A shortage of pixie dust

Is the economy well and truly dead? Well, no. But it’s fading. Think Tinker Bell, if Tink had to contend with the Federal Reserve:

The economy is an area in which belief equals reality or, at least, belief has an important effect on behavior which produces the reality. That’s what John Maynard Keynes referred to as “animal spirits”, an important force in pulling economies out of recessions.

Welcome to roadkill. Where did all the spirited critters go?

Whatever his failing, Bill Clinton was a relentless and indefatigable cheerleader for the economy. His confidence built confidence in others… George W. Bush didn’t have that same quality and neither does Barack Obama.

Of course, neither W. nor BHO had the benefit of various 90s booms, and neither of them could conceive of a budget that wasn’t deeply in the red. And Clinton had had hard-nosed Congressional Republicans of the Newt Gingrich stripe who kept the pressure on. Today’s GOP, by comparison, has a collective proboscis made of rubber baby buggy bumpers or something.

And whatever Bill did in the 90s won’t redound to Hillary’s credit in 2016, since nobody can imagine her as a cheerleader, for the economy or for anything else.


  1. Charles Pergiel »

    8 August 2014 · 2:12 pm

    Redound? New word for me. I think I like it, maybe.

  2. jsallison »

    8 August 2014 · 7:13 pm

    W also didn’t have the benefit of democrat operatives with bylines working morning, noon and night to convince us that all was rainbows and kittens. I was never a fan of democrat-lite…err, compassionate conservatism but history will treat W much more gently, I suspect, than the current resident. JimmuhC can go into that great night now knowing he will not be the ‘suckiest president evah’.

  3. CGHill »

    8 August 2014 · 8:34 pm

    In one of my mass-communications classes back in the Old Silurian, we were warned against cynicism. This, I have learned, was a grave error.

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