Change in Presidential Philosophy
By Barry Ritholtz - October 13th, 2008, 3:30PM
Who ever would have predicted a quip such as this one 8 years ago:
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“The Bush administration, which took office as social conservatives, is now leaving as conservative socialists.”
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These are truly interesting times . . .
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Source:
Smart Globalization Initiative
Allan Mendelowitz
http://www.newamerica.net/events/2008/confronting_economic_meltdown
October 9th, 2008 at 2:37 pm
remeber that when you vote
http://www.underconsideration.com/…/WeAreFucked.jpg
October 9th, 2008 at 2:38 pm
What’s the difference between the two?
Regards,
TDL
October 9th, 2008 at 2:41 pm
The last political party that were “conservative socialists” ran Germany from 1933 – 1945. As a former Republican, I will be relieved first if Obama wins and second if he actually takes power. I have seen some posts here from Mark E. Hoffer on certain scenarios improbable to most (but not me), so I am trying not to be on pins and needles until January 20.
October 9th, 2008 at 2:47 pm
He’ll take power…right wingnuts said back in 2000 that Clinton would refuse to leave office too.
October 9th, 2008 at 2:52 pm
These are truly interesting times . . .
I for one am really getting tired of hearing this phrase lately. What the hell is so “interesting” about the times. Something tells me 20 years from today I won’t be looking back on this with fond memories and talking about how interesting of a time it was.
October 9th, 2008 at 2:55 pm
Bush neither cares nor knows the difference.
I just wonder, in his early retirement, what he will do with his spare time besides “clear brush” at that hellhole of his in Crawford. Nobody will be inviting him to any speaking gigs, since no one will give a crap about what he has to say.
about anything.
October 9th, 2008 at 2:55 pm
I believe this a more accurate reflection than the original quote:
The Bush administration, which took office riding false claims of being social conservatives, turned out to be corporate socialists, having more in common with brown shirts than white collars.”
October 9th, 2008 at 2:55 pm
The Tyranny of the Urgent.
October 9th, 2008 at 2:58 pm
@Ben @2:52 pm
There is a curse that goes “May you live in interesting times” which is a left-handed way of saying that “interesting times” can be hell.
October 9th, 2008 at 3:00 pm
It’s nice to see so many realize that Bush et al hoodwinked us….but do you also realize that Obama is a Marxist stepping into a scenario where regulation will be seen as “good and necessary”.
Methinks we will be hoodwinked again.
October 9th, 2008 at 3:02 pm
Tyranny of the Incompetent.
Everywhere you look around you, you’ll see another clueless person who can barely tie their own shoes. We have enormous excess capacity in all walks of life, with only one person in ten who knows how to actually do anything and nine bullshit artists who work in public relations (aka “lying”).
October 9th, 2008 at 3:03 pm
DOW under 9,000. The slow-mo train wreck continues……
October 13th, 2008 at 4:00 pm
Someone funny said that this crisis is the occasion where GWBush has first proved that he is a compassionate conservative — to banksters.
October 13th, 2008 at 4:02 pm
Barry,
check out the chart you sent us on September 19th…
http://bigpicture.typepad.com/comments/2008/09/industrials-big.html
This looks like a complete repeat
October 13th, 2008 at 4:07 pm
Bravo Winston!
October 13th, 2008 at 4:10 pm
1,000 pts? Really? Wall Street is less stable than putting my money on red in AC.
October 13th, 2008 at 4:28 pm
The government has finally caught up to the problem and put in place a solution that will fix everything. They’re late to the party and some things they said before (“…it’s contained…”) didn’t seem to be as right as I thought they were, but I’m sure this time they’re spot on. The Dow is up nearly 1000 points. Thank god this crisis is over so I can go back to planning for 15% mutual fund returns every year. Where are my credit cards, I need to get out there and start spending again!! It’s good for the economy.
October 13th, 2008 at 4:31 pm
I couldn’t believe the action in the last half hour. What did Paulson do, set up a buy two to every one share sold of the dow? I suppose he could because it’s our money, not his. It won’t work but it certainly is the good old college try. Hank must think he’s playing hockey with a bulldozer. If this guy wasn’t worth 500 million I’d feel sorry for him. This guy is following the Bush Hindenburg tragectory.
As to Bush, he’ll keep on doing what he’s always done; be a front man for certain moneyed groups. He’ll smile in public and threaten in private and he’ll be well paid. He could care less about America.
October 13th, 2008 at 4:33 pm
An article that reinforces Barry’s arguments against the slander regarding the CRA and the subprime and now credit crisis:
http://www.mcclatchydc.com/251/story/53802.html
Basically, 84% of the sub-prime loans made were by private lending institutions not subject to the CRA.
October 13th, 2008 at 4:40 pm
Lost count of the number of advisers on CNBC telling Joe Retail Investor that it’s bad bad bad to take your money out of the market when it’s plummeting!
Ironic, ain’t it, that these analysts are basically the same people who have convinced the average schmo that “you know how to handle your money better than the government.”
So here stands Wall Street with its hand stuck straight out waiting for government cheese, and there’s McCain still claiming that trickle-down ReaganoThatcherNomics works.
Talk about sending mixed messages.
See also: John Oliver’s Daily Show analysis of undecided voters.
October 13th, 2008 at 4:42 pm
Obama a Marxist? I thought he was a Muslim…
Oh right! that is another one of those gross misrepresentations that get bandied about in elections.
October 13th, 2008 at 4:44 pm
I have seen some posts here from Mark E. Hoffer on certain scenarios improbable to most
CNBC Sucks | Oct 9, 2008 2:41:21 PM
Mr Hoffer’s scenarios define improbability.
And actually you’re completely wrong about 1933-1945 when the govt you refer to was a criminal conspiracy. Terms like socialism and nationalism are largely irrelevant in the context of the Nazi party they destroyed nationalists and socialists. In fact the Christian Democratic administration that ran Germany from the late forties to the late sixties was essentially a conservative socialist government as for that matter was Churchill’s through Alec Douglas Hume’s conservative govt’s in Britain which was roughly contemporaneous. They are the perfect definition of Disraeli’s claim that the best govt’s were Tory men and Liberal measures. The social welfare programs they put in place, and tight management of the economy, were aimed at avoiding a reoccurrence of the polarization and nationalism that led to Fascism in the twenties/thirties.
October 13th, 2008 at 4:48 pm
As long as nothing terrible happens overnight tomorrow the bond money comes into the market.
October 13th, 2008 at 4:52 pm
Socialist, Scientific Socialist, fascists, nazis, State Capitalists…………..
does it matter?
October 13th, 2008 at 5:00 pm
In his studies, Laurence W. Britt claimed to have found 14 characteristics common to all fascist regimes:
1. Powerful and continuing expressions of nationalism.
2. Disdain for the importance of human rights.
3. Identification of enemies/scapegoats as a unifying cause.
4. The supremacy of the military/avid militarism.
5. Rampant sexism.
6. A controlled mass media.
7. Obsession with national security.
8. Religion and ruling elite tied together.
9. Power of corporations protected.
10. Power of labor suppressed or eliminated.
11. Disdain and suppression of intellectuals and the arts.
12. Obsession with crime and punishment.
13. Rampant cronyism and corruption.
14. Fraudulent elections.
Well, all I can say is: Bingo!
October 13th, 2008 at 5:01 pm
John 2,
Do not confuse the issue.
Hitler was a socialist. The difference between Hitler and Lenin is Lenin killed the proerty owners, Hitler kept them and used them to run his economy, into the ground I would add.
Okay Churchill was too. Most of the feudal manor system was socialism. Ownership of the means pf production was not private not diverse.
What is the difference between serfs, wage slaces and members of commune? Not much.
As to current finance: Google mefo bonds and report back the differences between mefo bonds for Kruppe to build the war machine and the bond selling to rebuild the state capital system.
Government debt and fiat currency leads to socialism.
Only who runs it and who benefits are variable.
The unwashed huamn loses out all around.
October 13th, 2008 at 5:03 pm
Obama a Marxist? I thought he was a Muslim…
No no no.. He’s a Secret time-travelling Nazi muslim!!
October 13th, 2008 at 5:09 pm
“…and there’s McCain still claiming that trickle-down ReaganoThatcherNomics works”
It does work, just it trickles down to China, not middle class America.
October 13th, 2008 at 5:40 pm
Paradox and leftback nailed my overall suspicions! Good work guys.
P.S. Even some conservatives like myself have a brain and exercise it on a regular, attempted partisan free basis.
October 13th, 2008 at 6:42 pm
From the same place other stuff with which I agree:
Senator Fritz Hollings
* “Let’s kill all the economists. They’re just glorified lobbyists.”
* “Get out of the Afghanistan and the Iraq wars, and get into the trade war.”
Michael Lind
* “Junk the borrow-and-consume model in favor of the invest-and-produce model.”
October 13th, 2008 at 6:56 pm
An article that reinforces Barry’s arguments against the slander regarding the CRA and the subprime and now credit crisis:
http://www.mcclatchydc.com/251/story/53802.html
Basically, 84% of the sub-prime loans made were by private lending institutions not subject to the CRA.
Posted by: viktor | Oct 13, 2008 4:33:21 PM
Facts are sooo yesterday.
So is ability to read.
Most (virtually all?) private lending institutions are subject to CRA and pressure from “community” groups.
Among 15 institution listed in that crappy article I recognize 13, all subject to CRA. Don’t know who are number 5 and 6.
October 13th, 2008 at 7:29 pm
Hoover – Ritholtz 08
October 13th, 2008 at 7:45 pm
I have seen some posts here from Mark E. Hoffer on certain scenarios improbable to most (but not me), so I am trying not to be on pins and needles until January 20.
Posted by: CNBC Sucks | Oct 9, 2008 2:41:21 PM
CNBCS,
I don’t mind being referenced, though you could throw in an (e.g. _______ ) to pin it down some…
otherwise, as we’ve seen, it leaves the door open for a certain kind of ________ to walk through..
this, though:
Tyranny of the Incompetent.
Everywhere you look around you, you’ll see another clueless person who can barely tie their own shoes. We have enormous excess capacity in all walks of life, with only one person in ten who knows how to actually do anything and nine bullshit artists who work in public relations (aka “lying”).
Posted by: leftback | Oct 9, 2008 3:02:47 PM
Is, really, too much like Life..and peep are walkin around wonderin’ how 40% of their ‘value’ can disappear so quickly..
October 13th, 2008 at 8:07 pm
Has anybody noticed that, while the McCain campaign spreads the meme that the crisis is all due to GSEs – Fannie Mae and Freddie Mac – the Republican administration has just, in effect, made the entire banking system a GSE? Wow, how’s that fur rightwing doctoring? Because GSEs are totally evil, the solution to the crisis is to … make thousand more of them. But really, I do love the GOP, I love the way they are standing up for total contradictions as being the centerpiece of policy. We’ve never had a party that represented our poor schizophrenics before, my friends. It is about time somebody did!
October 13th, 2008 at 8:22 pm
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