Fred Thompson Reveals his Ignorance
Asked about the economy in the debate yesterday, America's new elder statesman (who got that way by being a Hollywood dandy, of course) revealed some interesting ignorance about the economy. Let's go to the tape:
The stock market seems to be doing pretty well. I see no reason to believe we’re headed for — (pause) — for economic downturn...
So, like the rest of the glazed-over masses, Freddo thinks things are just fine so long as nominal asset prices are inflating. Never mind whether or not the prices are rational, sticky, or real. (Ponder the latter in light of the dollar's collapse and you'll know it ain't.)
But maybe we should give credit where credit is due. If he's ignorant in a way that resonates with the voters, that's all that will matter. He'll get what he wants, and he can give them what they want (price supports for bad housing gambles, pressure for interest-rate cuts, lower taxes, higher unpaid military spending, expensive border walls that won't work, etc.)