The Lies, Man

There's a a reason why Steve Liesman writes for the New York Daily News -- no other self-respecting paper would pay him for his gibberish.

Let's review where, in a few paragraphs, he gets things wrong.

1. He goes for the easy Obama versus Reagan analogy.

Pretty impressive. Obama has been in power for just about a month and gives one speech to Congress. He is compared to the man who brought down Communism and started a thirty year economic expansion. I shudder to think who he will be compared to after two months.

But who does Obama battle? Why it's the veritable strawman. Especially when he uncorks quotes like this:

"I reject the view that says our problems will simply take care of themselves, that says government has no role in laying the foundation for our common prosperity."

So does most of the GOP but that doesn't matter. Rather than calling him on it, Liesman give him a pass.

So how is Obama challenging Reagan in terms of reviving a sputtering economy? For starters, Obama hasn't revived anything. (Unless, reviving the notion that his Veep is a bumbler counts.) Liesman, doesn't say but perhaps it's because there isn't any comparison. Reagan's only faul it seems was that he was the chief executive when the movie, "Wall Street" was released.

2. It's here where Liesman is at his most unpardonable. He doesn't give the fictional character, Gordon Gekko, his due. Rather than providing the context of his quote, he just gives a snippet, where, of course, it's going to sound stupid.

In full, it goes like this:

"The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind."

In other words, it's the private sector that makes things happen.

Alas, Liesman looks at the back end of greed, where Leonard Abess, after securing a $60 million pay day, shares his windfall with those who helped him get there.

Tellingly, Abess did it voluntarily and there was probably a tax benefit as well. Even likelier, Abess made his fortune with a minimum of government intervention and red tape. Now, with bank nationalization, the likes of Leonard Abess aren't likely to be seen for quite some time.

3. It's only at the end, where Liesman gets to the nub, that he's on terra firma -- Obama's plan is going to be costly. Liesman actually gets it right by calling it "massive." He also falls for the hype that this will be paid for by simply cutting programs and by raising taxes on the wealthiest 2% of Americans."

At the end of the day, the economy is going to be restored by the private sector -- whether it's helped or hindered by Washington. Why? Because as Gordon Gekko once stated -- "It's not always the most popular person who gets the job done."