Wall Street Journal publishes pro-Obama editorial. (Adios, John McCain.)

[seafan]

Pigs are flying outside my window.



Via HuffingtonPost, August 8, 2008

Things really have deteriorated between John McCain and the press: even the Wall Street Journal editorial board is turning on him. The famously conservative group publishes a column praising the economic policy of none other than Barack Obama:

.....

Here's the WSJ piece.

Barack and the Buck

August 8, 2008


The underreported economic news of the week is that Barack Obama favors a stronger dollar. Even better, he thinks a stronger greenback would help to reduce oil prices.
That at least is what the Democratic Presidential candidate told a town hall forum in Parma, Ohio, on Tuesday. "If we had a strengthening of the dollar, that would help" reduce fuel costs, he said, according to a Reuters dispatch ignored by most of the media.

This ought to be a bigger story. In linking the dollar to oil prices, Mr. Obama is pointedly at odds with the Bush Administration and Federal Reserve, both of which blame high commodity prices on supply and demand, despite falling demand due to slower global growth. Fed officials -- in particular, Vice Chairman Donald Kohn -- have expressly rejected any strong link between the dollar's collapse and the oil price surge since last August.

This conveniently absolves the Fed and Bush Treasury of responsibility for the consequences of what has been their destructive and all but explicit dollar devaluation strategy. If the Illinois Senator rejects greenback debasement, that's the best news to date about Obamanomics.

Reuters also quoted Mr. Obama as saying "The way to strengthen the dollar is for us to get our economy back in shape." On that point, he has it backward: Strengthening the dollar would help the economy -- by making the U.S. a destination for capital, and especially by reducing the inflation in food and energy prices that has pounded the American middle class. Those price hikes may yet tilt the economy into a recession it could otherwise avoid.

We don't know who is whispering in Mr. Obama's ear about the dollar, but he's on to a rich political vein. Americans know instinctively that something is wrong when the Canadian loonie is worth more than the greenback. Over to you, John McCain.

Hey, the Journal even pointed out that the M$M are ignoring Obama's statements about this.



I MUST be dreaming.




(Bold type mine.)

[dkf]

1. Good catch. Its inflation that is killing the lower and middle class.

Also, Housing costs are waaay too high.

[Vogon_Glory]

2. Mebbe Even The WSJ's Editorial Staff Sees The Writing on the Wall?

Maybe even the WSJ's editorial staff (Many of the same guys who beat the drums so loudly for Republicans, Boosh, and the Iraq War) are seeing the writing on the wall. Did Almighty G*d paint their office walls with a message showing the results of the 2008 presidential election?

:evilgrin:

[Occam Bandage]

3. Man, that's like Kos running a pro-McCain editorial.

[DevonRex]

4. Just went outside to see pigs flying around. And hell surely

must be a tad cold right now, too.

K&R and thank you very much.

I don't read the WSJ. I wonder if Obama has talked to any of the economic experts who write for that paper, or for the NYT and WP.

[uponit7771]

5. Some republicans are voting for competency over ideals. They can see McCain is too stupid to impleme

...implement their ideals with any kind of wisdom

[mucifer]

6. yup . I'm noticing it too pigs are flying out of my butt.

wow!

[bluerum]

7. Check out the last sentence in the citation. "Over to you, John McCain".

They are helping mcLame hone his campaign rhetoric. That is all.

They use Obama as a surrogate in pointing out the insanity of the Bush doctrine to devalue the dollar. The WAPO handlers won't even let its staff come out and directly blame Bush and his cronies for destroying our economy -

In linking the dollar to oil prices, Mr. Obama is pointedly at odds with the Bush Administration and Federal Reserve, both of which blame high commodity prices on supply and demand, despite falling demand due to slower global growth. Fed officials -- in particular, Vice Chairman Donald Kohn -- have expressly rejected any strong link between the dollar's collapse and the oil price surge since last August.

They have to use the cover of "Mr. Obama said". Can't print it if it comes from one of their writers directly.

Chicken shit fucking WAPO.

[POAS]

8. Hell has.....well you'll see....

[kevinmc]

9. Chris Wallace beating up on McCain's Campaign Mgr ...WSJ Beating up on McCain ....

Ok ..... I give.....what's the punchline?

[dkf]

10. I would love to see Obama talk up "king dollar" that would make Larry Kudlow pee in his pants.

hahaha.

[n2doc]

11. I'm surprised that the headline isn't "Obama wants to kill our export industry"

But then, a strong dollar is old school conservatism, not neo con. Maybe there are still a few left at the WSJ? What's next, a call for a balanced budget? If Obama puts forward a serious effort on that front conservative heads would really explode!

[starroute]

12. Some of them are noticing the GOP has placed ideology over profit

A lot of things the GOP has been behind initially seemed to be good for the bottom line -- small government, deregulation, outsourcing, crushing the unions, keeping down labor costs.

But in the long run, most American businesses are dependent on having a prosperous, well-educated middle class, one that is able to both man its operations and buy its products -- and at least some of them are becoming aware that they can't have things both ways.

There are other factors they're waking up to as well -- such as that climate change and the accompanying instability are deadly to many businesses. Or that energy costs are making outsourcing less and less economically viable.

By a couple of election cycles from now, the GOP is likely to have gotten more in line with what business really wants and dumped the Norquist-style ideologues. But for 2008, at least, a fair number of business people are realizing that the Democrats promise to be better for the bottom line than the Republicans.

I don't know how much of an immediate impact this is going to have. The United States Chamber of Commerce, with its massive warchest, is still run by a Reagan-era ideologue, Thomas J. Donohue. (And that alone is probably sufficient to keep McCain from parting company with the deregulators, even aside from his relationship with Phil Gramm.)

But I do expect to see more of these defections over the next few months. And that is going to be interesting.