[FoRK] Fed Makes Emergency 0.75% Rate Cut

[J. Andrew Rogers]

On Jan 22, 2008, at 8:18 PM, Russell Turpin wrote:
> For the six years prior to last, Bush had a trained dog Congress
> that pretty much gave him the legislation he wanted.


Up to a point anyway; as a practical political matter the President  
has a limited ability to push back.  Some economically reasonable  
legislative proposals from Bush were effectively blunted (e.g. Social  
Security reform and so on), while a lot of economically stupid  
proposals (e.g. drug entitlement) were waved on through.  It was  
pretty clear that the Congress was only interested in spending money.   
Unfortunately, we do not get a Congress interested in fiscal restraint  
very often (if ever).

Congress fiddles with the economy incessantly, but somewhat  
independently of their own spending habits even though the two are not  
disconnected.  And for better or worse, every Presidential candidate  
(except perhaps for Ron Paul) is inventing all sorts of new ways to  
have the government spend even more money and take even more control  
of the economy than they already do.

Not that anyone should complain; most people *want* the government to  
spend more money, never mind that most of it is wasted.  Democracy in  
action.

J. Andrew Rogers