What is he smoking?And: Can I have some?
A couple of conservative stalwarts (notably Amity Shlaes and George F. Will) defended Gramm's hopelessly stupid remarks on semantic grounds: We're not in a recession because the economy hasn't shrunk for two quarters in a row...
What a relief!
I guess nobody has to worry then that the Dow had the worst June since the Great Depression. Or that the price of oil is $140 per barrel. (An almost five fold increase in the past five years!) Or that Lehman is about to go the way of Bear Stearns. Or that the nation's two largest mortgage lenders -- which own $5 trillion of debt! -- saw their stocks lose 74 percent of their value since the start of the year. Or that even in New York City (which has weathered the housing bubble relatively well) the foreclosure rate is the worst in 29 years!
No, thank god, it's not a recession.
I was going to award Phil Gramm the schlub of the week award -- but those sentiments are too stupid to be the sayings and sentiments of a schlub. Phil Gramm is demoted to out-and-out schmuck.
