuel economy of our cars and light trucks.”

I think all the cons should drill a hole in their head.

There might be oil! You don’t know. Give it a shot.

McCain can try to crawdad outta this all he likes. Gramm is likely reflecting much the same that McCain holds true.

Remember when old John talked about those 40 dollar an hour lettuce picking jobs?

I never heard back from him on that.

The rich (well, the cons among them anyway) LIKE getting richer. The worse it is for everyone else, the better it is for them! You can bet the con rich supporters of McCain are HOPING it gets worse for everyone else but them.

“It’s the same bottom line: the only way to affect US gasoline prices, given a world crude market, is to nationalize US production.”

Should read: “It’s the same bottom line: the only way to affect US gasoline prices in the short term (ie, in the promise made by “drill now” etc) , given a world crude market, is to nationalize US production.

If you want to lower US gas prices today — or by date xyz — increasing US production of gasoline, given a world market, then you’ll have to prevent sale of that production to the world.

In other words, you’ll have to restrict sales to US wholesalers by date xyz less aggregate shipment time.

And that’s just another way of saying you’ll have to nationalize the US production of gas just before you want to lower prices to US consumers.

It’s really just that simple.

outlander
Posted July 11, 2008 at 9:38 pm | Permalink
I don’t understand those folks who are against drilling offshore and in Alaska for the stated reason that it will be 10 years plus before we see full production of the oil fields.

If that is the case, then shouldn’t we get started immediately? Barring some magic energy solution, you have to realize that the oil is going to be utilized at some point. As part of the energy gobbling world community, don’t we have a responsibility to contribute to world supplies?

Now is as good a time as any.
—

That will certainly increase world crude supply, no question. In fact, it will use our oil reserves exclusively to accomplish that goal.

This is COMPLETELY different argument than “drill here drill now” though.

Apples and oranges.

Again, affecting future US gasoline prices depends on a comprehensive, politically cohesive, long-term US energy policy.

Now is at least 8 years PAST as good a time as any.

I believe that Alaskan oil has that restriction now Pedant.

#
okobserver
Posted July 11, 2008 at 9:18 pm | Permalink

beber
Posted July 11, 2008 at 9:00 pm | Permalink
“Phil Gramm’s statement didn’t affect me nearly as much as Obama’s statement that we had better be teaching our children spanish. Makes me wonder what he has planned for the future of the greatest nation in the world.” – okob

People who are educated?
——————-
So in your world you have to speak spanish to be educated. Why not french or german or italian?
=============================================
Well, the more languages one can speak, the better educated one usually is. But take it from the republicans: English is the only language necessary for them. Hell, Rush told them so.

okobserver, just what is your problem with educated people, they intimidate you?

cosmos_originally
Posted July 11, 2008 at 9:18 pm | Permalink

Multi-nic’d ‘Regular’ posted July 11, 2008 at 8:53 pm

“Actually, drilling will make the cost of gas go down because it will cause the price speculators to deal with increased supply that trumps current usage.”
——————–

Only if you flunked econ101, and don’t live in reality.

1) It’ll take a couple of decades for new drilling to possibly produce a meaningful amount.

2) OPEC can easily countermand any supply increases.

3) New sources will only (possibly) help offset other declining domestic sources.

4) New sources will not keep up with increased future demand, unless we become more efficient.

5) Higher efficiency can “produce” more, sooner, faster, cheaper, and cleaner. It’s also guaranteed, and doesn’t run dry.

http://www.sierraclub.org/gasprices/

http://www.sierraclub.org/energy/biggestsinglestep/
“The biggest single step the United States can take to curb global warming and save oil is to raise the fuel economy of our cars and light trucks.
—————————–
You’ve never watched a crew of roughnecks on a drilling rig have you?

It doesn’t take 20 years to drill out oil, and once it is hit it doesn’t take 20 years to get it in the pipeline, nor does it take 20 years for it to be refined.

We’re talking less than a years time for a rig to be productive from field to market.

Multi-nic’d ‘Regular’ posted July 11, 2008 at 10:00 pm

“We’re talking less than a years time for a rig to be productive from field to market.”
—————-

One rig does not produce a significant amount.

I’m talking about new domestic sources, and the the only major one is the Arctic National Wildlife Refuge.

Tell us ‘Regular’, how much time it would take to (possibly) get a significant amount of oil from the Arctic Refuge. And provide links.

And tell how much Badami is producing.

BlueJay
Posted July 11, 2008 at 9:46 pm | Permalink
We have to change how we live. And that means ALL of us. Not just those who volunteer.

My son lives less than a mile from his soon to be high school. He will walk or ride his bike.

Whether he likes it or not. I have forbidden him to own a car before age 18.
**********

Sorry, Jay,

I have a son who will turn 16 in August (on Bill Clinton’s birthday in fact). I would like to talk to you in a couple of years from now.

I think I may be hearing a different song from you… But maybe, not.

Speaking of fool’s gold, read,

‘E01-04, Fool’s Gold in Alaska—annotated’

about 3 screens down from here,
http://old.rmi.org/sitepages/pid171.php#LibEnergyPol

Nope not gonna change my mind about this Steven.

I have told my son he needs to take hands on courses. He needs to do internet research. He needs to figure out how to get wheels that don’t use gasoline.

I’ve…also told him that an electric scooter on a first date is a hug on the way to the movies and on the way home!

BJ lets just hope his first date isn’t in the winter. Admirable thoughts but I will admit I was glad when my kids were old enough to drive.

My oldest daughter (you’ve met her BlueJay) will be 43 next month. When she was 16 years old she came to her Dad and I with $2,000 she had saved and asked her Dad to help her find a car.

The way he tells the story today is they would walk onto a car lot, he would ask what they had that was little and cute (her requirements) for under $2,000. He says the salesmen usually asked if he was talking women or cars.

Finally found a car through an acquaintance. She worked a deal with the teacher of the auto mechanics class for all maintenance including regular oil changes. She is pretty, was a cheer leader, etc. and still to this day a charmer and a diplomat. Owning that car taught her a lot!

Our oldest son bought a car when he was only 15 that had to be totally rebuilt. He and his Dad spent a year laying under and leaning over that car. It was a great year for both of them! By the time he had his license they had been through every nut and bolt. Even sewed new seat covers! Trust me he had many hours in that car and truly appreciated it so took care of it.

Thought through and with loving rules the buying and taking care of a car can teach many lessons.

From our history, increasing the supply to the west coast results in a glut, and it’s further to ship it across the U.S. than overseas. Interesting read.
http://seattletimes.nwsource.com/html/localnews/2002245699_export17m.html

Oh let me sum up Gramm, McCain, bush and ALL their shills here.

From “1776″ a week late but no less correct….

“Dickinson:
Oh say do you see what I see?
Congress sitting here in sweet serenity
I could cheer; the reason’s clear
For the first time in a year Adams isn’t here
And look, the sun is in the sky
A breeze is blowing by, and there’s not a single fly

I sing hosanna, hosanna
Hosanna, hosanna
And it’s cool

Come ye cool cool conservative men
The likes of which may never be seen again
We have land, cash in hand
Self-command, future planned
Fortune flies, society survives
In neatly ordered lives with well-endowered wives

We sing hosanna, hosanna
To our breeding and our banner
We are cool

Come ye cool cool considerate set
We’ll dance together to the same minuet
To the right, ever to the right
Never to the left, forever to the right
May our creed be never to exceed
Regulated speed, no matter what the need

We sing hosanna, hosanna
Enblazoned on our banner
Is keep cool

What we do we do rationally
We never ever go off half-cocked, not we
Why begin till we know that we can win
And if we cannot win why bother to begin?
Rutledge:
We say this game’s not of our choosing
Why should we risk losing?
All:
We are cool

To the right, ever to the right
Never to the left, forever to the right
We have gold, a market that will hold
Tradition that is old, a reluctance to be bold.
Dickinson:
I sing hosanna, hosanna
In a sane and lucid manner
We are cool
All:
Come ye cool cool considerate men
The likes of which may never be seen again
With our land, cash in hand
Self-command, future planned
And we’ll hold to our gold
Tradition that is old, reluctant to be bold.
We say this game’s not of our choosing
Why should we risk losing?

We cool, cool, cool
Cool, cool, cool
Cool cool men.

“Gramm is absolutely right. We sound like spoiled whiners. Led by the chorus from the MSM.”

Wouldn’t you like to think so? Actually, the “whining” comes from the grocery store and the gas pump and during bill time. People know that they are losing ground, and that is what drives their perspective on the economy, not mainstream media reporting on the stock market or anything else. Here is the thing though, I think this is inevitable. Right now, the “greatest country in the world” (and make no mistake, I am grateful to live here) is now propped up largely by being the primary customer to a number of manufacturing countries, especially the world’s largest communist dictatorship (why else do we now have the curious spectacle of having the developed, democratic world’s more “conservative” leaders now saying they will attend the Bejing Olympics, while the developed, democratic world’s more “liberal” leaders are saying they will pass?). I think that we are seeing a correction that is inevitable. However, we still do have the most robust economy on Earth for the moment (that will change by 2030, assuming that China remains stable), and that gives us a chance to make adjustments that will allow us to grow an economy. To the extent that government policy has an effect on our economy, it will require people who are willing to make unpopular decisions. Unfortunately, now more than ever, people in office are punished for that.

“We are fortunate enough to live in the greatest country in the world, full of opportunities. But most of us would rather sit on the porch and whine than go do something about it.”

I don’t see people sitting on the porch whining about it. I do see people who have to travel as part of their jobs taking new positions, and I see people having to take second and even third jobs to hold onto their homes.

Gramm’s comments probably will not have an effect on the election, but McCain was politically right to distance himself from them. Because Gramm’s comments are very similar to this extent to the infamous comments of Bush the Elder prior to the 1992 election. They are clueless.

Bush dare not insult our financier, and supplier of goods. The days of dollar diplomacy are gone, we are now in a self inflicted era of Yuan diplomacy.