Incisive rant by Lee Adler, defending David Stockman's critique of Paul Ryan.
The Atlantic Warning Democrats About Stockman Shows That It Does Not Understand Our Crisis
Courtesy of Lee Adler of the Wall Street Examiner
David Graham of The Atlantic warned Democrats not to get too cozy with former Reagan Budget Director and financial establishment critic David Stockman, after they apparently cheered Mr. Stockman’s takedown of Mini Ron Paul Ryan in the New York Times this morning.
The Atlantic clearly does not understand the issues and made its ignorance painfully clear in its warning that Democrats should be wary of Stockman.
Even if his supply-side apostasy is all but forgotten in most contemporary debates, he’s won the affection of Democrats for his willingness to turn his guns on the GOP. In May, he agreed with the Obama campaign in saying that Mitt Romney’s time in private-equity didn’t really teach the Republican hopeful anything about how to create jobs. He has previously blasted Ryan’s plan for not going far enough. And he criticized Republicans for dragging their feet on raising the debt ceiling.
Still, liberals might want to be wary of embracing Stockman too fully, even if he does advocate raising taxes, cutting defense spending, and attacking the Ryan plan. He also advocates jacking up interest rates and ending quantitative easing (i.e., the only form of stimulus available to the government as long as Congress is deadlocked). He has said, “I invest in anything that [Federal Reserve Chair Ben] Bernanke can’t destroy, including gold, canned beans, bottled water and flashlight batteries.”
As economist Justin Wolfers tweeted Tuesday morning, “I don’t get liberals getting excited about David Stockman’s anti-Ryan tirade in the NYT. His complaint is that Ryan isn’t right wing enough.” For Democrats, the enemy of their enemy is just that — he’s still not their friend.
via How David Stockman Became Democrats’ Favorite Reaganite – David A. Graham – The Atlantic.
I have no idea why Woofers is a left wing media darling. This is not the first idiotic Tweet that I have seen from this conomist. I followed his Twitter feed for a while but found his tweets so tedious and inane that I had to “unfollow” him before my head exploded.
As to Mr. Graham’s arguments, why is raising interest rates not liberal or Democratic? ZIRP (Zero Interest Rate Policy) is literally killing America’s seniors financially. I call it Bernankecide. Their spending power is crushed, their savings destroyed. How does that help the economy? ZIRP transfers the hard earned savings of America’s elderly to the banking cartels. Is that something that liberals support? ZIRP imposes massive costs on an entire generation of people whom Democrats and liberals normally look out for in order to preserve the power and prerogatives of the criminal banking cartel that has destroyed free markets, corrupted the government, and undermined economic freedom and opportunity.
Quantitative Easing, the printing of money allowing the Treasury to borrow ever more to fund current expenditures, robs from our children. How is opposing that anti-liberal or anti-Democratic? Do Democrats think that Bernanke is their friend? Bernanke is a tool of the banking cartel. His policies benefit the banks, not the American people.
What Mr. Stockman chooses to invest in is his business. What would you propose–that he buy shares of Goldman Sachs and British Petroleum? Furthermore, his statement was clearly made with tongue in cheek to make a point.
Mr. Stockman is about doing what’s right in the moral sense, not Right in the political one. This is not about politics. It is about cleaning out a cesspool of corruption and cronyism. The Atlantic and other liberal establishment publications need to wake up and get it. Otherwise they will remain a part of the problem.
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