James Pethokoukis, who used to work at IBD and whose writing seems to lean pretty much to the economic right, has a consistent critique of the GOP primary so far. His most recent post is entitled, "GOP Debate Strangely Ignores Financial Turmoil." To be clear, he’s talking about things like the near-doubling of the unemployment rate of the South Florida economy in the last 9 months. Read him. He knows what he is talking about. He has also argued repeatedly that 2008 could be a 1992 redux. Don’t believe him?
Check out some headlines from today and yesterday:
- FT’s "US loan defaults widen." Meaning that people are defaulting on credit cards and car loans.
- Dow Jones’ "Americans cashing in their 401(k)s." Meaning that people are struggling for money in the present, so they are giving up parts of their future. Often taking significant penalties.
- Bloomberg’s "Countrywide to refinance up to $16b in loans." Meaning that Countrywide is being more lenient on defaults, making it more likely that they are going to get their money back. As the article notes, "Lending has never been an altruistic business, but having lots of failed transactions on your books is never good".
Guys: The economy is going to be a serious issue. Hillary Clinton is, essentially, taking Iraq off the table as a general election issue. She is going to run on health care and the economy. And the field is being set. And the economy is tanking in important swing states.
And we are silent.