mm258: It’s the economy, stupid!

MUDGE’S Musings

Can’t escape it.

Oil at $100 per barrel. And planted well over $3 per gallon at the pump.

Stock market with more bad news than good.

Another bank lost $billions last quarter, due to the mortgage fiasco that is shortening breath and whose ripples are washing ashore around the world. A bank in England with the oh so modern name of Northern Rock caused the first run on a British bank in 200 years last fall and had to be bailed out by Her Majesty’s government; U.S. subprime mortgages the cause. How unseemly!

How do you feel about your job? More and more entry level positions in MUDGE’s IT field have “right sourced” (love those euphemisms) themselves to Bengaluru and environs; where do they (the suited euphemizers in the corner offices) think that their own successors will come from? What, me worry?

A presidential election that for more than a year seemed so much a referendum on the Republican party’s mishandling of Iraq has, as elections often do, and as this preposterously lengthy election season guaranteed, morphed into another arena altogether.

It’s the economy, stupid!

Fred Siegel points this out in the latest City Journal.

cityjournal-new

Fred Siegel

The Globalization Election

Voters are showing their anxiety about the economy and immigration.

10 January 2008

The common thread that ties Mike Huckabee’s come-from-almost-nowhere victory in Iowa to Hillary Clinton’s unexpected resurgence in New Hampshire is a shared ability to speak to widespread middle- and lower-middle-class economic anxiety. In Iowa, Huckabee effectively disparaged Mitt Romney—who made a fortune at Bain Capital and outspent him 20 to 1—as someone who couldn’t possibly understand “people at the lower ends of the economic scale,” who fear that they’re losing ground in the increasingly globalized economy. And in New Hampshire, while Barack Obama’s rhetorical flourishes spoke most effectively to the young and to the “creative class” that has flourished in the global economy, Clinton—like her husband before her—felt the middle class’s pain, devoting most of her campaign events to highlighting economic issues and offering narrowly tailored programs to address everything from the rising cost of tuition to mortgage defaults. And it paid off: she defeated Obama by ten points among those who felt they were falling behind financially.

Clinton’s comeback aside, the most surprising fact to emerge from New Hampshire was that voters in both parties named the economy as the Number One issue. New Hampshire, where more than 81 percent of the voters have at least some college education, is prosperous by any standard. It enjoys the lowest poverty rate in the country, one of the lowest unemployment and taxation rates, and is in the top echelon of income. Yet only 14 percent of its Democrats and half of its Republicans believe that the economy is doing well, while a stunning 98 percent of voters in the Democratic primary and 80 percent in the Republican primary were “worried” or “very worried” about the economy.

Siegel has very perceptively connected our economic (skyrocketing oil, plummeting home values) shpilkes with the issue of illegal immigration, tosses in terrorism, and calls it the globalization election.

[Please click the link below for the complete article — but then please come on back!]

The Globalization Election by Fred Siegel, City Journal 10 January 2008

In the end (290 days and a couple of hours from now) it will come down to which of the smooth (or not) talkers convince the voters that s/he understands the gravity of the issue Siegel calls “globalization” and has a plan to make all of our troubles vanish.

For all the talking we’ve heard, I don’t think any one of the candidates has convinced enough of us.

It will be an interesting 290 days…

It’s it for now. Thanks,

–MUDGE

Faithful reader might be interested in how MUDGE came up with that 290 day number.

Got to the second page of Google results before the answer popped up – a site I’ve depended on for years.

Global as yr (justifiably) humble svt is, accurately knowing what time it will be in Sydney when it’s 7:00pmCST next week is part of the job. Long years ago, I came to depend on a terrific website, timeanddate.com to accurately deliver that information. On its Personalized World Clock page, one can specify up to 25 cities around the world, and you get a page that displays them. As I write this, it’s 5:58pm Friday in Honolulu, 1:58am Saturday in Sao Paulo, 11:58am Saturday in Beijing, and 2:58pm Saturday in aforementioned Sydney. Very cool.

Well, the site also has many other useful calculators. And, doh!, a days between two dates calculator. Also very cool.

And, a theme we’ve used here before, it’s only 31,795,200 seconds, give or take a few thousand, until a new president is inaugurated.

Can’t come soon enough.

Really, now, it’s it for now. Thanks,

–MUDGE

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