At a press conference this morning the President was again disdainful of the media hysteria about the corona virus, and essentailly bragging he got tested although he didn't want to and didn't have the virus, and people should not worry about getting tested unless their Doctor tells them they need to.
This was wrong on so many levels.
Three months into this Corona virus outbreak and the President of the United States still fails to comprehend that people can carry this virus around for long periods of time, spreading it to others, without showing symptoms. He fails to understand that where test kits are scarce doctors don't want to test until they see symptoms, but that isn't because that is the best protocol - it is because we have an inability to test as many people as we should.
He seems clueless about the fact many Americans don't have a personal doctor at their disposal at a moments notice, and maybe can't afford a personal consultation. Like George Bush's moment of confusion at a supermarket counter it illuminates how out of touch our current President is from the life of everyday folk.
He ignores the fact individual doctors can make mistakes and do frequently. Given President Trump's history of surrounding himself with marginally competent yes men I can't help but wonder about the quality of his doctor's medical advice.
The President consistently says what supports his ego and re-election prospects rather than what the country needs to hear.
His ignorance is a dragging anchor on an effective response to the virus and is and will aggravate the gravity of the economic downturn into which we are sinking.
Thursday, March 19, 2020
Tuesday, March 17, 2020
Bailout. Again.
Sunday the Fed cut it's interest rates down to near 0%. They are buying Treasury bonds at a furious pace, and taking other steps to hand out money to banks and financial institutions.
I don't quibble with these short term actions. At a certain point when past decisions are threatening chaos, they have to address the chaos. But the fed has become the enabler in chief for stupid economic policies.
For nearly 40 years Republican tax and regulatory policies have favored speculation over production. They use debt to pay government bills so they can cut taxes on the wealthy so our National debt has nearly tripled. The result has been grossly excessive speculation fueled by cheap debt that is all but guaranteed by the Fed. So rich folk sell assets back and forth for ever higher and higher prices even as worker incomes stagnated and our consumption base has been shrinking.
It stems from the warped view of the world Republicans promote where business is the highest human value and all other considerations give way to supporting business. When Republicans promoting that view have controlled the country we regularly plunge into recessions or depressions because Republicans believe folks pursuing their own greedy ambitions can do no wrong.
In a free market people that don't have to bear losses for bad decisions don't learn to make better decisions. Everytime there is an economic wobble in the last couple decades the fed steps in, so investors become complacent about sensible risk taking. They take risks and rely on the Fed to bail them out. What happened in 2008 and what is now happening is the Fed's constant interference in the market lets problems balloon out of control.
The Fed would likely say their hands are tied - they can only aim at the targets Congress sets for them - maybe true but the fact they have never really complained about what is going on suggests they were pretty clueless - effectively they see no problem with an economy built on debt fueled speculation.
It is looking more and more like the Democrats may sweep up the Presidency and both houses of Congress this November. Will they do any better? Or, as with Bill Clinton and Barack Obama, just continue with a slightly more moderate version of Reaganomics?
I don't quibble with these short term actions. At a certain point when past decisions are threatening chaos, they have to address the chaos. But the fed has become the enabler in chief for stupid economic policies.
For nearly 40 years Republican tax and regulatory policies have favored speculation over production. They use debt to pay government bills so they can cut taxes on the wealthy so our National debt has nearly tripled. The result has been grossly excessive speculation fueled by cheap debt that is all but guaranteed by the Fed. So rich folk sell assets back and forth for ever higher and higher prices even as worker incomes stagnated and our consumption base has been shrinking.
It stems from the warped view of the world Republicans promote where business is the highest human value and all other considerations give way to supporting business. When Republicans promoting that view have controlled the country we regularly plunge into recessions or depressions because Republicans believe folks pursuing their own greedy ambitions can do no wrong.
In a free market people that don't have to bear losses for bad decisions don't learn to make better decisions. Everytime there is an economic wobble in the last couple decades the fed steps in, so investors become complacent about sensible risk taking. They take risks and rely on the Fed to bail them out. What happened in 2008 and what is now happening is the Fed's constant interference in the market lets problems balloon out of control.
The Fed would likely say their hands are tied - they can only aim at the targets Congress sets for them - maybe true but the fact they have never really complained about what is going on suggests they were pretty clueless - effectively they see no problem with an economy built on debt fueled speculation.
It is looking more and more like the Democrats may sweep up the Presidency and both houses of Congress this November. Will they do any better? Or, as with Bill Clinton and Barack Obama, just continue with a slightly more moderate version of Reaganomics?
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