So Phil Gramm Isn’t Wrong?

We looked at the WSJ interview with PhD in economics, former US Senator, and campaign co-chair for John McCain, Texan Phil Gramm last week here. He made sense to me with his comments about free-market capitalism and strangling socialist legislation. No one is eager to hear such straight talk, but it still remains straight.

Now, the sensible iteration of Dr. Phil gets his pee-pee whacked for going off-reservation with more honesty. He notes that despite the wailing and gnashing of dentures that we aren’t yet in a recession. The high cost of gasoline, the not surprising come-uppance of the misfit mortgage market, and the easily anticipated consequences of taking food grain away from food production and using it for more expensive motor fuel still don’t add up to the definition of recession. Growth is undeniably miniscule, but it isn’t negative and nowhere near the contraction of the Carter years. Yet the people and their Messiah demand that we wail about the state of the economy.

Here’s the original story. See if you can find anything there that doesn’t make sense or ring true:

No Offense From Truth

Yet, Sen. Obama stands before his adoring disciples and in a retro moment announces that he is the one who can “feel their pain.” Who is this upstart with more education on economics and exponentially more Senate experience than Barack himself, who dares to imply that this is much hype? Certainly the individual who just lost his job in Detroit (anecdotal evidence alert!!!) is certainly legitimately wailing and not simply whining. How dare Gramm suggest that facts get in the way of feelings. And, let’s throw in a little pop-culture cross-reference to TV pseudo-psych Dr. Phil.

How Dare He!

And, rather than capitalizing on the moment with some straight talk of his own, John McCain crab-walks across the stage distancing himself from a staunch supporter and someone who could contribute immensely to his conservative cred in coming months. Too bad.

But, explain this to me. If people are choosing between eating and meds and buying gasoline for their cars because they are so short of funds in the crashing economy, why are they able to line up by the thousands for the release of the iPhone 3G?

If you are devastated financially by the “recession” how can you have sufficient discretionary income to be plopping $300 or $400 down for the latest iPhone? Certainly these folks aren’t buying their first cell-phone. And, the extra things that the iPhone does aren’t in the class of business necessities such as supplied by a Blackberry. The whole raison d’être of the gadget is to saturate your already over-stimulated brain with music downloads and TV clips and movie trailers all at your commanding fingertips through a truly innovative touch-screen interface. In other words, they’ve got the loose change to piddle away on unnecessary toys. Some recession.

Spoiled Brats

There might be poetic justice here. The gods are laughing as the idjits buy the toy, can’t get it activated and simultaneously lose connection with their old phone. Old one gets cut off but new one isn’t turned on. I wonder if they can locally upload their MP3 to avoid acute withdrawal symptoms?

Maybe during this interval of non-mind-numbing peace they will be able to concentrate on the clear message of Dr. Phil Gramm and ponder the reality of numbers versus the hysteria of hype.