Posted inPhoenix Politics: National

The recession this time

Another recession, and for many Americans the post-2001 recovery and expansion felt like one long tough slog. It would have felt worse had they been living within their means, but liar-loan mortgages, bottomless credit cards and cheap stuff from China allowed them to think they were rolling in the good times, just like the hedge-fund managers and CEOs.

Another recession, and it won’t be like 2001, when a fraud-driven bubble burst, or 1991, when the savings-and-loan scandal sank the economy. It will have fraud, bursting bubbles and unsustainable finance, to be sure. But it may be far worse than anything we have experienced since 1982, maybe longer.

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Posted inPolitics: National

Lies, damned lies, and withdrawal from Iraq

It’s easy to beat up John McCain for wanting to stay the bloody course in Iraq, indeed that America might have troops there for next 100 years. McCain’s strategy won’t be merely more of the same. It will be a push way down the slippery slope. But there’s much wishful thinking and dissembling on the part of the Democrats, too.

If Iraq really were another Vietnam, withdrawal would be without serious geopolitical consequences. Yet we shouldn’t forget the moral consequences of our withdrawal, with millions of South Vietnamese facing a brutal takeover and thousands who worked for us facing far worse. Hmong tribesmen who supported the CIA’s secret war in Laos are still on the run, abandoned by the superpower that so cavalierly used them. We should have gotten out. We shouldn’t forget that the cost was high.

But Iraq is not Vietnam, a fact that should be remembered every time a Democrat drives home from an anti-war rally in his SUV.

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