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« Doing It Ourselves | Main | Bush's Deficit Legacy »

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Paul

Sadly Republicans haven't been about "fiscal responsibility" since they took over the Congress in '94 and honestly that was their one thing you could at least respect them for before.

I am so Wise

Well, Wal-Mart still sells 2 Liters of Fanta Orange for a $1 and McDonald's still has a rocking $1 menu, so inflation cannot be all that bad.

Daily Breather

No, things can't be all bad. Walmart is still undercutting the world and putting them out of business. We should feel fortunate. What will we do when they move to China? Oh, wait.
I can see a snowball effect just begining here. I think we've got a bit more suffering to do. And we'll only feel better when we are so used to high proces that they become the norm. C'mon complacency!

Amboy Dukes

I suspect "I am so Wise" is actually Phil Gramm!

stevo

Quit Whining! If served properly, I'm told, rat tastes just like chicken. It's all in the marinate.

James From Hampden

Inflation is more of a consequence of the Federal reserve's loose money policy. They didn't NEED to start slashing interest rates like they did, but they did.

When you slash interest rates and increase circulation like the FED has inflation is going to spike. Ben Bernake's policies are the real culprits here.

Bush takes heat for monetary policy, but inflation rates are more directly effected by Federal Reserve Monetary policy.

James From Hampden

Correction::: Bush takes the heat for FISCAL policies, but Monetary policy is the FED.

stevo

Bush appointed Bernanke, also, the GAO does have autonomy, to a certain extent, however, if they want to be reappointed and their number is coming up in that president's term, (Greenspan), then the president DOES have sway
I might add, the gov't is supposed to regulate banks, and if it doesn't choose to, it's the fault of the government

Amboy Dukes

Exactly. Whose FED is it?

Bush's. And for an administration known for politicizing previously apolitical governmental departments, to argue that the Bush Admin. isn't responsible for our economic situation and policies is to argue for an alternate reality.

But I'm sure this "Party of Accountability" would be the first to step up and say, "We fucked up. The buck stops with us."

Right.

If only there was a magic wand...

stevo

I'm in real estate, so Greenspan's, (Bernanke's predecessor) actions are particularly of note for me. Bernanke is culpable, AND Greenspan
Greenspan actually didn't start hack, hack, hackinig away at those rates until Bush got into office, he had lowered very hesitantly with Clinton
(an aside: Greenspan WAS appointed, or rather re-appointed by Clinton, he was originally appointed by Reagan)
My suspicious mind wants to think that Greenspan reluctantly reduced the rates to sandbag the upturn in the economy when a Dem. was president, but, I have to say regardless, it did amount to a great deal of success. Could it have been more? Yeah, well, the speculation.
When Bush was selected president, suddenly, Greenspan broke out the starter pistol.

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