| | I applaud Dr. Machan's analysis, as well as his wistful characterization of this as a 'second best' outcome.
My concern is that this will in some sense be a repeat of 1994, in that, the ritualistic blood-letting provides enough 'relief' -- relief that DC is at least gridlocked and the bleeding is stemmed. Sufficient relief that, once again, the rainmakers come out and make the rains return, and the panicked voodoo high priests(of both parties), who have been sweatily dancing around the base of the volcano and doing their rain dances, confident that 'someday, the rains will come again,' will point to their sweaty gnashings, their throwing of every constructivist half baked idea in the book at the economies, as 'proof' of the power of their Juju magic.
And, once again, it will be as if we took just half of our full dose of anti-biotics, and the left wing infection will remain, unchecked, undaunted, and unrepentant.
Bush, on the way out the door and worried about his legacy, panicked in the Fall of 2008, and started the ball rolling. The incoming Obama Administration gladly picked that ball up with the voodoo witch doctors formula and didn't skip a beat. "The rains will come again. In the meantime, we will dance and demonstrate that we 'did something.' In this case, spend like drunken sailors handing out political payoff to unions and other connected crony based payola. If the rains come again, we will take credit. If they don't, we will blame the purity of last year's sacrifices, demand more, and wait again for the rains. Lather, rinse, repeat, can't lose."
Same formula that voodoo priests have used for generations.
Only this time, the voodoo priests are panicked, because the tribe got way too good a look behind the curtain at all the sausage not being made. It is apparent to more people than ever that the 'economy runners' this time are not running a damn thing except their little voodoo dances.
They are busted, and in risk of losing the gig, and so, in a panic.
Hence, Krugman's 'topsey turvey economics' paradox of toil.
Total nonsense.
regards, Fred
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