Loretta Sanchez the "Economist"
Prior to his nomination to replaced Alan Greenspan as the chairman of the Fedearal Reserve today, on October 20th, Ben Bernanke gave a testimony to the Joint Economic Committee (House and Senate) on the economic outlook of the US. Listening the hearing, I was reminded why I never voted Democratic. What's a bunch of anti-market and anti-trade zealots!
The Democrats on the commitee spent most of their time on "tax cut for the rich," "loss manufacture jobs," and how bad the US economy is. Bernanke pointed out that the US has the much higher employment and economic growth than other industrial nations and he gave an example of Europe. Congresswoman Loretta Sanchez who claims to be an economist rebuted that it was a terrible analogy by the White House to compare the US to Europe . I fell out of my chair laughing when I heard her calls herself "a trained economist." The self-porclaimed economist Sanchez said that Europe had to bear the burden of integrating the Eastern European countries (who were devestated by communism and are not used to the market economy) and the comparision is not accurate and fair.
First of all Miss Sanchez is no economist. She received an undergraduate in economic in 1982 - when Keynesian Economic was still popular in campus - an undergrad! I never heard undergraduates in economic calling themselves economists. Maybe I should start calling myself an economist - I took as many economic courses as she did (perhap more). And her rebuttal was grossly inaccurate. Eastern European economies are not the reasons the European economy is behind the US (in term of growth and employment). If Miss Sanchez even bothers to read the Economist, she would know that Eastern European economies are growing faster than the US. So European economy tank inspite of the growing Eastern European economies, not because of them. And her comment that they (Eastern Europeans) are not used to and are not adjusting to market economy is pure ignorant. Eastern Europe today is far more capitalistic and pro-market than Western Europe - that is why they are growing faster.
That's Loretta Sanchez the Economist!