Amidst all of the talk of hockey moms, jabs at Democrat Barack Obama, and media bashing, there was not much discussion of the weak economy at this week's Republican National Convention.In fact, the Republican gathering was notably short on talk of the main issue on the minds of voters. Sure, there was "drill baby drill," but is that really an economic policy? Can Americans drill their way out of the credit crisis? Can we drill our way out of the housing slump? Can we drill our way to prosperity?
No less of a flaming liberal than CNBC's Larry Kudlow took note.
"As we head into the closing night in St. Paul, there has so far been no reference to the weak economy," Kudlow said on the network's blog before John McCain's acceptance speech last night. "There has been no economic-recovery message and no growth message."
Interestingly, the Republican platform contained language inserted by economic conservatives rejecting the Bush administration's rescue of Bear Stearns Cos., and possible bailouts of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE), according to Bloomberg News. The document purposely did not mention the credit crunch because delegates were afraid that any solution that they would offer might make things worse, Bloomberg says. The GOP's embrace of free trade may sell well on Wall Street, but it won't win votes on Main Street where workers are fearful of their jobs being shipped to lower-cost countries overseas.
No wonder the GOP did not say much on the economy.
Most Americans are suffering because of high gas prices, a volatile stock market and plunging home prices. Though technically the economy may be strong and may not even be in a recession, most people and businesses believe they are worse off than they were a year ago.
Conservatives like Kudlow who were expecting to hear McCain tell the party faithful how he intended to lift the economy out of its doldrums were probably disappointed. The Arizona senator's address lacked the energy and passion of his vice presidential nominee Sarah Palin.
As the New York Times observed, the crowd wanted the Arizona senator to show them he felt their pain when he compared himself with Democrat Barack Obama. "But every time he did -- contrasting, say, the two men's records on trade or taxes -- the crowd broke into loud applause, a clear signal of what they were looking for."
Economic conservatives like Kudlow and former General Electric Co. (NYSE: GE) Chief Executive Jack Welch say the prospect of the Democrats controlling both houses of Congress and the White House gives them the heebie jeebies. Unless McCain can articulate a plan to bring prosperity back to most Americans, their worst fears may be realized.
Cramer on BloggingStocks: Don't paint everything with the jobs brush
Seven banks go up in smoke ahead of the holiday weekend
Sears offering hedge for consumers who lose their job -- good idea?
Reader Comments (Page 1 of 1)
9-05-2008 @ 4:46PM
william lindblad said...
Jon: If you are going to post on politics - do both sides.
Actually, it was rather smart NOT to issue forward looking statements at this time. The U.S., and for that matter the world, have economic problems and they are changing daily.
I would suggest that you read the proposals of the Democratic party as what I see is between asinine and fairy land. It would take a magic wand to turn this nation into a "nation of savers" and no amount of tax policy change will do this trick.
Who got us into this mess in the 1st place? Who is in charge of oversight of the banking system? Who is the majority party in Congress and thus, gets to chair the majority of committees? What are finance committees supposed to do - play tiddlywinks?
It would prove far more constructive to work on why we have the current mess and who is responsible than on the political rhetoric of presidential candidates.
9-06-2008 @ 9:22AM
Dan Barnett said...
There are a number of stories saying that the Republicans are trying to make this an election about "values" & not "issues". Makes sense to me.
Mr. Lindblad, do you mean now or for most of the last 15 years?
9-06-2008 @ 3:45PM
Mara said...
Maybe I'm of a simplistic mindset, but we have the brightest and most intelligent people - wouldn't it be great if we could get them all into a room and put gags on the politicians so they would have to listen and NOT yap their lips and the bright and best of minds could all throw their knowledge into a think tank and we could perhaps swim our way out of this quagmire? Just a suggestion. I know I live in fantasy land.
9-07-2008 @ 5:21PM
Republican Alternative said...
Give Republicans a Real Maverick.
If you're not going to buy into the McCain gimmicks, Vote Republican Ron Paul.
If you're really concerned about National Security and know Palin's not the best Republican VP choice we have. You have a better alternative.
Unlike McCain who's been in the Senate 25 years and agreed with Bush 95% of the time. Republican Ron Paul holds true the soul of the Republican Party.
Republican's know, if you don't like the public school system there's Private and Group homeschooling. None of this school welfare.
Republican's shouldn't have to pay for someone who chooses to overeat junk foods, sugar and gets diabetes or heart disease, why should they pay for other peoples' special needs children or adults.
Don't have health insurance or a good job. Find another one! Don't make Republicans pay for your Special needs.
Independants, Republicans, I urge you, for our country. Vote Republican Ron Paul, check him out and get the word out to all Republicans who don't want the same Bush 4th term, who don't want McCain/Palin sarcasm, their ToastMaster speeches, they're entertaining, but they don't offer solutions.
Please copy this post everywhere, Ron Paul the Real Maverick.
9-07-2008 @ 5:21PM
Nate said...
Obama is backed by Paul Volcker. McCain is backed by Phil Gramm.
The contrast could not be more staggering. Anyone saying the Republicans are stronger on economic policy is flat out ignorant.
When will this mythologizing about the wonders of deregulation and free-markets finally come to an end and be revealed to be the pseudo-scientific hocus pocus it has always been? Our economy needs intelligently managed capitalism and that's what an Obama presidency will offer. Yes, this will mean less risk, suck it up you corporate babies. The people don't want it.
9-07-2008 @ 5:23PM
Larry said...
Actually the Republicans have spoken out on what the problem is and the Democrats have ignored it. It's the price of fuel stupid! I am a small business owner, the impact from the price of fuel is what's holding us back, plain and simple. You guys have a tendency to ignore small business and only focus on large corporations even though we employ 80% of the US population. Apparently we are the backbone of this country and who's helping us, John Kerry? Hell, Heinz did great this year. All forms of transportation are in trouble and still the do nothing congress lead by Nancy Pelosi have not reacted to our plight!
9-07-2008 @ 5:24PM
katiec said...
Anyone who supports more of Bush's
policies is asking for diaster.
Mccain supported and continues to
support 90% of the policies that have
put our country in the worse shape it
has ever been in.
Biggest deficit in the history of our
country.
Education, medical systems broken.
Billions upon billions being spent for
an unjustified war.
Thousands of innocent lives lost for
the same.
Borrowing from countries to futher
put our country in the hole.
Losing respect, support of other
countries.
Unemployment rising daily. (these
figures do not include those whose
unemployment has run out)
Just one crisis after another.
ENOUGH!!
9-08-2008 @ 9:29PM
winslow said...
Until individuals can sit down and intelligently discuss possible solutions to problems, we will continue down the same path. This will not be happening any time soon. Listen to some of the radio show persona; they are vile and HATE the other side. This is Ameirca today, my friends.
9-13-2008 @ 2:33PM
Vicki said...
As always the Republicans are using morals and other issues to skate through and over the real issues. There is gloom over America as more Americans loose their homes and now told they can't vote because of foreclosure. Jobs are being outsourced and lost and attending college is not an issue for kids because of expense. If Republicans are left in control. We will wake up to a third world country America with the upper few having all of the money and power. We need new sources of energy and the powers that be do not care they would kill us all and the planet to pad their pocket books with oil. We all push daisies in the end. Lets look at the real issues here and not Palin and the facade of the Republicans lies.