Comments on: Forbes publisher assesses state decline

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By: PRI

PRI — Thu, 18 Feb 2010 07:23:45 +0000

StevefromSacto is right: blame Bush for what I call the Bush Depression. His unconstitutional and expensive wars ($3 to $5 trillion for Iraq alone, according to Stiglitz) and his wild domestic spending were "paid" for by inflation (the dollar dropped in value from $255 an ounce of gold to $1,100) and artificially low interest rates. This caused what the Austrian economists call "malinvestment" -- too much money invested in the wrong places, such as the housing boom. A fake boom ends in a real collapse, which we're now suffering through. To top it off, Bush's tax cuts foolishly were limited, and will expire next year, meaning trillions in investment will be sucked from the economy. Obama's tragedy is that he's Bush III. There's no "Change you can believe in," but more Bush you never believed in. Confucius say: "He who will not economize will have to agonize." -- John Seiler

By: StevefromSacto

StevefromSacto — Wed, 17 Feb 2010 22:02:52 +0000

Nice to see that even Karlgaard concedes that this mess began long before President Obama took office.

It’s a man-made crisis, all right. And the man was President Bush.

By: EastBayLarry

EastBayLarry — Wed, 17 Feb 2010 17:17:56 +0000

Sure it’s a ‘man made’ crisis. The ‘change’ that progressives want requires a financial crisis and/or collapse.