Steve Wynn schools Obama’s supporters on the economy
It’s a series of three video clips. The first is Moody’s chief economist Mark Zandi. He agrees we will be facing double digit unemployment for months if not years. But he says the stimulus is working. Otherwise it would be worse. Really?
We’ve heard this line before … from these same economists. Remember? We were told if we didn’t pass the stimulus unemployment would exceed 8%. The stimulus would prevent that. Remember? maybe this chart will refresh your memory.
Well that was pretty much all Steve Wynn could stand. He employs 20,000. Never laid anyone off he says … get out of the way, he says. Let the private sector create jobs.
Oh but no … Wynn is not finished. Not until he takes on Michigan’s Governor Granholm. The woman who presides over the worst state economy in the country (OK, sorry California), where unemployment is at Depression levels … 15.2%.
Blog Prof has the whole rundown … on the jobs picture.
Oh and a big hat tip to Gateway for pointing out the sorry state of Michigan for me. He has a pretty nice video over there of Detroiters clamoring for “Obama money”
I love Granholm's pitch: more government, more money (and the subsequent flushing sound from Detroit). She can't admit that government is the cause of much of her state's problems, in particular, the auto industry, where a large part of the industry's demise can be traced to government mandates on cars that make them more and more expensive, and less and less satisfying. Fun, if you will.
I remember that around 1980, you could get a lot of car or truck for $6-7 dollars. Nowadays, the average price is in the mid to high $20K range. Who can afford that, and worse, take the depreciation hit after buying the car. Most people are upside down on their car loans within a year on a five to six year car loan. And Obambi, in his wisdom, attacks the used car marked with the regrettable "cars for clunkers" program, which also pulled the rug out from under car sales for September, and, I'll bet, October and beyond.
Bottom line: politicians just don't know what they are doing, and are plainly incapable of predicting the long term results of their short term economic band aids.
Zandi from Moody's .. now that is a real winning organization. They're the ones that rated bundled sub-prime loser loans as AAA+ debt.
HA HA HA .. Moody's analysts are being mentioned by CNBC as I write this. http://www.cnbc.com/id/33343625 .