Biden on CNBC

Democratic Senator Joe Biden just finished an interview on CNBC. He keeps referring to the Republican presidential candidate as “John.”

Biden also calls for America to start public works projects to get America growing. Oh, dear. This isn’t good news. The last time such a thing was implemented, America’s government grew exponentially. It was also trying to pull out of the Great Depression.

Such a statement by Biden proves yet again how bizarrely disconnected Democrats are with the current economy. America is not in a great depression. To the Democrat’s dismay, America’s not even in a recession! Suggesting “public works” projects are needed to spur our economy is an opiate to those who want more for less.

To me, that’s what November’s election will decide. The campaigns have shown a clear distinction between the America that works to make happiness and the America that believes happiness comes in the form of a government policy. Please, let the America I’ve known remain. We’re on the brink of socialism. I don’t want to go there.


  1. You did catch the part about a 500 point drop in the Dow, the collapse of Lehman, and Fannie Mae and Freddie Mac along with a $400 Billion deficit. Where is this sunny and bright economy you speak of?

    The expansion in the economy is being fueled by exports, driven by a weak dollar and financed by the Chinese. The America you speak of hasn’t existed for 6 or 7 years. It’s been pissed away by free-marketeers and plundered by the soulless.

    It’s time to break the cycle and put the grown-ups back in charge.

  2. You were probably traveling while Alan Greenspan was talking Sunday. He said we have less than a 50% chance of avoiding a recession (down from his previous 50-50 estimate.) His other comments were less than encouraging. It gave me a cold shudder. We’ve got something to pull out of here, and we have old and failing infrastructure. Public works projects could be two birds with one stone.

    I take your point about socialism. Being a centrist sort, I feel sometimes we need to push in one direction, and sometimes in the other. We may need our own Margaret Thatcher in a decade, but not now.

  3. In the “interview” of Obama by Charlie Gibson, Obama clearly says he’s gonna “create jobs” by giving out gov’t jobs. So yes, the gov’t payroll will be expanding under Obama. Of course all of us in the private sector will be paying for it.

  4. “bizarrely disconnected” huh?

  5. Liberals, in yet another attempt to feel good, be pc, and assuage their guilt, introduced racial politics into lending practices and safeguards by pushing the community reinvestment act. Pushing loans to the unqualified, contrary to hundreds of years of common sense, has contributed greatly to the collapse of financial institutions. B. O.’s response – blame the free market! Do not fall for a socialist solution to a problem created by the socialists.

  6. Grumps. I disagree that the market (by measuring the DOW) is the same as the economy. That’s what I meant by bizarrely disconnected. The economy is fundamentally sound.

  7. Leapin, you left out the part where so-called conservatives deregulated banking and investment firms to such an extent that post-depression common sense is blithely ignored, thus permitting officials of those institutions to take foolish risks without fear of real penalties to themselves. (Who cares if the company is worthless as long as I get to skim the fat first?) Our President celebrated all of this foolishness in a State of the Union address–record home ownership! The ownership economy! I’m not blaming the free market, but I do blame the deregulated every man for himself market.

  8. Kathryn, yes, eventually, someday probably even before I die, we’ll see a recession. Given that Greenspan has been predicting one for a while, I won’t worry.

    The post-depression common sense you’ve mentioned in banking is still there. There are still protections in place for anyone willing to take the time to read a few documents. What we don’t need is so much start and stop intervention.

    The government continues to enable those who will not spend responsibly. It’s got to end. Consider it a little tough love. If speculators, including even those buying homes, land on their backsides, so be it.

  9. I basically agree with your last comment. The regulations I was thinking of had to do with bankers and investment companies protecting the assets of their institutions–reasoned risk-tasking vs betting the store on a long shot. Selling loans to people who can’t afford them, then trading the bad loans as securities is a house of cards. Time was that sort of thing could land a man in jail; now he gets bonus for it. If I made millions extra last year, getting fired this year isn’t a big problem for me.

  10. Any dollar spent on public works is a dollar that must first have been removed from the economy, and thus is not available to be spent or invested elsewhere. The only other source is the monetarization of debt – period. I get a kick out of Greenspan trying to engage in revisionist history. The housing bust was the DIRECT response to a housing boom run amuck. That boom was artificially prolonged by two factors: Human greed, and a policy of easy money carried on FAR too long. Human greed will never disappear, but Greenspan was, more than any one individual, responsible for the policy factor.

  11. Kathryn – I agree. Bush is a “so-called conservative”. IMO he’s not a real one. A real conservative would stand up for conservative principles and try not to be “popular” with the left. I think that’s why so many conservatives felt they were without a voice until S.P. showed up.

  12. Talk about bizarrely disconnected..are you living in a cave? It must be a very sound economy when large investment firms Lehman Brothers, Fannie and freddie , Aig.. anyone else this week!! go bankrupt!

  13. LAeapin/Kathryn,

    IMHO you’re both right. It was a combination of deregulating (permitting investment banks and commercial banks to merge) and overregulation (essentially the Feds saying to make poor loans with cheap money).

    Those making the loans felt protected (in the case of the Fannie/Freddie secondary market). There was an implied gov’t gaurantee on the loan.

    Incidently the deregulation quotient happened under Clinton’s watch after he had amendments installed to make more poor loans by decree. For sure there are plenty of Republican hands dirty on that too. The sigature however, is Clinton’s.

  14. Reporting from the cave – investment firms going bankrupt are only a small portion of the overall economy. Like it or not, there is still no proof of a recession. Growth continues. The CPI indicates inflation is not terrorizing the economy.

    I’ll agree there was some interesting deregulation that created new loopholes. Americans seem to thrive on exploiting those loopholes! But in the end, it’s slow and stead that wins the race.

    Am I that much smarter than everyone else, or are more people like me than the fear mongers want to admit? It’s something to think about.