even he suffered the same kind of backlash to his presidency that we re seeing last night. anyway, it s just an unavoidable part of our political reality in a divided country. there s another interesting angle in virginia, which is that in many ways republicans kinda turned back the clock a little bit. they nominated a very bush-era style candidate, circa 2003. glenn youngkin is a private equity baron in a vest. he talks about economic issues. when he pushes talking points that are meant to flirt with and stoke white backlash, he does so in a coded way with dog whistles about education. while i think that coded talk and who it is intended to appeal to is bad, obviously, there s no denying it has been successful for republican candidates for decades, dating back to richard nixon s talk about law and order or ronald reagan s speech on welfare and states rights in
i will not be like charlie brown running at a football with lucy holding. you sound like a red sox fan, circa 2003. i will say you know what? i was about to make the comparison to this team and the red sox in 2004. they called them the idiots. you know why? because they were too stumpedpi know you can t come back from a 3-0 defeat. again, i think the managers and the players, these guys are not the head cases that when you had lampart and jerard and all of these people carrying the weight of the world. sometimes young footballers don t know to be afraid. i am imaging my own expectation. self-sabotage, doom. we used to have an empire, now we can t win football games. who wins the whole thing? anyone but england. if i had to put money on it, i would say america. no, no. that s it. you think brazil? yeah. you know what, vladimir putin,
that they were running deficits but that they were clearly so long term inresponsible, pushing through tax cuts long term, not temporary stimulus and i thought, gosh, the financial markets will punish up for that and i made two mistakes which are now clear to me. one is the advanced country like the united states gets a lot of slack. we re just not treated the way argentina gets treated. and you spent a lot of time in your research work looking at countries like argentina that don t get the same amount of slack. and the other is we re a country that borrows in our own currency and it s hard to tell a story about a financial crisis of that kind when you borrow in your own currency. the united states is a lot more robust and that sort of thing but i was wrong. i was sounding an alarm that turned out to be wrong circa 2003. what s the lesson from that going forward, shouldn t worry about deficits as much? do you take that to the next level, there s monetary theorists and had one of
currency. i revised my views. the united states is a lot more robust and that sort of thing. but i was wrong. i was sounding an alarm that turned out to be wrong circa 2003. do you take it to the next logical conclusion? there s a group of theory rifts who call themselves monetary theorists and we had one of them on the program and i follow a lot thoof their work that basically deficits if you re borrowing in your own currency don t matter at all, right? there are times that it s not like this. not now, but there are times when its and what the mft guys, they we have no disagreement about what happens now. but they think it s always the way it is now. i become a lot more orthodox when the economy is in full