Paul Krugman is an outspoken thorn in the side of the Bush administration.
He is relentless, talented, and spot on. He also happens to have a great megaphone as an ongoing contributor to the NY Times.
Here he goes after the Bush administration's deft-free handling of the economy. He warns of a long hard slump if Bernanke fails to get the water bailed out of the sinking US economy.
NYT: Partying Like It’s 1929
...the stock market crash of 1929 wasn’t the defining moment of the Great Depression. What turned an ordinary recession into a civilization-threatening slump was the wave of bank runs that swept across America in 1930 and 1931.
The financial crisis currently under way is basically an updated version of the wave of bank runs that swept the nation three generations ago. People aren’t pulling cash out of banks to put it in their mattresses — but they’re doing the modern equivalent, pulling their money out of the shadow banking system and putting it into Treasury bills. And the result, now as then, is a vicious circle of financial contraction.
3 comments:
We can thank Billy Bob Clinton for some of this. Here rescinded the Steagal -Glass laws that kept the banks from doing the BS they've been doing ever since. They turned people's mortgages into dice and them rolled and lost. Billy also gave us another great victory with NAFTA. Clinton ran as a Demo. and governed as a Reptile. Now he wants to slide in behind his wifey and be Co-President for 8 yrs. He had his 15 mins of fame and Monica blew him.
The Clinton's know how to play down and dirty.
You would think that's a problem, but it seems that Americans don't really mind the down and dirty stuff, because they like to see who emerges from the scrape up. Doesn't matter if the winner is the person who started it, and if they started it on false charges.
People admire somebody like Rove because they see him as a scrappy fighter. Its complete BS but it seems so.
Oh yea, Rove is absolute scum. The Clintons are turning the election into a mockery and three ringed circus. Its very distressing. Here we had a chance to get the White House and people are ready for change but the whole process is turning to crap.
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