As I’ve often written, we’re in a strange state now where people who actually take textbook economics and simple arithmetic seriously are seen as dangerously radical and irresponsible, while people who believe in invisible bond vigilantes and confidence fairies, who claim to know what the market will want even though there’s no sign of that desire in current asset prices, are viewed as Very Serious. — Prof. Krugman
So. The vile, unnecessary PATRIOT Act is even worse than we thought. IS this a great nation or what?
The disaster of Objectivism. Me, I can’t figure out which is the sicker joke: An Objectivist head of the Fed or the kind of retard leader oblivious to that or simply, knowing, didn’t see any problem….
Destroy, destroy! Remind me: What have modern Americans actually made?
Looks like maybe the Republicans might actually be losing the heartland because they’re actually bothering to put the pieces together:
Here’s the big picture: If the United States is to the point at which helping disaster victims means cutting other needed programs, it’s time to rethink the way we’re running this country. Today, Americans have the lightest total tax burden they’ve had since 1958. One result of that low tax burden, and the resulting inadequate federal and state revenue, is that the Federal Emergency Management Agency faces a $3 billion shortfall. And that’s before the Joplin bills arrive.
Overly optimistic projections during good times brought us to this point. Pandering politicians agreed to tax cuts that this country could not afford. — Kansas City Star editorial
Neither the Long Depression of the 19th century nor the Great Depression of the 20th was an era of nonstop decline — on the contrary, both included periods when the economy grew. But these episodes of improvement were never enough to undo the damage from the initial slump, and were followed by relapses.
We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense. — Prof. Krugman