Phil Gramm, McCain Economic Adviser: 'Nation of Whiners'

Discussion in 'Economics' started by walter4, Jul 10, 2008.

  1. McCain adviser talks of 'mental recession'
    Posted: Thursday, July 10, 2008 10:46 AM by Domenico Montanaro


    "In an interview with the Washington Times, the McCain economic adviser downplayed the economy -- despite it having been the top issue of concern to voters in public polling for months. Gramm goes so far as to call the economy a "mental recession," says that "We have sort of become a nation of whiners" and blames much of the hand-wringing on the perpetual scapegoat -- the media.

    The technical definition of a recession is two consecutive quarters of negative growth. That has not happened yet, but with the housing foreclosure crisis, a slowed housing market, decreased retail spending, rising gas and food prices and a declining stock market, Americans in many parts of the country have hit a tipping point and in most other parts are close to one.

    Both Obama and McCain have fought to "connect" with voters on the economy, offering a variety of proposals and devoting significant chunks of time, focusing on the topic at speeches and town halls. McCain devoted this week to the economy but in a speech this week called it "slowing," instead of "slowed," has used the word "psychological" to describe the country's "problems" and has shied away from using the "R" word.

    The Democratic National Committee jumped all over the quotes and sent out this response: "What John McCain, George Bush Phil Gramm just don't understand is that the American people aren't whining about the state of the economy, they are suffering under the weight of it -- the weight of eight years of Bush-enomics that John McCain and Phil Gramm have vowed to continue," DNC spokeswoman Karen Finney said. "How dare John McCain and his advisers so callously dismiss the challenges the American people face. no wonder voters feel John McCain is out of touch, he and his campaign don't even understand the everyday issues Americans are dealing with."

    GRAMM'S QUOTES FROM THE WASHINGTON TIMES: " 'You've heard of mental depression; this is a mental recession,' [Gramm] said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. 'We may have a recession; we haven't had one yet.'

    " 'We have sort of become a nation of whiners,' he said. 'You just hear this constant whining, complaining about a loss of competitiveness, America in decline' despite a major export boom that is the primary reason that growth continues in the economy, he said.

    " 'We've never been more dominant; we've never had more natural advantages than we have today,' he said. 'We have benefited greatly' from the globalization of the economy in the last 30 years.

    "Mr. Gramm said the constant drubbing of the media on the economy's problems is one reason people have lost confidence. Various surveys show that consumer confidence has fallen precipitously this year to the lowest levels in two to three decades, with most analysts attributing that to record high gasoline prices over $4 a gallon and big drops in the value of homes, which are consumers' biggest assets.

    " 'Misery sells newspapers,' Mr. Gramm said. 'Thank God the economy is not as bad as you read in the newspaper every day.'"
  2. yeah,

    was wondering whether this was going to be noticed and commented upon...

    high gas prices, must be a figment of the mind...

    high food and transportation prices must be figment and mental recession....

    more overseas employment at the loss of US jobs, and getting tax breaks to send those jobs overseas, must be a figment of the mind too....

    too many whiners,

    well who is going to shed a tear of respect for all those soldiers with their boots on the ground and thousands under the ground, due to these wars?

    and the cost of funding these wars with questionable results based on deception of mass destruction?

    which actions were worse to the US?,
  3. All thgose imaginary foreclosures and reposessions. McCain is clearly senile.
  4. Sounds like he's sucking up to be Paulson's successor...
  5. Won't have too long to wait.

  6. Gramm has no reason to be worried about the economy. His wife's family makes many millions collecting sugar subsidy checks from the very people he is talking down to.

    One wonders about the mental health of people coming out of Texas.

    Is it the water down there? uniformly all are crooks who are morally corrupt.