Erick Erickson's Bad Advice

Reporting on Politics and Policy.
July 15 2011 9:24 AM

Erick Erickson's Bad Advice

The RedState editor tweets that this post of his is being passed around the House GOP's caucus meeting. Hey, lots of things are passed around at meetings. Let's just hope no one takes this seriously, because it's totally incoherent.

David Weigel David Weigel

David Weigel is a reporter for Bloomberg Politics

Should the United States lose its bond rating, it will be called the “Obama Depression”. Congress does not get pinned with this stuff.
Advertisement

Who actually thinks this? The polling suggests that people will blame Republicans if we lose our bond rating, because 1) Republicans demanded that this vote be used to get leverage and 2) have insisted that nothing will happen if the limit isn't raised. To wit, here's, uh, Erick Erickson.

When Ben Bernanke brings the Grim Reaper in on August 1st to tell you we are all going to die, you must mock death and choose life.

So the Republicans won't get blamed for a downgrade even though they spent eight months politicizing it and saying it didn't matter?

By the end of July, Goldman Sachs, Ben Bernanke, and Timmy Geithner are going to tell you the world will end unless you raise the debt ceiling.
They did it with TARP too.

Indeed they did! And after House Republicans surprised themselves and beat TARP, the stock market lost 7 percent of its value. Bernanke et al weren't actually bluffing about what would happen if it failed. TARP became unpopular, and it wasn't implemented in a way that protected homeowners -- and that was a disaster. It was separate from the disaster that Republicans courted by suggesting creative destruction and some tax cuts in September 2008.

About creative destruction -- we need to be clear on this. The ideological, libertarian plan in September 2008 was short-term pain and collapse as a way of staving off an expensive lost decade, during which government would try to perserve the failing financial system. Plenty of Republicans look at what we got after TARP and think we would have been better off with a collapse followed by a rebuild. And there's definitely that strain of thought in the debt talks -- there are Republicans who say a default or downgrade would shock us into cuts and be worth the pain. But try and square that with Erickson's point that Obama would get the blame for default. Voters can be stupid, but not this stupid.

David Weigel is a reporter for Bloomberg Politics

TODAY IN SLATE

History

The Self-Made Man

The story of America’s most pliable, pernicious, irrepressible myth.

Does Your Child Have Sluggish Cognitive Tempo? Or Is That Just a Disorder Made Up to Scare You?

Mitt Romney May Be Weighing a 2016 Run. That Would Be a Big Mistake.

Amazing Photos From Hong Kong’s Umbrella Revolution

Rehtaeh Parsons Was the Most Famous Victim in Canada. Now, Journalists Can’t Even Say Her Name.

Television

See Me

Transparent is the fall’s only great new show.

Doublex

Lena Dunham, the Book

More shtick than honesty in Not That Kind of Girl.

What a Juicy New Book About Diane Sawyer and Katie Couric Fails to Tell Us About the TV News Business

Rehtaeh Parsons Was the Most Famous Victim in Canada. Now, Journalists Can’t Even Say Her Name.

  News & Politics
Damned Spot
Sept. 30 2014 9:00 AM Now Stare. Don’t Stop. The perfect political wife’s loving gaze in campaign ads.
  Business
Moneybox
Sept. 30 2014 11:25 AM Naomi Klein Is Wrong Multinational corporations are doing more than governments to halt climate change.
  Life
The Vault
Sept. 30 2014 11:51 AM Thomas Jefferson's 1769 Newspaper Ad Seeking a Fugitive Slave 
  Double X
Doublex
Sept. 29 2014 11:43 PM Lena Dunham, the Book More shtick than honesty in Not That Kind of Girl.
  Slate Plus
Slate Picks
Sept. 30 2014 11:42 AM Listen to Our September Music Roundup Hot tracks from a cooler month, exclusively for Slate Plus members.
  Arts
Brow Beat
Sept. 30 2014 11:38 AM Tim & Eric Brought Their Twisted Minds—and Jeff Goldblum—to This Bizarre Light Bulb Ad
  Technology
Future Tense
Sept. 30 2014 7:36 AM Almost Humane What sci-fi can teach us about our treatment of prisoners of war.
  Health & Science
Bad Astronomy
Sept. 30 2014 7:30 AM What Lurks Beneath the Methane Lakes of Titan?
  Sports
Sports Nut
Sept. 28 2014 8:30 PM NFL Players Die Young. Or Maybe They Live Long Lives. Why it’s so hard to pin down the effects of football on players’ lives.