Will: Economic Crisis May Only Be ‘A Financial Problem,’ ‘Rest Of Economy Is Doing Rather Well’
Will: Economic Crisis May Only Be ‘A Financial Problem,’ ‘Rest Of Economy Is Doing Rather Well’
Today on ABC’s This Week roundtable, conservative columnist George Will claimed it is possible that the economy may only be suffering from a “financial problem” while the rest of the economy is performing “rather well”:
WILL: All will be forgiven if things turn out well. And it’s just possible, Donna, that the economy is not going down the drain. 94, 95 percent of all mortgages in this country are being paid off on time. Ninety-four percent of those who want to work are working. This may be much more of a financial problem, that is, one sector, while the rest of the economy is doing rather well.
Watch it:
Will’s rosy assessment of the economy is deeply misguided. It’s clear that the financial industry is not the only sector of the economy in crisis mode. Some examples:
Construction Industry: The construction sector is “beset by one of the biggest drops in employment in the current economic downturn” and had an unemployment rate of 10.8 percent in October.
Labor Market: The economy lost nearly 1.2 million jobs in the first 10 months of 2008, including 240,000 jobs in October. Unemployment is now at roughly 6.5 percent.
Housing Industry: New home sales in September 2008 were 33.1. percent lower than the same time last year. “The median price for existing homes fell by 9.0% and prices for new homes by 9.1% during the same period.” One in 11 mortgages is delinquent or in foreclosure.
Auto Industry: The auto industry just experienced another month of “record low sales.” Recently, Detroit automakers plead with Congress for a financial rescue package in order to avoid bankruptcy.
Will’s portrayals of the state of the economy have been abysmal. In June, he claimed that average Americans “are better off today than they were in 2000-2001.” In July, Will stuck up for former McCain adviser Phil Gramm’s “nation of whiners” comment, stating that Americans “are the crybabies of the western world. In fact, we have an extraordinarily low pain threshold.”
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Catapulting the propaganda – now you can see why the lying liars that runt he mainstream media have kept him babbling about baseball the last few years.
The needed to protect an illusion of “credibility” for when they needed to roll out a new faux pundit.
November 30th, 2008 at 2:09 pmSurely, since he pretends to be a baseball expert on TV, we should all listen to what he says on the economy.
November 30th, 2008 at 2:10 pmI get it.
As long as people like George Will are allowed to babble endlessly on the teevee machine and make the mortgage on their McMansion, things are just fine.
November 30th, 2008 at 2:17 pmYes, and the very sad thing is no one calls people like Will on these statements when they are made. ABC, and the drooling suckup Georgie, should be ashamed. I’m not suggesting it’s wrong to love capitalism, “the markets,” whatever. It is wrong to allow obvious lies (Will is a smart guy; he knows spouting nonsense, and he also knows he’ll get away with it on air).
November 30th, 2008 at 2:20 pmWell I am glad Zooey gets it because this shit makes no sense to me.
November 30th, 2008 at 2:21 pmI do not understand the patience we have all shown towards the George Wills of the world.
Someone explain to me please.
Why are we unmoved beyond thrashing words back at them?
Where are the revolutionaries?
You do realize that this 700 billion is simply the biggest bank heist ever and the American public is aiding and abetting the white collar criminals in perpetrating it?
What are you going to do about it?
Just a financial problem in one sector?
This is ok with you?
Why am I the only one willing to get into the streets and stay there until these perps are brought to justice?
November 30th, 2008 at 2:27 pm.
Secretly, George Will is thankful he still has a job.
.
November 30th, 2008 at 2:35 pmSo his “94% of the people who WANT to work are working,” means that the rest of the 6.5% of unemployed (counted, by the way, not actual) don’t WANT to work? Is he equating layoffs with voluntary retirement? I live in a county in Southwest Florida that has the highest rate of unemployment in the state: 9.5%. I’m among those who don’t draw unemployment any longer so isn’t included in that “9.5%” and also can’t find a job. I’ve been looking for well over a year. And George Will is one of the “intelligent” conservatives. No wonder they are becoming as extinct as the dinosaurs!
November 30th, 2008 at 2:37 pmWell, less than 5% of all Russians died in Stalin’s purges, so I guess by Will’s logic Soviet communism was a walk in the park.
Seriously though, the main thing to understand here is that conservatives right now aren’t interested in fixing the economy or reforming the health care system or doing what’s best for the country. Their main goal is to PREVENT those things from happening — out of fear that Americans will like and support them, thus paving the way for a descent into the hellish nightmare of European style “socialism.”
That being the case, we’re going to be hearing a lot of “it’s not really that bad” from the likes of George Will over the next few months.
November 30th, 2008 at 2:37 pmThis is the guy that claimed that Communist China was drilling for oil off the coast of Florida…right?
November 30th, 2008 at 2:38 pmIf 94% of Americans didn’t have Ebola but the other 6% did, would he think that was something to ignore and that America’s health was in fine shape. I guess Georgie Boy doesn’t understand the words contagion and fallout. What a complete idiot.
November 30th, 2008 at 2:39 pmOne of these days they’ll figure out that the conflict that is created on camera between two people when one calls the other out on their lies boosts their ratings. It will be a major hit on the boob-tube and these television talking head ‘news’ programs will be forever changed.
November 30th, 2008 at 2:47 pmWould someone please take Will aside and point out that his head is up his very wealthy a-s-s and he doesn’t have a clue about which he speaks, so just shut up already.
What a jackass.
He lives up so high, he cannot see the people down below.
My friend who runs a paint company for new construction is down to one employee, himself. Business is almost at a standstill.
My son has been out of work for two months (electrical engineer) — his company just shut their doors.
My family has decided to do a grabbag at Christmas – no long list of presents for all. Kids have all been told that Santa is in a recession.
Not one of my friends is spending any money unnecessarily.
In what world does Will reside? Oh yeah, Republican world — like Wally World, except that as this goes on longer, he will find that his Willy World is closed too.
November 30th, 2008 at 2:52 pmSame glass, same kool-aide and the same ignorance as the rest of the conservatives.
November 30th, 2008 at 2:52 pmGeorge Will is doing his part in pushing the Republicans and their views further out into the fringes. Crazy talk by crazy people.
November 30th, 2008 at 2:52 pmThe idle rich in their ivory mansions.
Nausiating!!
November 30th, 2008 at 2:53 pmShorter George Will: “I’ve got plenty of money!”
The best part is that Will is what passes for a “conservative intellectual” and what comes out of his piehole but sheer stupidity?
November 30th, 2008 at 2:53 pmBTW, did the rest of the table laugh him off the stage???
November 30th, 2008 at 2:54 pmAfter eight years of Bush-Republican fascist corporate greed, stupidity, deregulation and arrogance,we will be all working for nothing per year to pay off these massive debts and deficits. Just like Rose-colored-glasses-Bush-boy, Mr. Will is delusional to the max. Here’s another fine mess, you got us into, Bush, Cheney, Summers, McCain and Gramm. Heck of a deregulation, idiots.
November 30th, 2008 at 2:55 pmThe minute Obama takes office, George will be telling us what a terrible depression we’re in and how Obama caused it all. The Right are as predictable as the sunrise.
November 30th, 2008 at 2:55 pmMaybe that rug is constricting his brain.
¶ AIO
November 30th, 2008 at 2:57 pmHopefully soon the media will realize that the vast majority of the public is not in the least interested in listening to people like this spew their lies & distorted opinions. Giving someone like Will a soapbox to show his ignorance just doesn’t cut it anymore. In these times, we want facts, and when it’s an opinion, at least an opinion substantiated by facts. People who are either uninformed, or liars (or both) are simply not significant or useful to us. So please stop handing them the podium.
November 30th, 2008 at 2:58 pmGeorge would like to return to the good old days of his patron saint Ronnie. Oh, yeah, those were the days when thousands of small businesses went under and millions were unemployed. Sort of like today, except there’s no Jimmy Carter to blame this time. Wall Street and the bankers made out like bandits, again, sort of like today.
So, yes George, the economy if fine, especially if you’re part of the top one percent. For the rest of us, not so much.
November 30th, 2008 at 3:02 pmI so much hope Tracy_5 come by to explain just how Mr Will’s comments are correct and that everyone else is whacked…
November 30th, 2008 at 3:04 pmrogerD says there is “no Carter to blame this time”
but that won’t stop all the trickle down theorists from blaming him anyway — and Clinton — and Obama even before he takes office. Nothing bad is ever the fault of Republicans; just ask them. It’s always a Democrat’s fault. (Forget that Bush and/or republicans have been in charge for a decade.)
Aren’t we already hearing that this is all the result of Fannie and Freddie (Clinton’s era)? Even though, if you look at the numbers, they don’t add up. This is purely corporate welfare. Deregulator and Union-busting Reagan started this and then Gramm deregulated the financial industry, so now the house of cards is tumbling.
I have already heard republicans say that the financial crisis began because people were worried about a potential Obama victory — it’s always a Democrat’s fault.
Republicans? Their sh!t don’t stink. Just ask them.
November 30th, 2008 at 3:10 pmI’ll probably get my Head handed to me…but I Hope that George Will is right about the economy “not going down the drain”.
Sure, things are Bad and Getting Worse. Sure the Republicans and President Bush are largely Resposible.
BUT if Obama is going to Usher in a New Era of Progressive Govt., he is going to have to FIX this mess. Down the drain is not a Good starting point. And as Bad as things are, they COULD get Much Worse.
George Will was carefull to use words like “if”, “just possible”, and “may be”. His cushy job as a pundit might lead him to Believe that “the rest of the economy is doing well”.
We should all hope that the economy has nearly Hit Bottom, and things will get better soon. This may be wishfull thinking, but so was gas for $1.85 a gallon.
November 30th, 2008 at 3:26 pmCan I tell Will to kiss my arse?
November 30th, 2008 at 3:30 pmtony and lido
I guess that’s George Will’s job now. To be ABC Week’s official-unofficial insufferable moron.
====
November 30th, 2008 at 3:41 pmhas anyone bothered to tell this clown the six percent he cites as unemployed (and you know, they’d rather not work) doesn’t include those whose unemployment benefits have already tanked and/or the underemployed?
November 30th, 2008 at 3:43 pmHere we go again. The clowns come out on Sunday’s talk show. George Will is an idiot who needs to retire. Will be glad when true journalism is restored.
November 30th, 2008 at 4:04 pmZooey Says:
I get it.
As long as people like George Will are allowed to babble endlessly on the teevee machine and make the mortgage on their McMansion, things are just fine.
EXACTLY, Zoo! What we need are government unemployment benefits for overpaid CEOs. Think about it — monthly government checks on top of a meager multi-million dollar severance package. How is it possible to live on $21M? Ask Carly Fiorina — it isn’t!
November 30th, 2008 at 4:15 pmFor awhile I thought will died.
Then his dry a$$ rose from his coffin twice as dumb.
Thanks, willy-less for admitting your “buddies” deserve the undeserved money.
what a know-nothing nothing.
will stfu. I’m soooo tried of wrong-dried-up white men.
.
November 30th, 2008 at 4:35 pmWill’s use of percentages is misleading at the least. There have been over 50,000 people laid off since 2001 from the company I used to work for (I’m one of those 50,000+). Some have found jobs but those jobs pay nowhere near what these folks used to get. Many have still not found real work, some have lost their houses. And with health care costing more, food costs rising, even more people being thrown out of work the economy is not in good shape. It would be nice if there was a program where people like George Will were stripped of all their wealth and told to fend for themselves for a year, then they might understand just how full of shit they really are.
November 30th, 2008 at 4:46 pmChocolate Jesus-
check this out!
http://news.yahoo.com/s/nm/20081126/od_nm/us_germany_chocolate_jesus;_ylt=As_1R.uDw8GKDt6R62J0kpKs0NUE
November 30th, 2008 at 4:58 pmPhew! Thank God it’s just a financial sector crisis George. I mean, it’s not like financials affects any other area of the economy or anything.
November 30th, 2008 at 5:03 pm‘Rest Of Economy Is Doing Rather Well’
Translation – “Us ReichWing Prapaganda Merchants still have jobs, too bad about those little people.”
November 30th, 2008 at 5:06 pmLet me get this straight. The economy is O.K. aside from the crappy economy? Is that what he’s trying to say?
November 30th, 2008 at 5:21 pmMichigan is NOT doing well, unemployment is 9.6% in the state, in the city of detroit it is about 25%. If these auto companies fold up and lay-off millions our state will implode. Home values dropped in my area about 60-70% from a few years ago. The automakers NEED this loan, hopefully they will stop outsourcing jobs, That has got to be why the home values are crashing, the jobs are leaving to Mexico or China.
November 30th, 2008 at 5:27 pmThat ought to be part of the deal, keep some jobs here.
George “First Moron From Princton” Will and the truth are complete strangers…
November 30th, 2008 at 5:36 pmGeorge Will is so old he lived during the Great Depress enough said. Will is and always has been on the Republican pay role and he is still in shock we have an African American President.
November 30th, 2008 at 5:58 pmSadly, George Will is in his late 60’s, but that doesn’t mean that his brain processes are not in their 90’s.
He is a pundit who gets a lot more credibility in the media than he deserves. He is very often wrong, particularly on economy issues — the economist, Kuttner handed Will his lunch on that subject last week, but obviously Will does not believe that he can be wrong.
Did he sniff when he sneered that “People who want to work are working” — he needs to have his income reduced to unemployment status for a year and see how well he fares.
These blowdried blowhards have no clue!!!
(That can’t really be his own hair can it?)
November 30th, 2008 at 6:27 pmGeorge Will believes there should be no minimum wage. He is a radical in moderate clothing and always has been. I will now write to George Stepontherestofus and tell him to get this maniac off his show–now. Way beyond time that George Ws everywhere actually had to work for their living. At much less than the minimum wage. Can’t tell you how much how hate this man.
November 30th, 2008 at 7:04 pmWill patronizes Donna Brazile about a “certain sector” not doing well, and then she rips off his head and spits down his neck.
I wish they’d shown that part…. :D
November 30th, 2008 at 8:07 pmWill ought to stick to writing about how baseball is really keen. Beyond that he has no clue.
November 30th, 2008 at 8:22 pmAs if we needed more proof that George Will is nucking futs.
-AF
November 30th, 2008 at 8:35 pmAndrew Sullivan Is A Fraud
I wonder how much these guys get paid for turning off most of their brain.
November 30th, 2008 at 8:42 pmNovember job losses will exceed the 246,000 lost in October. A half-million jobs lost in just two months is not the picture of an economy that is well. But this is not the first time Will has been found to be in denial. How much longer will ABC keep him around? He looks foolish every time he opens his mouth.
November 30th, 2008 at 10:09 pmHere in my town, we’ve had 3 companies which rely on the construction sector affected. One is completely going out of business after 51 years. This company serves a radius of over 200 miles and is closing due to a 40% reduction in residential construction. A glass company recently laid off employees, and a third company which makes bricks is laying off all its employees, except for a few office personnel, in our town.
November 30th, 2008 at 10:37 pmWill has his head so far up his ass, he can’t smell shit. George do us all a favor, write about religion or baseball.
November 30th, 2008 at 10:54 pmTypical. We know these days, if we didn’t before, that a great deal of economic activity is rhetorically produced. If people feel things are good, they may go shopping. If something feels like a good investment, well, hey, here’s some money on it. This is the whole futures game. What is something worth? What you can convince someone it’s worth. That is exactly what Will is engaging in here. If he doesn’t say that, he knows people may close up even more (those that haven’t lost homes and jobs, that is).
December 1st, 2008 at 12:12 amjharsin – I completely agree – value is created in the mind, which is why the media is so dangerous in economic matters. I would hope that general feeling toward this kind of news becomes deep mistrust, but I think that may be asking for too much.
The Phrygian Cap
December 1st, 2008 at 5:07 amWhen you join the republican party, as a free gift, you’re given a pair rose-colored glasses in which to view the world.
December 1st, 2008 at 6:18 amLooks like Laul Krugman (winner of the Nobel prize for econ) needs to open another can of whoopass for George Will. Seems George got out of line a few weeks ago concerning the depression and FDR. Dr. K opened up on George with both barrels of whoopass!
George Will – is he the best the rethugs have??!!
December 1st, 2008 at 8:42 am94.5% of George Will’s brain is SpongeBob Squarepants spawn.
December 1st, 2008 at 10:21 amSince the Bushies have changed the way unemployment is figured, the real number is probably closer to double what is being reported. But, these guys are more about what they want to be true than what truth actually is, and never let pesky facts cloud it.
December 1st, 2008 at 10:39 amIt has gotten so that the lies aren’t any good anymore.
At least give me something believable !
December 1st, 2008 at 5:16 pm