Author Topic: Cain, "imaginary recession" one week before collapse  (Read 270 times)

Bindare_Dundat

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Cain, "imaginary recession" one week before collapse
« on: October 10, 2011, 09:01:41 AM »
Amazingly, Herman Cain’s star continues to rise, which means Republicans think it’s all right for someone to endorse Mitt Romney, as Cain did, to support TARP (it’s not his fault, say supporters — he somehow had no idea it would be used to “pick winners and losers”!), and to be completely clueless about the condition of the economy right up to the moment of the collapse.

Now this really takes the cake: here is Herman Cain on September 1, 2008, saying the economy is in terrific shape.

Here’s what happened over the following two weeks:

– Fannie Mae and Freddie Mac were taken over by the U.S. government (Sept. 7);
– Merrill Lynch was sold to Bank of America;
– Lehman Brothers declared bankruptcy;
– The Fed bailed out AIG;
– Washington Mutual was sold to JP MorganChase;
– Treasury Secretary Paulson said the economy was so bad that $700 billion must be spent on bailouts immediately; otherwise, warned Ben Bernanke, “we may not have an economy on Monday.”

On September 1, 2008, Herman Cain was laughing at the “imaginary recession.” That is how clueless this man is.  That is also how clueless lots of Republicans are, since they think a guy this hopeless would make a good president during a time of general collapse, a collapse he didn’t even slightly see coming and whose nature escapes him completely.

And when the chips were down, Cain reflexively supported the Establishment by embracing the grotesque and indefensible TARP. He lectured “free-market purists” while doing it. But next time he’ll be a maverick and defy the Establishment, right?

Bindare_Dundat

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Re: Cain, "imaginary recession" one week before collapse
« Reply #1 on: October 10, 2011, 09:03:26 AM »
The referenced Cain article.

Sept. 1, 2008

Economic Growth Surges, but Democrats Ignore the Truth Again
 
While the Democrats had their week of unchallenged propaganda about their party – how perfect it is and how terrible the Republicans are – the latest good news about the economy and the average adjusted gross income went unnoticed.
 
Once again, when Democrats don’t like the facts, they just ignore them with the help of the mainstream media.
 
On August 26, Investor’s Business Daily reported data from the Internal Revenue Service showing that the average U.S. income had increased every year for five straight years through 2006. In fact, the $58,029 average was $739 higher than the peak year of 2000, the year before the 2001 recession.
 
The following day, Sen. Joe Biden declared in his vice-presidential acceptance speech that “John McCain thinks that during the Bush years we’ve made great progress economically, I think it’s been abysmal!” Great progress or abysmal, you make the call.
 
On August 28, the Associated Press reported the latest Commerce Department data showing that the economy grew faster than previously thought in the April-June 2008 quarter. Gross domestic product (GDP) grew at 3.3 percent, exceeding both the initial estimate and economists’ expectations.
 
As a reminder, we still have not had a recession since 2001, using the standard definition of a recession as two consecutive quarters of negative GDP growth. But don’t tell the Democrats and the mainstream media. You might disrupt their imaginary recession.
 
Investor’s Business Daily even dared to declare in their sub-title that “Americans are better off than when Bill Clinton was president”.
 
(Insert Democratic scream of choice here.) That can’t be!
 
The same night as the IBD report, Sen. Barack Obama repeated his persistent claim that the Bush economic policies had been a failure, while giving his American Idol-like acceptance speech for the Democratic presidential nomination. And of course, he told us, electing John McCain would be four more years of the Bush economic failure.
 
The supposed failure of Bush’s economic policies has been a constant theme of the Democrats since the 2006 elections, when the Democrats regained control of the House and Senate by convincing enough of the voters that the economic sky was falling, and that the war in Iraq could not be won. Based on all of their convention speeches, they plan to continue those themes right through Election Day on November 4.
 
They are counting on a gullible and uninformed electorate to win the White House and a larger majority in Congress.
 
This week’s Republican National Convention will be the Republicans’ opportunity to state how great they are and how bad the Democrats are. We already know that those extremes are simply not true, just as most of us know that the Democrats exaggerated their extremes for a week totally unchallenged.
 
Rhetorical exaggerations, hyperbole and platitudes are expected as part of national political party show-and-tell time, but the public deserves that they at least tell the truth.
 
Since the truth police did not do its job during the Democratic convention, I will have to do it again this week at the Republican convention.
 
Next week I will let you know the results.
  
© 2008 North Star Writers Group. May not be republished without permission.
 




blacken700

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Re: Cain, "imaginary recession" one week before collapse
« Reply #2 on: October 10, 2011, 01:26:56 PM »
the more shit that comes out about this guy he will just fade away,he's the flavor of the month