September 29, 2008
Voodoo Economics To Be Replaced By Cocktail Party Napkin Economics
The White House, House Democrats, and recalcitrant Republicans searched vainly this weekend for a meme to replace voodoo economics, the Ronald Reagan policy which has ravaged the American economy, bringing on the greatest economic crisis since the Great Depression. Democrats and the Treasury Department, along with reluctant rank-and-file Republicans, settled on a plan hastily sketched out on a cocktail party napkin (pdf) at 3:00 a.m. Saturday night as an adequate substitute.
"We did it with virtually no thought," said Secretary Paulson and Barney Frank, who said that reaching an agreement was more important than vetting the plan upon which everyone was agreeing. "We have to restore confidence in the markets," they said.
John McCain parachuted into the talks on Thursday, where he sat, unable to free himself from his canopy, as GOP Republicans floated a new plan.
"Initially, we were intent on switching from voodoo to witch doctor economics," said House Minority Leader John Boehner, explaining the thinking of some Republicans. "But some thought that too similar an economic philosophy."
Another Republican explained GOP reticence to sign onto a bailout plan. "We're really uncomfortable with giving away taxpayer money unless it's to prescription drug companies or the oil industry," said Rep. Wayne Tasso.
"The fact is, this shows that 'voodoo economics' is a disaster, just like I said," said George H.W. Bush, who coined the phrase to describe Reagonomics, economics based on Reagan's belief that giving everything to the rich would fill the coffers of the poor. "I knew Reagonomics was bad in 1978, but it took my son to prove how much it really sucks."
Posted by Tom Burka at 8:46 AM
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