TIME does a good thing and checks out some of Herman Cain’s past predictions (via). I knew Cain hosted a radio show, but I didn’t know that he was also a syndicated columnist. I guess that’s another way that he padded his bank account.
Apparently, Cain was against a national sales tax before he included such a provision in his fabled 9-9-9 plan. This is pretty damning, too:
The recession officially began in December 2007, according to the National Bureau of Economic Research. But in a Jan. 21, 2008, column entitled, “Recession? Spare us the National Economic Pity Party,” Cain compared fear of a downturn to a Hollywood script, and stated there was only an “economic correction, not an economic recession.” The damage would be minimal, Cain predicted, and would help downsize “overbuilt” portions of the economy while only “some consumers who have spent too much” would feel the pain.
He took a similar tack in a March 3, 2008, piece. “The media’s factually unsubstantiated claims of an impending recession have been going on for over a year now,” he wrote. “Many news journalists hurt people’s outlook about the economy with inappropriate comparisons and sensationalism.”
In April 2008, Cain admitted that the economy was skidding, but only, he argued, because Democrats and the mainstream media had spooked everybody with its negativity. “This writer believes that a major portion of the job losses are due to media pessimism, and employers who have swallowed the negative outlook and have hesitated to fill existing jobs or new positions” Cain wrote on April 7.
By summer, Cain was claiming that the looming financial crisis was a similar media fabrication.
In a July 21, 2008, column, Cain referred to Wall Street’s troubles as “the mainstream media’s it’s-not-a-crisis-but-we-are-going-to-make-it-look-like-one banking crisis”. In less than two months, Lehman Brothers would declare Bankruptcy and, a few weeks later, Congress would pass a massive bailout to rescue the nation’s largest banks.