Working Papers

Paul Krugman, Enemy of Progress

Brink Lindsey debunks Paul Krugman’s nostalgianomics:

the caricature of postwar history put forward by Krugman and other purveyors of nostalgianomics won’t lead us anywhere. Reactionary fantasies about the good old days never do.

Krugman’s caricature is similar to Kevin Rudd’s attempt to elevate the pre-1978 period to a mythical Golden Age before the ‘triumph of neo-liberalism.’

posted on 17 February 2009 by skirchner in Economics

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Yawn.  No-one’s listening.

Their view, argues Lindsey, essentially amounts to ideologically motivated nostalgia.

Oh come now.  Nothing coming out of the Cato Institute would be ideologically motivated, would it?

Posted by .(JavaScript must be enabled to view this email address)  on  02/17  at  03:35 PM

Geithner’s “stress tests” appear to be a pre-cursor to preprivatization, but apparently There Are No Real Stress Tests Going On

I love this bit:

it is vastly more difficult to examine a bank that is engaged in accounting control fraud. You can’t rely on the bank’s books and records. It doesn’t simply take more, far more, FTEs—it takes examiners with experience, care, courage, and investigative instincts and abilities. Very few folks earning $60K are willing to get in the face of the CEO and CFO making $25 million annually and tell them that they are running a fraudulent bank and they are liars.

Its amazing how the ‘N’ word has moved from the fringe to the mainstream in a few short weeks.  Even Republicans are saying the ‘N’ word these days.

Posted by .(JavaScript must be enabled to view this email address)  on  02/18  at  08:45 AM

The dam has broken on nationalisation:

”It may be necessary to temporarily nationalise some banks in order to facilitate a swift and orderly restructuring,” he said. “I understand that once in a hundred years this is what you do.”...

—Alan Greenspan

FT:// Greenspan backs bank nationalisation

In an interview, Mr Greenspan, who for decades was regarded as the high priest of laisser-faire capitalism, said nationalisation could be the least bad option left for policymakers.

The high priest has capitulated, but still his disciples cling to their delusional beliefs.

Posted by .(JavaScript must be enabled to view this email address)  on  02/19  at  08:42 AM

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