Bush’s Nose Grows
Over at Economist’s View, Mark Thoma points out that the placement of the play button on this video of President Bush (at the bottom of the post) makes him look like Pinocchio as he argues against plans to limit foreclosures.
Will Republican opposition to housing bailouts hurt the party in the general election? That’s hard to say, because many Americans paying on their mortgages don’t have a lot of sympathy for helping out lots of people who got in trouble on theirs.
Economist Paul Krugman, however, says that things look good for the Democrats on economic issues in general:
The political scientists I talk to basically have the view that nothing much matters in presidential elections except the rate of change in economic conditions — not the level — in the year or less preceding the election. If that’s true, the Democrats should have it in the bag. This year’s economy will almost certainly be at least as bad as 1992, and stands a chance, in terms of stagnant real personal income per capita, of being as bad as 1980.
Even Pinocchio can’t fib his way out of that.