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[mothanskin.blog-city.com] "Deficit Spending Is In!": "No nation could preserve its freedom in the midst of continual warfare." James Madison "Perhaps it is a universal truth that the loss of liberty at home is to be charged to provisions against danger, real or pretended, from abroad." James Madison "Any society that would give up a little liberty to gain a little security will deserve neither and lose both." Benjamin Franklin
[Blue Herald] Paul Krugman: Let’s Get Fiscal: It can provide extended benefits to the unemployed, which will both help distressed families cope and put money in the hands of people likely to spend it. It can provide emergency aid to state and local governments, so that they aren’t forced into steep spending cuts that both degrade public services and destroy jobs.
[Economist's View] Income Shares and Bubbles - Part 2: This outcome is precisely what Ben Bernanke and Henry Paulson have been trying desperately to prevent since August of 2007””and before them, it is precisely what Alan Greenspan was trying to prevent by skirting the issue of the “housing bubble” and placing his faith in the new credit instruments fashioned out of securitized assets derived from home mortgages. Their great fear, at the outset of the crisis, was not another Great Depression, but the deflationary spiral of Japan in the 1990s, after its central bank pricked a similar housing bubble by raising interest rates and disciplining the mortgage dealers.
[Firedoglake] The Invisible Hand Gets Ready to Smack America Silly: That tells you that the neoliberals have decided they can work with Helicopter Ben and that he's the lead trace horse on handling the economic mess again. It also means, since the neolibs are strongly behind Obama and very well represented on his economic team, that Bernanke's got a good chance of staying Fed chairman (Paulson, on the other hand, is toast).
[Aristotle The Geek] Not sour grapes: As for the current economic turmoil in financial markets, Krugman offers outright socialism as the cure but also continues to peddle the snake oil that the Bush administration is beholden to free-market ideology. Praising the near-nationalization of British banks by the government, Krugman writes:
[Matthew Yglesias] People Who Know What They’re Talking About Versus Neo-Hooverism: I’m curious, Matt - since you suddenly seem to be such a big fan of pronouncements from Nobel Prize winners - are you going to as fastidiously extoll the wisdom of Phelps, Friedman and Hayek? Or is someone only wise if they have a Nobel Prize and they already agree with you 95% of the time?
[The Mogambo Guru] A Left a Nobel Drive: is another Princeton alumnus, who was actually the erstwhile head of the economics department there, and who demonstrates his intelligence by presiding over, and making worse, the biggest economic calamity to hit the United States and the world in a century (maybe more!), thanks to his own lack of competence and his inability to understand that his predecessor at the Fed since 1987, the execrable Alan Greenspan, was a complete moron, too.
[carapace] Thursday October 16, 2008 - “You can’t win, you can’t break even ...: “In accounting 101 we learn that high yields equal high risk. We know the CEOs had an incentive to disregard this because they were getting huge bonuses.” David Hartzell, dean of the University of Delaware’s business college and a former vice-president of Salomon Brothers
[Cricketdiane's Weblog] US economic crisis info: At some point, however, this can get out of hand, since power corrupts and when the most powerful people in the world put their thinking together in a secret meeting, they then control the world more surely than even the Emperor of the Roman Empire did. In terms of politics it is said that they created the idea of a balance of power within nations so that no one country became so strong that it could take control away from them. It is said that they even financed the overthrow of Russia by Lenin to get rid of the Monarchy and then the Monarchies of 22 other European countries from 1910 to 1922. It is also claimed that they are the power behind the Masons, and every president of the United States for the last 150 years has been a mason except Ronald Reagon, who died last Saturday at the age of 93. All of this is said on many web sites, simply by typing in the word Bilderberg on search programs.
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