Sunday, June 29, 2008

McCain and The Economists

From Greg Mankiw's Blog:

[Senator McCain] has shown increasing disdain for any economist who questions his policy prescriptions. Earlier this month, he lashed out at critics of his proposal for a summer gas-tax holiday.

"You know the economists?'' McCain said June 12 at Federal Hall, near the New York Stock Exchange. "They're the same ones that didn't predict this housing crisis we're in. They're the same ones that didn't predict the dot-com meltdown. They're the same ones that didn't predict the inflation that's staring us in the face today.''
Geez, what does John McCain expect?

That there is one master economist, lets call him "The Economist", who at the height of the real estate bubble, lets say June of '05, would have the foresight to predict the crash ahead and what the repercussions would be?

That "The Economist" would make this information publicly available to all, and get people to read it by putting it on every newsstand with a splashy cover graphic to make it painfully clear what was being predicted?

That realizing even that might not be enough to get the attention of a busy senator, that "The Economist" should taunt McCain personally, maybe calling him a "radical conservative", just to make to make sure he wouldn't miss what is being predicted?

I mean, geez, that is a lot to ask. Oh, wait....


Rebelfish said...

Really quite clever. Kudos to you.

Fat Knowledge said...


When I read the quote, I thought it was crazy because economists did predict the housing crisis, the dot-com meltdown and inflation.

Then I remembered that Economist issue and figured it needed to be blogged.

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