Things have occurred this week which makes me think we are through the looking glass:
Moody's Investor Service has downgraded the US banks. Moody's announced in February they were going to downgrade the banks, in effect stating their conclusion before they did their analysis. During their "comprehensive review" they missed the JP Morgan debacle thereby putting to rest any claim to actually understand these financial institutions. Leading up to the financial meltdown of 2008, Moody's and Standard & Poor's were selling their ratings for money to Wall Street firms who were slapping their AAA's on absolute junk mortgage bonds. Today Moody's does not have a clue about the financial health of anything and the sound you hear after their latest pronouncements is laughter.
The other day I saw Alan Greenspan on television talking about the US economy. Alan who is vying with Arthur Burns for the title of Worst Fed Chairman Ever, did not understand how the economy was doing when he was privy to all the information at the Fed's disposal. Is the media so desperate for content they have to drag out the former chairman, whose policy decisions would have to rally to get to disastrous? We are still paying the price for his incompetence and will be for another 5 years.
I am sure both Barack Obama and Mitt Romney are smart guys .Mitt Romney's current economic suggestions for the US are a combination of the worst of the previous administration, that lead to the financial meltdown in 2008, combined with all the policy mistakes Europe made post meltdown, which are pushing their economies into recession. The Obama administration seems uncertain about which course they should pursue, one day leaning towards stimulus and the next day flirting with austerity. The voters need better than this. The economy is a serious issue and deserves a serious discussion.