Presidents are always afraid to use the “R” word.
Recession.
We’ve had them throughout our history. They are part of the business cycle. They are not preventable, although government can mitigate their damage by not artificially inflating (or contracting) the money supply. They rarely last long if government minimizes their efforts to “rescue” the economy.
So go ahead and admit when we are in a recession.
If you believe that it is the government’s job to take command and intervene in times of economic crisis–which I don’t–then why does everyone hate Bush? He’s been on top of this one like a hawk:
(1) He worked with both houses of Congress, and rapidly passed the economic stimulus package this year. He has had acrimonious relationships with Senate Majority Leader Harry Reid (D-NV) and House Speaker Nancy Pelosi (D-CA), but they wasted no time passing the stimulus.
(2) His Fed Chairman–Ben Bernanke–has done what every good monetarist is taught to do when the economy is facing a liquidity crunch: cut interest rates. (As a supporter of the Austrian School of Economics, I oppose this too, but–if you’re in favor of an active central bank, you cannot fault Bush or Bernanke on this one.)
(3) The Bush Administration has been very frank about the nature of this financial crisis, even though it is in an election year. He could have attempted to put positive spins on it–as his father did during the recession that imperiled his 4 years in office–but Dubya has not done this.
(4) The Bush Administration has taken the lead in working with other countries–in a “coordinated effort”–to address the crisis. Again, I oppose these efforts to inflate the money supply–as I believe this will only make things worse–but if you support an active government in matters such as this, Bush is not at fault.
(5) The Bush Administration has been proactive in their efforts to rescue the banking system. Again, I think we should let these banks fail, but–if you believe that it is government’s job to rescue the housing market, rescue the bond market, rescue the investment banks–you cannot fault the efforts.
(6) Every one of Bush’s efforts in this matter has received endorsement from both Presidential candidates Barack Obama (D-IL) and John McCain (R-AZ). In fact, all three of them–with the blessing of the Fed Chairman–are proposing even more stimulus packages.
In fact, Bush has torn a page from the Hoover-FDR playbook. (Contrary to popular believe, Hoover’s policies were not far-removed from FDR’s: both actively intervened to “save” the economy. Trouble is, their efforts made what should have been a short, ugly recession into a ten year disaster.)
Sadly, Bush’s efforts will only serve to exacerbate this problem. This is because the problem is one of government expanding the money supply faster than the economy has created value. And the current solutions–which involve creating more money–are tantamount to pouring nitroglycerin on a house fire.
Neither Bush–nor McCain nor Obama–have lifted a finger to hold the Federal Reserve accountable and curtail their money-pumping strategy, or to cut government spending.
Meanwhile, we are in a recession, and the White House–while being otherwise frank about the financial crisis–is still afraid to use that “R” word.
Inside the Minds of Fifth-Grade-Suburban Girls
My Oldest is having her eleventh-birthday-sleepover-party tonight with three of her closest friends. She’s the first to turn eleven of the four fifth-graders here in my home tonight.
You know, I’m a really cool mom. I am having a great time! Several times the girls said before speaking, “You won’t tell my mom, will you?” Nope. I won’t tell their mom. No reason to. (Unless it’s something dangerous, of course.)
So far, we’ve talked about things that pubescent fifth-grade girls are interested in … would ya like to know what they are? Hold your breath … no, breathe … here we go!
Breasts … will I have them … when will I have them … who has them … who is wearing a sports-bra and who is wearing a cup-bra … stuffing your bra … padded bra’s.
Boys … who likes who … who’s dating who … what the boys say … who is gross and who is not.
Puberty … all the places hair will grow and how that’s different on boys and girls.
Periods … bleeding … every. single. month … and who has already started their first period.
How does a boy know he likes a girl? Well … according to one of my young guests, a boy told her that a boy knows he likes a girl “when his thing turns up.”
Sex … but not a whole lot – interesting whose parents have ‘talked’ to their kids and whose haven’t. Here’s my advice here … parents should be the first ones to tell their kids about sex. I was. I’m glad I didn’t wait till they had already heard what other little girls and boys were saying.
Twins … why are some twins identical and some fraternal and how are they made … which led to a discussion about sperm and eggs.
We’re also having just plain ole’ girl-fun! They decided to eat the ice-cream-cake withOUT utinsils and giggled and giggled about having ice cream smeared all over their faces.
One of the gifts includes purple and blue and pink hair colors … and they all now have striped hair … and lip gloss … and whatever else I haven’t noticed yet.
They made their own home-made pizza dough and pizzas … LOTS of fun!
I told them I wanted a “Top Five List of Things Mom’s of Fifth-Grade Girls Should Know” and a list of “Top Five List of Things Dad’s of Fifth-Grade Girls Should Know” … they wanted to know if I was going to tell their mom’s … I told them no. I won’t. I really just want to know for MYSELF!!! But, I might share them with ya’ll … if you’re really, really nice to me. We’ll see if they actually make it for me … make-up and hair seems to be trumping all else.
I asked them who has been in their parent’s bedroom when they aren’t there … some said their parents let them in their rooms all the time … some eat and watch TV in their parent’s bed. I was thinking along the lines of snooping in their parent’s bedrooms, but I don’t think that thought even entered their little minds … it will soon enough. One girl said her mom doesn’t like her using her bathroom. (As the ex-wife of a sex addict, this one always raises red flags for me … is mom keeping the kids from finding dad’s porn?)
Now they’re playing with their Webkinz … ahhh … there is still some innocence left!
~Ame~