A story in Saturday's New York Times by Kate Hammer and Julia Werdigier about how Europeans are finding great bargains in New York City because of the low value of the dollar actually made me stop in my tracks (Since I was sitting at the time, it actually made me sit up in my seat).
As a baseball fan, I'm angry. As someone who believes in markets and risk/reward, I'm not shocked or suprised in the slightest and consider everyone else who is to be naive.
Even by its usual highly partisan position, an editorial in today's Wall Street Journal dealing with the pay-as-you-go rule is so extreme that it deserves to be debunked almost line by line.
First when he was OMB director and then as chief of staff in the Clinton White House, Leon Panetta was famous (some might say infamous) for negotiating with congressional Republicans on the budget. He'd negotiate a deal in private and then either denounce it publically or come back the next day demanding something more. He was one of the reasons the Clinton administration ran circles around the GOP congressional majority that, led by Newt Gingrich, was assumed to be in control.
Treasury Secretary Hank Paulson, December 6, 2007, talking about the Bush administration's mortgage program:
"...the risk of litigation should be manageable."
Treasury Secretary John Snow, July 18, 2003 and throughout his tenure talking about the federal budget deficit:
"...our deficit level is manageable..."
Does the second statement give anyone confidence about the first?
