Reality Sets In
I have known since college that, in many ways, America is a brutal power, mostly overseas.
I started paying attention to day-to-day political matters in November 2000, quite flummoxed when I learned that Gore had not won.
Now we have a Democratic administration, and some of the haughtiness I hated from the Bush administration is coming from the Obama administration.
Are we at a "real risk" of deflation, as Lawrence Summers said? Is deflation so bad? It is bad for non-rich people, which especially includes people in debt (most Americans). Deflation means prices fall. Are prices too high? Lawrence Summers apparently doesn't think so.
But let's assume that Summers goal is just and noble and good, and that a deflation risk is A Bad Thing. Listen to this presumptious ninny: "I’ve got great confidence that in our country we do the right thing. So I expect a bill to be signed into law.”
I expect a bill signed into law? Has this guy been mainlining ex-President Hubris? How about, instead of the previous way, he had said:
"The Treasury Department of the United States believes that the most important legislation the Congress could pass to ensure the economic vitality of the United States is the fiscal stimulus package."