Who Said it Best Today: Paul Krugman

Hopefully the latest shocks to our financial system will get President Obama and his Chicago Economists to rethink what they have been doing, but I doubt it.  Admitting your wrong and striking off in another direction is just not something politicians do, David Frum excepted (See Who Said It Best:  David Frum).  But in all the doom and gloom and the foolish blaming of “Congress” instead of the radical right that got us there (remember Boehner said he got 98% of what he wanted when the Democrats capitulated) here is Paul’s take and just maybe we and our leaders ought to start listening to him:

“OK, so Standard and Poors has gone ahead with the threatened downgrade. It’s a strange situation.

On one hand, there is a case to be made that the madness of the right has made America a fundamentally unsound nation. And yes, it is the madness of the right: if not for the extremism of anti-tax Republicans, we would have no trouble reaching an agreement that would ensure long-run solvency.

On the other hand, it’s hard to think of anyone less qualified to pass judgment on America than the rating agencies. The people who rated subprime-backed securities are now declaring that they are the judges of fiscal policy? Really?”

And in the oh, by the way category, I just loved this piece of insight from Paul’s blog:

“Cultural references! Digby points us to a post about John Ford’s great movie Stagecoach, citing something I had forgotten: the speech by Jamie Dimon the corrupt, embezzling banker who is the real villain of the piece:

I don’t know what the government is coming to. Instead of protecting businessmen, it pokes its nose into business! Why, they’re even talking now about having *bank* examiners. As if we bankers don’t know how to run our own banks! Why, at home I have a letter from a popinjay official saying they were going to inspect my books.

I have a slogan that should be blazoned on every newspaper in this country: America for the Americans! The government must not interfere with business! Reduce taxes! Our national debt is something shocking. Over one billion dollars a year! What this country needs is a businessman for president!”


Good God, nothing ever changes and we just keep making the same mistakes over and over.

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