Thursday, September 1, 2011

Austerity killed the radio star



The Washington Post reports
After more than a year of aggressive budget cutting by European governments, an economic slowdown on the continent is confronting policymakers from Madrid to Frankfurt with an uncomfortable question: Have they been addressing the wrong problem?

The campaign to reduce government deficits has come in response to a European debt crisis that could endanger the global banking system. And the budget cutting has been coupled with a reluctance by the the European Central Bank to stimulate economic growth like the Federal Reserve has in the United States; the ECB has instead raised interest rates twice this year to contain inflation.

Those steps have sucked hundreds of billions of dollars out of a European economy that may be edging towards recession.
American politicians sneer at everything "European," yet they swoon for this current European affectation like tween-age girls swooning for Justin Bieber.

2 comments:

Andrew Brod said...

1937, here we come!

Anonymous said...

Andy..Do you tweet Reich

http://www.nationalreview.com/media-blog/275741/robert-reich-rants-about-fox-news-and-rick-perry-greg-pollowitz#


Media Blog

NRO’s MSM watchdog.

Robert Reich Rants About Fox News and Rick Perry

August 29, 2011 6:16 A.M. By Greg Pollowitz
" Former Clintonista Robert Reich has been writing some strange stuff on Twitter of late. For example:

America is imperiled not because we’re broke but because Americans are being fed continuous lies by Fox News and WSJ editorial page.

Has his Twitter account been hacked? This is something I’d expect to read from an anonymous Lefty on Twitter, not one of the Democratic Party’s star voices on economic matters. Kevin Williamson answers Reich here.

It gets worse. Check this statement out:

Re: Perry & Texas. Governors are as responsible for job gains (or losses) in their states as roosters are responsible for sunrises.

Again — insane. And hypocritical. Here’s an excerpt from Reich’s endorsement of Deval Patrick for Massachusetts governor:

–he is the rare Democratic candidate who knows what makes businesses tick, and whose corporate experience has prepared him to create and keep good jobs in Massachusetts

So Mr. Secretary. Were you lying then about Deval Patrick or are you lying now about Rick Perry?"

Fred Gregory