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Showing posts with label 8QPK. Show all posts
Showing posts with label 8QPK. Show all posts
Friday, October 17, 2008
Thursday, October 16, 2008
Bubble? What bubble?
8 Meaningful Quotes from Paul Krugman #8
In 2005, the right, and far too many on the left, denied the existence of a housing bubble. I'm sure a great deal of this was wishful thinking. They didn't want it to be true. Perhaps, if the people in charge had been paying attention to Krugman, a soft landing would have been possible. Instead we have an economic meltdown.
That Hissing a Sound, a column published by Krugman in August of 2005 was scarily accurate. Unfortunately. When your government prizes ideology over facts, it's hard to deal with a crisis.
In 2005, the right, and far too many on the left, denied the existence of a housing bubble. I'm sure a great deal of this was wishful thinking. They didn't want it to be true. Perhaps, if the people in charge had been paying attention to Krugman, a soft landing would have been possible. Instead we have an economic meltdown.
That Hissing a Sound, a column published by Krugman in August of 2005 was scarily accurate. Unfortunately. When your government prizes ideology over facts, it's hard to deal with a crisis.
(T)he U.S. economy has become deeply dependent on the housing bubble. The economic recovery since 2001 has been disappointing in many ways, but it wouldn't have happened at all without soaring spending on residential construction, plus a surge in consumer spending largely based on mortgage refinancing. Did I mention that the personal savings rate has fallen to zero?Now we're starting to hear a hissing sound, as the air begins to leak out of the bubble. And everyone ... should be worried.
Wednesday, October 15, 2008
Guilt by Association
8 Meaningful Quotes from Paul Krugman #7
(T)here are right-wing hate groups who like to quote you. Do you think that makes you guilty of everything that they do?In an appearance on the Tim Russert CNBC show, Paul Krugman was called upon to debate that bastion of conservative intellect, entertainer extraordinaire Bill O'Reilly. Krugman dismantled Bill O'Reilly in that typically liberal fashion. Cool and calm, but never backing down. The above quote was Krugman calling out O'Reilly for using that old Republican tactic of guilt by association, which is playing such a large part in the current campaign. O'Reilly's response? He essentially compares Media Matters to the KKK. Poor Bill was off his meds that day.
Tuesday, October 14, 2008
The Conscious of a Liberal
8 Meaningful Quotes from Paul Krugman #6
As for the substance of the quote, I think it's a lesson that many progressives have got to learn soon. We cannot move forward in the current political climate if everything will require bi-partisan support. In fact, in this day and age, bi-partisan tends to mean Democrats giving in to Republicans. Enough.
This November, we should win the Presidency, a filibuster proof majority in the Senate, and a large enough majority in the House to tell the Blue Dogs to kiss off. If we are going to dig ourselves out of the hole that Reagan and the Bushes dug for us ... if President Obama is going to live up to his promise, he and the Democratic congressional majority will need to shove the majority of the Republican party to the side and ram his plans through Congress.
Dr. Krugman has always had a good grasp on both the moral reasons for governing liberally as well as the political savvy required to bring this about. Hopefully, we will continue to heed his advice.
To be a progressive, then, means to be a partisan—at least for now. The only way a progressive agenda can be enacted is if Democrats have both the presidency and a large enough majority in Congress to overcome Republican opposition. And achieving that kind of political preponderance will require leadership that makes opponents of the progressive agenda pay a political price for their obstructionism—leadership that, like FDR, welcomes the hatred of the groups trying to prevent us from making our society better.The quote above was taken from Dr. Krugman's book, The Conscious of a Liberal. It is simply the finest distillation I have yet read on what it means to be a liberal. If I were asked to name one political book that everyone should read, this is the one.
As for the substance of the quote, I think it's a lesson that many progressives have got to learn soon. We cannot move forward in the current political climate if everything will require bi-partisan support. In fact, in this day and age, bi-partisan tends to mean Democrats giving in to Republicans. Enough.
This November, we should win the Presidency, a filibuster proof majority in the Senate, and a large enough majority in the House to tell the Blue Dogs to kiss off. If we are going to dig ourselves out of the hole that Reagan and the Bushes dug for us ... if President Obama is going to live up to his promise, he and the Democratic congressional majority will need to shove the majority of the Republican party to the side and ram his plans through Congress.
Dr. Krugman has always had a good grasp on both the moral reasons for governing liberally as well as the political savvy required to bring this about. Hopefully, we will continue to heed his advice.
Monday, October 13, 2008
A Noble Prize?
8 Meaningful Quotes from Paul Krugman #5
Current events have led me to focus on Krugman's analysis of the current financial crisis in this series, but another current event has led me to mention another event. Paul Krugman was just awarded the Nobel Prize for Economics. (Well, the official name of the prize is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.) Do I know how to pick 'em or what?
Of course, when the world is in the middle of a major financial meltdown, you can't get away from the crisis entirely. In today's AP article on the award, Krugman let go with this quote:
Current events have led me to focus on Krugman's analysis of the current financial crisis in this series, but another current event has led me to mention another event. Paul Krugman was just awarded the Nobel Prize for Economics. (Well, the official name of the prize is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.) Do I know how to pick 'em or what?
Of course, when the world is in the middle of a major financial meltdown, you can't get away from the crisis entirely. In today's AP article on the award, Krugman let go with this quote:
This is terrifying. I had never thought that in my lifetime I would see anything that resembles the Great Depression, but this in fact does.There are tough times ahead my friends. Tough times.
Saturday, October 11, 2008
In Code
8 Meaningful Quotes from Paul Krugman #4
I had hoped to mine a bunch of Krugman's early work, but recent events show that learning as much as possible about the current crisis is necessary. Krugman is blogging continuously on the subject, even over the weekend.
Today, Paul took a look at the original communique from the G7 about a global response to the financial crisis. He isn't happy. If this were a test, he would give the finance managers a C minus. He also thinks Paulson sounds terrified. Maybe we should be scared.
I had hoped to mine a bunch of Krugman's early work, but recent events show that learning as much as possible about the current crisis is necessary. Krugman is blogging continuously on the subject, even over the weekend.
Today, Paul took a look at the original communique from the G7 about a global response to the financial crisis. He isn't happy. If this were a test, he would give the finance managers a C minus. He also thinks Paulson sounds terrified. Maybe we should be scared.
My initial take: it’s written in code — and that’s a bad thing. ... sounds to me as if there was some tense negotiation over language that two warring parties could live with — one (presumably the Brits) wanting a British-type recapitalization, the other (Paulson?) still hoping that the Warren Buffetts and Saudi princes of the world will come in and save the day. That’s not at all a good sign.
Friday, October 10, 2008
The Man For The Job
8 Meaningful Quotes from Paul Krugman #3
Despite constant whining by the angry guy and the prom queen about "looking back", we have to understand how we got here if we are going to not only get out of this mess, but if we are also going to make sure it never happens again. One man who played a rather large role in how the crisis has played out is Phil Gramm. He was John McCain's number one public man on the economy until Gramm's role ushering in the current crisis was revealed. McCain still refuses to say whether or not Gramm would be his choice for Secretary of Treasury if he wins the election.
On Countdown with Keith Olbermann, Paul Krugman let us know exactly what he thinks of the major players in this crisis, and in particular, Phil Gramm. You can watch the video here.
Despite constant whining by the angry guy and the prom queen about "looking back", we have to understand how we got here if we are going to not only get out of this mess, but if we are also going to make sure it never happens again. One man who played a rather large role in how the crisis has played out is Phil Gramm. He was John McCain's number one public man on the economy until Gramm's role ushering in the current crisis was revealed. McCain still refuses to say whether or not Gramm would be his choice for Secretary of Treasury if he wins the election.
On Countdown with Keith Olbermann, Paul Krugman let us know exactly what he thinks of the major players in this crisis, and in particular, Phil Gramm. You can watch the video here.
Ben Bernanke and I think Hank Paulson understand that we could manage to have another Great Depression if we work at it hard enough. I think Phil Gramm might be just the guy to do it.
The Time to Act is Now
8 Meaningful Quotes from Paul Krugman #2
Paul Krugman is not one who would normally engage in hyperbole. Unlike many on the left, he presents a calm and accessible approach to economic issue such as globalization without falling back on the screeching so typical of so many lefties. When he sounds the alarm, it's time to listen.
He seems to have a better grasp on the current crisis that anyone I've read so far and it would behoove us all to pay attention to what he has to say. Remember, the best place to learn about the current crisis is on his blog or in his column.
Paul Krugman is not one who would normally engage in hyperbole. Unlike many on the left, he presents a calm and accessible approach to economic issue such as globalization without falling back on the screeching so typical of so many lefties. When he sounds the alarm, it's time to listen.
He seems to have a better grasp on the current crisis that anyone I've read so far and it would behoove us all to pay attention to what he has to say. Remember, the best place to learn about the current crisis is on his blog or in his column.
(T)he time to act is now. You may think that things can’t get any worse — but they can, and if nothing is done in the next few days, they will.
Wednesday, October 8, 2008
The Only Thing We Have to Fear ...
8 Meaningful Quotes from Paul Krugman #1
Paul Krugman is the smartest man in all of liberalism. He’s a Professor of Economics at Princeton, a columnist and blogger for the New York Times, and the author of my favorite political book of recent years, “The Conscious of a Liberal”. Read his blog. Read his column. Buy his book.
Even Paul Krugman's jokes give us something to learn. From http://krugman.blogs.nytimes.com/2008/10/08/a-morning-thought/ ...
Paul Krugman is the smartest man in all of liberalism. He’s a Professor of Economics at Princeton, a columnist and blogger for the New York Times, and the author of my favorite political book of recent years, “The Conscious of a Liberal”. Read his blog. Read his column. Buy his book.
Even Paul Krugman's jokes give us something to learn. From http://krugman.blogs.nytimes.com/2008/10/08/a-morning-thought/ ...
The only thing we have to fear is fear itself. Fear and negative equity … The two things we have to fear are fear itself and negative equity, and the depleted capital of financial institutions … Amongst the things we have to fear are fear itself, negative equity, and the depleted capital of financial institutions.
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