Scott McClellan's Scathing Memoir - Page 3 - PhillyBlog

five apples · #21 (**permalink**) 05-29-2008, 02:54 PM

Quote:

Originally Posted by eldondre

As mentioned, I had different ideas of what a tax cut should have looked like BUT I also think that the tax cut wouldn't have been a big deal had it been paired with reasonable defense and domestic spending policies.

I agree, that is why i said we couldn't afford the war.

Here is an exerpt from 2007 explaining the correlation of a large debt and the devaluation of currency. It also points out where interest rates where at the time. Yes there was low interest rates in the late 90s, but they reversed in early 2000

Quote:

The current account deficit of the United States for 2006 is estimated to be in excess of $850 billion. This approximates to 7% of its GDP. Surely, even for the US, this is unsustainable.
In order to ensure that this money is routed into America and to sustain its gargantuan borrowing programme, the US has repeatedly raised its interest rate to its current levels of 5.5%. While the very size of the US debt makes any further increase in interest rates virtually impossible (as it would make borrowings uneconomical), any cut in interest rates to stimulate its economy and make it competitive would mean that the US may not get the money it requires to sustain itself.
On March 28, 2006, the Asian Development Bank [Get Quote] is reported to have issued a memo, advising members to be ready for a collapse of the US dollar.
Since end March 2006, the US Federal Reserve has stopped publishing the quantum of broad money (that is the aggregate of US dollars circulating in the entire world -- technically called 'M3') in the US economy. This is the worst possible signal that the US Federal Reserve could have sent to the world.
Suspended sense of disbelief
Obviously, what aids and sustains the US dollar is a 'suspended sense of disbelief' amongst countries about the value of US dollar. Yet, common sense tells us that the excess supply will obviously result in a fall in the value of any product. The US dollar is no exception.

And I just realized we went totally of topic. Sorry everyone.

eldondre · #22 (**permalink**) 05-29-2008, 03:58 PM

check out M2 & M3 which are the most important
http://en.wikipedia.org/wiki/Image:C...ey_supply2.svg

IMO, the economic reckoning we are in store for has been in the making since FDR screwed up the economy royally in the 1930's...the ship has never been righted since. back to yoru regularly scheduled programming

Mars · #23 (**permalink**) 05-29-2008, 04:05 PM

For Poly Sci and Communication students..I wonder how history will judge Ari Fleisher, McLellan, Snow and Perino with respect to communicating the President's message? I guess in McLellan's case, his "legacy" (real or perceived) will be that he threw the president under the bus and presented him as detached from reality. The so-called "decider" in actuality made bad decisions but remains unapologetic. What a shocker!

http://www.blackwell-synergy.com/doi...urnalCode=post

Abstract

This article explores the relationship between an American President's public communication and his power and illustrates it by considering his relations with his Press Secretary. Communication is central to the concept of power and to the functioning of the presidency, but the relationship has attracted insufficient attention in the literature. The article argues that a President's control over how he is publicly understood is weak. Communication being central to power, lack of control implies a ‘weak’ view of the power of the President. The ability of both President and Secretary to make the President understood is jeopardised by aspects of the Secretary's personality and performance and by the nature of the presidency and the style of the incumbent. The respective access of press corps and Secretary to the President, and the quality of the relations between President and Secretary, are critical in particular cases.

Further Reading:

All the Presidents' Spokesmen Spinning the News--White House Press Secretaries from Franklin D. Roosevelt to George W. Bush

http://www.greenwood.com/catalog/C9098.aspx

five apples · #24 (**permalink**) 05-29-2008, 04:12 PM

Quote:

Originally Posted by eldondre

check out M2 & M3 which are the most important
http://en.wikipedia.org/wiki/Image:C...ey_supply2.svg

IMO, the economic reckoning we are in store for has been in the making since FDR screwed up the economy royally in the 1930's...the ship has never been righted since. back to yoru regularly scheduled programming

It just explodes after 95.

eldondre · #25 (**permalink**) 05-29-2008, 04:14 PM

Quote:

Originally Posted by aubin

It just explodes after 95.

Quote:

Today, most macroeconomists also accept Mr. Friedman's most famous proposition -- that inflation is always a monetary phenomenon. Contrary to what I learned in macroeconomics class, "cost push" inflation was a myth. Pay and price increases did not drive inflation; they reflected it. Americans wanted higher nominal wages and prices to keep up as the real value of each dollar declined.

http://www.dynamist.com/articles-spe.../friedman.html

you'll also note where the money supply became the primary driver of "economic growth"...the 1970's when the US' economy was in shambles. IMO, that was largely a result of misguided policies dating back to the 1930's. Initially, the failure of thsoe policies was overshadowed by debt driven demand (http://en.wikipedia.org/wiki/Image:U..._1791-2006.svg) and the annihilation of all competition (WWII). When the competition recovered, we collapsed. but you're right, it did explode after 1995.

Mars · #26 (**permalink**) 05-29-2008, 04:51 PM

Ink is pretty expensive ....is it any wonder....

http://www.msnbc.msn.com/id/24879088/

Nagasadow · #27 (**permalink**) 05-29-2008, 06:53 PM

Quote:

I'll withhold judgment on George Bush for now, thanks. But I certainly hope that our police commissioner takes a look at what Petraeus is doing and sees how much of it can be applied to our own little thuggish enclaves.

Well the problem with the police doing what Bush is doing with the army is that it would be illegal to do that a citizen of the United States.

Tannhauser · #28 (**permalink**) 05-29-2008, 07:46 PM

What I think is funny is how the one thing the left and right could agree upon was that McClellan was a bumbling idiot.
Now it seems like he's the toast of the town in certain media outlets.

GOP65 · #29 (**permalink**) 05-29-2008, 07:59 PM

Quote:

Originally Posted by Tannhauser

What I think is funny is how the one thing the left and right could agree upon was that McClellan was a bumbling idiot.
Now it seems like he's the toast of the town in certain media outlets.

And don't leave hypocrite off his resume, can't find vid of his remarks on Richard Clarkes book release(surprisingly MSNoBamaC had it) but found this quickly.
http://www.cnn.com/2004/ALLPOLITICS/03/22/bush.clarke/
excerpts:
White House spokesman Scott McClellan told reporters that Clarke's "assertions are deeply irresponsible and they are flat-out wrong." He also said Clarke's "past comments and actions contradict his current rhetoric when it comes to Iraq."

Challenging motivation
McClellan pointed to the timing of Clarke's book.
"If Dick Clarke had such grave concerns, why wait so long? Why wait until the election?" Instead, McClellan said, Clarke "conveniently" released a book in the middle of the campaign season.

Ezra · #30 (**permalink**) 05-30-2008, 08:19 AM

Daily Show has the Richard Clarke quote...

http://www.thedailyshow.com/video/in...richard-clarke