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Scott,
Unfortunately, I think Schiff is right to a large extent. It just makes logical sense as to what he is saying.
Perhaps I should say that I don't believe this whole economy collapse is really a partisan affair. There are factions in the US that have heavily influenced both major political parties to allow a sort of high-end corporate control over profiteering that is ultimately funded by productive working folks,
us, as always. The economy will come back when we, the workers, produce enough real wealth under handicap.
One way I like to look at political parties is that they are like football teams in the NFL/AFL. It's fine, and even fun, to " dis' " opposing teams, put them down and call them names. But in the end, it is most important that the league(s) remain healthy ...or the game will really be over. In reality, the teams are not that much different and they are uniquely all-American. So I like to try to be open-minded. Food for thought.
In these videos, Fox news was attempting to paint a rosier picture than it should have been by discrediting Schiff, but I believe they have always been a strong supporter of the Bush Administration, which had a ways to go until election when these were shot.
The O' stimulus package will probably buffer panic for a while but all that will do is give those of us that listen-up time to prepare for the inevitable severe decline.
If McCain had gotten in, he'd probably be taking the same preliminary steps, as you may note in his support of the original bail-out. I think both these tentative administrations knew the bull was already loose in the china shop. At the risk of generating unrelated controversy, I do think that if McCain had gotten in 2000 that he would have purposely acted more fiscally conservative and this may have been prevented. That is what classical Republicans did best, is save tax burdens by holding spending in check and encouraging responsible investment. And, I too, wish Clinton had never signed NAFTA, blending us with lesser economies, but he too, was pro-corporate, riding the wave. Partially due to that blunder, now our once-middleclass economy is getting Mexicated etc.
My state of North Dakota is full of very fiscally conservative Republicans and even when Democrats have influence, they are quite careful with public spending. As a result, this state still has a very healthy coffer, with
surplus again this year. Of course $1.2 Billion wouldn't go very far in most states.
The US economy will come back to some extent, but I think it will be a while. Housing took a long time to recover from the early '80's, but it slowly did.
Wes
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