Wednesday, November 26, 2008

Paul Volcker, Obama's Economic Savior

This just in: President-elect OBambi has decided to drudge up the genius who gave us Jimmy Carter's Malaise to head up his Economic Implosion Advisory Board. For those of you who are under 40 or went to the public schools, we're talking about the man who oversaw the second-worst economy of the last 100 years (the Great Depression being the worst of course). Yes, Mr. Stagflation is now part of the Hope and Change Express, along with numerous former Clinton officials.

You think times are tough now? According to The Omniscient One, we're currently in the worst economy since the Great Depression. Right now we're saddled with 6% unemployment, 2-3% inflation, and 5% interest rates. The Carter Administration, thanks to the money policy of Paul Volcker, gave us 10% unemployment (um, that's 67% more unemployed people than right now), 13% inflation, and 11% interest rates. Try buying a car or flat-screeen TV with those stats. Between the 20th and 21st Centuries, only the Great Depression was worse.

The media likes to credit Mr. Volcker for being the man who helped end the Carter economic disaster. Um, that guy's name is Ronald Reagan. Paul Volcker created the disaster by changing the fed's money policy. Ronald Reagan ended it by reversing Mr. Volcker's idiocy. Mr. Volcker was allowed to stay on during the Reagan Administration to implement what was originally mockingly dubbed Reaganomics. Note that it's not called Volckernomics. Volckernomics would be double-digit unemployment, inflation, and interest rates.

So I'm confused: is this Carter's second term, or Clinton's third?