Wednesday, May 11, 2011

Charlie Gasparino...

...used to be a reporter for CNBC; now he writes for the New York Post. This morning I read his piece, "Economy's still O's Albatross: Sorry, Bam: You're no Bubba," in which he blames the weak economy on the president. Gasparino makes some very, er, interesting assertions:

Reminders of the folly of Obamanomics are everywhere, from continued high unemployment to $4-a-gallon gas.

President Obama is responsible for gas prices? Really?

Near zero-percent interest rates that let banks make billions by trading bonds instead of making loans to small businesses.

Does the president control interest rates, or does the Federal Reserve? And would banks make more loans to businesses if rates were higher? Maybe rates are low because there isn't a lot of demand for money.

Inflation, particularly in commodities like oil -- the result of those low interest rates and the president's no-drilling policies.

Inflation is high and rates are low? Does Mr. Gasparino know something about future inflation expectations that the entire bond market is missing?

Gasparino goes on, after the requisite genuflect to Saint Ronald Reagan, to take a shot at the president for "his decision to socialize medicine." Come on, Charlie, you know better than that -- everything is still private: hospitals, doctors, insurance companies. The ACA merely extended health insurance to everyone and curbed the worst abuses of the insurers. In other words, the U. S. joined the rest of the developed world.

But that's enough. This piece is such a hit-job that it makes me want to ask: is Gasparino a business writer, or does he just work for the Republican Party?

One last thing: were Charlie Gasparino and CME pit broker Bobby Gault separated at birth?

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