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I don't listen to Rush but thanks to the actions of our federal reserve in partnership with the crony bankers and politicians, I believe he is correct.
I don't listen to Rush. Or main stream news for that matter. I do believe the last 2 decades have been an exercise in denial. The country is headed for a huge shift. We will not believe in ten years what has happened to life as we knew it.I just read the Fourth Turning and in the middle of "The Creature From Jekyll Island" Feeling a tad apocalyptic
today.
Rush is a slow learner and listening to his show it lacks intellectual substance, he is a true believer that the {R} party can fix everything. Think about all that is taken place in the economy and Rush has barely woken up? The real scary part is that there are lemmings that hold on to every word that this worthless gas bag spews
The prosperity created by the misallocation of capital to housing was only temporary and it hurt our long-run growth. The surplus two million homes, and the trillions of superfluous square feet of housing we built, represent capital that should have been invested in better ways. Our long-term productive capacity would be higher now, if not for the misguided policies supporting the housing boom. This is being unwound, painfully, but it will be unwound.
The internet bubble was merely another in a long string of investment fads that are driven by human nature: it probably started with cavemen trading woolly mammoth tusks, and there will be another fad that goes too far in the next decade, and the one after that, and the one after that. We always get past these things.
The debt thing, yes we have debt. But household net wealth is over $50 trillion, after deducting debt. We're paying down our personal debt and being a lot more careful with new debt. Some people are screwed, but some people are always screwed. As for government debt, the problem could be worked off slowly over time IF we get after the kind of pro-growth tax reform envisioned by Simpson Bowles AND stop the anti-productivity and wealth destruction campaign being fashioned by the Obama administration. If we seek to emulate Europe in terms of regulation and social welfare and taxes, we will end up with European-style economic sclerosis. The twin notions that wealth arises only from greed or luck, and profits are bad, are very bad indicators for a return to productive economic policies. So getting government debt to a manageable proportion of GDP hangs in the political balance: Obama's policies and the progressive movement can NOT get it done. If we kill the golden goose, the goose is cooked.
So Rush's declaration boils down to a loss of faith in the notion that the progressive tide can be turned back. I am less pessimistic, but a lot of work needs to be done. And progressives are not the only aspect of the problem with government. Crony capitalism and corruption run through the players and history of both major parties. Criticism of the progressive movement is not intended to be a ratification of failed Republican policies or corruption or past lack of integrity, or an endorsement of any challenger to Obama.
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Rush
