Tag Archives: Paul Krugman

And Again The "Professional Left" Misses The Point

http://planetpov.com/wp-content/uploads/2010/08/Keep-Left-Traffic-Sign-K-1773.gifSo, Amanda Terkel over at HuffPo picked up the story of a New Mexico Obama For America official who flagged down this amazing The People’s View post on the post-downgrade Firebaggery which goes on to explain among other things why Paul Krugman should stick to economics and not politics.  The HuffPo post is not the point (although for the record, Terkel is the only regular voice I’ll pay attention to over there.)

The larger point is of course that Terkel’s article immediately identifies everyone on Earth who believes themselves to be among the aggrieved Professional Left that Obama apparently hates.  For example, Ezra Klein tries to play it Miles Davis cool, but ends up outing himself:

Time and again, however, we see evidence that they have gotten deep inside the White House’s head. In letters, in offhand comments, in outbursts at press conferences, in my personal reporting, members of the Obama administration and members of the Obama reelection campaign will let slip that they are dwelling and worrying over these arguments. They may not agree with them. They may not think they’re fair, or sophisticated, or useful. But they’re thinking about them. And if you’re the “professional left,” that’s exactly what you want.

Yeah see, we call that “Stockholm Syndrome”, Ez.  But it gets worse.

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Angry Black Links: Stories You May Have Missed – Linky Goodness

Here is a boatload of links for your enjoyment. One more day of vacation for me, then it’s back to the grind.

Cross-posted at Extreme Liberal’s Blog

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Paul Krugman's Comprehension Skills!

Economists are a strange bunch. When I got my first undergraduate degree in business, I was subjected to like 6 economics classes, give or take 1. Every one of my economics professors was a little bit odd. This is just anecdotal, I’m not impugning all economics professors, but others might want to share their observations. Damn near all of them were supply-siders, so that gives you some idea of where they were coming from politically.

I’ve always appreciated Paul Krugman’s opinion on economics, I am a Keynesian for sure. But the more I read his writings, the more I see that he doesn’t always comprehend things as they are, to put it politely.

Krugman recently linked back to a piece he did after President Obama’s first inaugural – there will be a second. When I clicked and read it, I noticed something right away that made me wonder whaaaaaa? He wrote this back on January 22 of 2009. I’m bolding the part that caught my eye.

Thus, in his speech Mr. Obama attributed the economic crisis in part to “our collective failure to make hard choices and prepare the nation for a new age” — but I have no idea what he meant. This is, first and foremost, a crisis brought on by a runaway financial industry. And if we failed to rein in that industry, it wasn’t because Americans “collectively” refused to make hard choices; the American public had no idea what was going on, and the people who did know what was going on mostly thought deregulation was a great idea.

Uh, well, Paul…President Obama wasn’t saying that Americans “collectively’ refused to make hard choices”…he was talking about politicians and leaders. Here is the entire paragraph from President Obama’s inaugural address.

That we are in the midst of crisis is now well understood.  Our nation is at war against a far-reaching network of violence and hatred.  Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age.  Homes have been lost, jobs shed, businesses shuttered.  Our health care is too costly, our schools fail too many — and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.

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The Debt Hostage Crisis And Paul Krugman's Political Naiveté

Krugman's Impression of Thomas Friedman

It seems like people lose track of reality pretty easily these days. The reason why we were forced into negotiating with the terrorist Republicans is that they threatened to run our economy off a cliff — unless President Obama acquiesced to their demands.

It truly was a hostage situation and Republicans pretty much admitted it. People lost sight of that fact throughout the process and somehow morphed it into a budget fight, as if President Obama welcomed it. This whole mess was forced on him and there was no easy way out.

What were President Obama’s options? From what I know about it, he could either deal with the Republicans and try to get a “compromise” from the hostage takers or he could invoke the 14th Amendment to the constitution and raise it himself. The 14th Amendment option has some issues attached to it, however…

Obama would be greatly extending his executive powers and setting a new precedent, which would have a host of potential ramifications. Furthermore, Obama’s administration officials do not believe that the fourteenth amendment grants the president that power, and elsewhere the Constitution grants Congress the sole authority over borrowing money.

Now I know that isn’t a concern to those who have a vision of the President as a dictator, which ironically comes from the left these days, but thankfully President Obama understands the ramifications of taking that drastic step. Personally, I wish he had done it, but I’m extreme.

There is a third option as well. The President could have let the U.S. AND world economy crash into the ground, pointing fingers the entire time at those dastardly Republicans and repeating “it’s their fault, it’s their fault” — as the country scratched its collective head and wondered why the President didn’t stop it. I don’t think that was ever considered as an option, but it certainly has been hanging over the situation like a stench. I’m glad our president has the best interests of all people in mind when making big decisions like this.

When I read and hear the people on the left screaming about “caving” and “folding” and all sorts of other dramatic characterizations, I can’t help but wonder how they would have handled the negotiations with the hostage takers. They never seem to say how the president should have done it differently, but they speak with such confidence that what the President did was wrong. As you’ll see below, Paul Krugman makes an attempt at answering that question. I take some credit for asking him in the comments of his blog.

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