Sunday, August 1, 2010

David Stockman blasts the Republican Party

I'm with Barry Ritholtz (How the GOP destroyed the economy), David Stockman's op-ed piece in the NY Times is a real eye opener. Stockman, the OMB Director for President Regan, really blasts the Republican party. According the Stockman, this financial crises we are enduring is the direct result of errant Republican policies. Republicans are to blame for the current state of our economy. Republicans, not President Obama or Clinton, and not the current Democrats controlling Congress. Republicans brought us this mess. Our Republican party screwed America. And don't forget that when you walk into the voting booth this fall.

From Stockman's op-ed piece, the last two paragraphs pack a blow out punch:

"It is not surprising, then, that during the last bubble (from 2002 to 2006) the top 1 percent of Americans — paid mainly from the Wall Street casino — received two-thirds of the gain in national income, while the bottom 90 percent — mainly dependent on Main Street’s shrinking economy — got only 12 percent. This growing wealth gap is not the market’s fault. It’s the decaying fruit of bad economic policy.

The day of national reckoning has arrived. We will not have a conventional business recovery now, but rather a long hangover of debt liquidation and downsizing — as suggested by last week’s news that the national economy grew at an anemic annual rate of 2.4 percent in the second quarter. Under these circumstances, it’s a pity that the modern Republican Party offers the American people an irrelevant platform of recycled Keynesianism when the old approach — balanced budgets, sound money and financial discipline — is needed more than ever."

North Carolina deserves better than Republican Senator Richard Burr.

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