Comments on: Obama’s Economic Xenophobia

By: sg

sg — Thu, 09 Oct 2008 22:44:09 +0000

I'm astonished at the rather blatant xenophobia in Obama's recent advertisement. Depicting Chinese workers and businesspeople as antagonists, inference being our enemy, is downright disgusting.

If McCain released an ad on crime, featuring video of African Americans, he would be condemned, and reasonably so. Obama too deserves condemnation.

By: Michael Drake

Michael Drake — Thu, 09 Oct 2008 14:18:54 +0000

The Obama ad Kerry linked to attacks McCain's claim that he has "bought American all his life," and his alleged refusal to vote for "loan guarantees for the auto industry." That's it. Now maybe this doesn't sufficiently evangelize the unconditional, self-evident awesomeness of free global markets to your taste. But neither is it "depicting economic engagement [with foreign countries] as un-American."

You also make a lot of hay out of the "borrowing from China to pay Saudi Arabia" rhetoric. "Disgusting!" you say. But it's not clear why we might not want to explore opportunities to change that status quo. If I've got to buy parts from Sam, and I reckon that Sam's a real asshole, I might want to seek out substitutes. (Same goes with lenders.) Does it really say anything about my desire to do business with others generally that I may not care to do business with Sam?

It's not clear that any "strategy" could ever really uncover the esoteric meaning of our politicians' enigmatic populist utterances. But, c'mon -- a little more charity.

By: curt finch

curt finch — Wed, 08 Oct 2008 16:02:28 +0000

There is nothing wrong if 'we the people' want to invest in conservation and greenery, if it's modest and the ROI is measured and we actually get that ROI. When governments are involved the ROI often goes negative. My problem is with expectations. Look at that graph I posted above. We will never in our lifetimes be off of coal and oil (unless there is a magic fusion breakthru). So stop saying we will be energy independent or off of oil. It just can't happen. When the candidates say that crap they are pandering. They know better (I hope).

By: Jack

Jack — Wed, 08 Oct 2008 15:43:39 +0000

Its worth emphasizing that the “liberals who understand economics” model for libertarianism is much more palatable to those who grew up in (left) liberal households (in my case with a Marxist mother).

And I have no doubt there's plenty for me to read up on on economics. But part of the problem is that those on the left wouldn't really have a problem with a far less restricted market if there were market friendly solutions for the issues we were concerned about- like say some form of negative taxation in place (as I undestand it Hayek is ok with this, right?) But for various reasons that kind of program is much harder to put in place politically than is a minimum wage- same goes for a carbon tax versus cap and trade. Now you and I might feel differently about global warming and economic inequality but the point is the more market-friendly solutions to these issues have (somehow) become less politically viable than more statist solutions. From my perspective this happened because Republicans (and a lot of Democrats) are more concerned with protecting corporations than the free market and because the politics of welfare are so racialized.

By: mint_tea

mint_tea — Wed, 08 Oct 2008 15:09:05 +0000

Obama's push for energy independence is a push for eco-friendly energy investment. Reduce energy consumption on the demand side with greener technologies/electric cars, and increase research into green energy on the supply side. As a side benefit, less petrodollars for Saudi Arabia! Yay!

Aside from invoking government intervention, what's wrong with that? What am I missing here?

By: stephen

stephen — Wed, 08 Oct 2008 14:34:45 +0000

thanks for watching that for me. or us. whatever, thanks, dog.

By: Micha Ghertner

Micha Ghertner — Wed, 08 Oct 2008 14:11:25 +0000

Do you hear that, Will? Your hubris has caused the financial system to implode! Shame on you! Exercise some humility and trust that the hopelessly ignorant (democracy in action!) can command and control national energy policy, health care policy, and the entire financial system. Keeping your hands out of other people's pockets is elitist! Stop being such an ideologue! (I am not an ideologue because I disagree with Will.)

Bonus points to lxm for writing quite possibly the most ridiculous comment on a blog I've ever seen, and I've seen a lot.

By: curt finch

curt finch — Wed, 08 Oct 2008 13:05:01 +0000

http://en.wikipedia.org/wiki/Image:World_Energy...
You will notice that wind, biomass and solar do not appear on this graph.
Guess why. (Hint: it's not Exxon's fault.) No amount of investment in solar is likely to make its price reasonable in our lifetimes. Achieving energy independence in the
absence of fusion power is unlikely. A milkjug of gasoline will for 4 dollars push a 2000 pound car 40 miles. To understand how much energy that represents, imagine pushing the car 40 miles by hand. If you want to stop using oil, figure out – realistically – how to change that graph so oil goes to zero.

Wishing will not make it so.

By: lxm

lxm — Wed, 08 Oct 2008 12:51:14 +0000

I usually hear the same message in all Will Wilkinson's posts: He says, "I am the smartest guy in the room and I have a lot of disdain for those who don't think like me." Today's posts are the same. He hates seeing democracy in action and disparages Obama as an economic illiterate.

He exudes the same hubris that has infected the Bush administration from the start and has caused the financial system to implode.

Globalization certainly has its good points, but we clearly have not understood its dangers, nor how to avoid its downsides.

Energy independence may be impossible, but our dependence on foreign oil is dangerous and has lead us into costly and devastating wars.

Ideologues of all stripes are dangerous.

By: curt finch

curt finch — Wed, 08 Oct 2008 12:49:16 +0000

Will, I'd never heard of you before – to my knowledge – until today on NPR, where you were speaking of the bailout and the need for correct regulation etc. What a breath of fresh air. The market isn't evil. Government isn't evil. In fact they are an inseparable holistic hippy buddhist oneness. Isn't the Bill of Rights, the Fed, the bailout and Congress all really just another expression of the market in the sense that 'we the people' put it all there to make our lives better. And we make mistakes with our puts and calls as well as with our bills and laws.

I sound like frickin jesse jackson.

By: Will Wilkinson

Will Wilkinson — Wed, 08 Oct 2008 11:30:59 +0000

See what liveblogging does to me?! Empathetic commentary will return when I am no longer deranged by observing democracy in action.

By: Hayekian

Hayekian — Wed, 08 Oct 2008 05:10:01 +0000

Good point about Republican cultural xenophobia. If you expect me to defend Republicans, you need to look elsewhere. But if you continue to educate yourself on economics, you should read up on Freidman, Hayek, Mises and Public Choice Theory. I think you will discover that the incorrect economic assumptions of most Democrats extend far beyond just trade policy.

Incidently, I also consider myself a “liberal”. I think it is way past time for the rehabilitation of that word.

By: Jack

Jack — Wed, 08 Oct 2008 04:49:14 +0000

Well its a lot easier to educate people on economics than it is to reverse the extensive xenophobia of the Republican Party.

As a liberal who's changed my views on trade issues in the past year because I've been learning about economics- I assure you it's possible.

By: GilM

GilM — Wed, 08 Oct 2008 04:32:59 +0000

I disagree. I like Will's careful analysis and heavily-qualified conjectures as much as anyone. But, I also like it when he occasionally breaks loose and gets snarky and calls “Bullshit!” on bullshit. There's room for both kinds of posts.

Sure people will get the wrong impression and/or get offended some of the time. But, maybe some of them will look a little deeper and consider whether or not he has a point.

By: Hayekian

Hayekian — Wed, 08 Oct 2008 04:09:09 +0000

Obama may be the lesser of two evils in this election, but even if – as John V indicated – Obama is more economically literate than most of his supporters, what are we to make of a political party which thrives on the economic ignorance of its constituents ?