Friday, February 15, 2008

Hillary Uses Discredited McCain Advisor to Attack Obama

Hillary's campaign is so desperate that they quoted a McCain advisor, Kevin Hassett to attack Obama's economic plan as just a copy of Hillary's.

First of all shame on Hillary for using Republican talking points.

Second of all...KEVIN HASSETT...all you need to know is two words "Dow 36000", a book co-authored by Hassett in 1999 predicting that the Dow would be three times higher than its current 12000 level.

Here's Brad Delong describing Hassett and his co-author's pathetic attempt to wipe the egg off their faces by backtracking off their central claim:

...those of us unlucky enough to own Dow 36000: The New Strategy for Profiting from the Coming Rise in the Stock Market can go to our bookshelves, pull it down, and read that "the Dow should rise to 36000 immediately"--i.e., in October, 1999. But Hassett and Glassman say, they are going to be cautious and conservative. They are not going to forecast that the Dow will rise to 36000 tomorrow, but instead they "believe the rise will take some time, perhaps three to five years..." (p. 18).

However, they acknowledge that they might be wrong: the rise might come much quicker. As they go on to say later on the book, the fact that Glassman and Hassett "conservatively" don't expect the rise of the Dow to 36000 to occur for three to five years--i.e., until 2002 or 2004--does not mean that investors should delay. Investors should "seize the opportunity now [i.e., in 1999] to profit from the rise in the Dow to 36000 (p. 125)."

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