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View Diary: Krugman: After the Flimflam (100 comments)

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  •  agree! economists have been saying this for years (10+ / 0-)

    i am trying to understand what is actually going on

    it was clear that a much bigger stimulus was needed right from the start, and what happened was to bail out the banks

    the financial games of the banksters have not been brought under control and the whole world economy could crash again from what they do

    so just on these 2 points: jobs and economy, Obama is not doing what many in economics and finance say should be done

    why not?

    a hypothesis is that the Shock Doctrine is being used to create confusion about what is happening

    the kind of confusion that has been used to shift wealth to the 1%

    •  The issue is power. Who's going to rule? (16+ / 0-)

      The experiment is to see whether the combination of the rule of law with control of the money supply can keep three hundred million in subservience to 1% or less.

      So far, it has been working pretty well. Inserting the military in far away places to set an example has been effective.
      "We fight them over there, so we don't have to fight them over here."
      "Them" are the ordinary people whom the makers must persuade to take orders.
      But, the prime maker got rejected, so the ordinary people must be punished. Deprivation shall continue until morale improves.

      We organize governments to deliver services and prevent abuse.

      by hannah on Fri Mar 15, 2013 at 05:32:09 AM PDT

      [ Parent ]

    •  It's not confusion, really (24+ / 0-)

      It's deliberate disinformation, an effort to make the American people ignore the lessons of their own history.  Going back to the Great Depression, we have always used Keynesian stimulus to get out of recessions, and the lesson of the 30's and 40's is that in a deep recession the stimulus needs to be really big, a la WW2.  That lesson was barely remembered in 2009, when 1/3 of a too-small stimulus bill was squandered on tax cuts for those who didn't need them and didn't use them to create jobs.  Since then, stimulus has been off the table.  Even the president's mentions of the concept have clearly been lip service, since he hasn't fought for stimulus with anything like his quest for the Great White Whale Grand Bargain.

      Krugman is wrong about one thing:  progressives aren't "at long last, finding their voice."  They've put out these budgets for the past three years, to a general reaction of crickets.  Nice of Krugman to notice this one, but he's a little late to the party if he thinks this is new.  Now, if only we could get more of the media to start talking about it.  The president has been almost as derelict on the issue of jobs and stimulus as the Republicans, if you look at his actions rather than his words.

      Citizens United defeated by citizens, united.

      by Dallasdoc on Fri Mar 15, 2013 at 05:41:02 AM PDT

      [ Parent ]

    •  Summers et al knew the economics in 2009, but (4+ / 0-)
      Recommended by:
      fenway49, Timothy J, opinionated, chimene

      Summers & Rahm gave PBO lousy POLITICAL advice -- namely, that fighting for an adequate stimulus would be a political loser.  Same with the public option for Obamacare.  This advice played into PBO's apparently neurotic compulsion to plat "the adult in the room" grand bargainer.  So we got Chamberlain instead of Truman and 2010, which we're gonna get again if PBO doesn't change course soon -- any "Grand Bargain" achieved will DEFLATE the base rather than pliny it up and 2010 will look like a garden party compared to 2014.

      "If you don't read the newspapers, you're uninformed. If you do read the newspapers, you're misinformed." -- M. Twain

      by Oliver St John Gogarty on Fri Mar 15, 2013 at 09:43:51 AM PDT

      [ Parent ]

      •  As did Krugman. Who wrote about it -extensively. (3+ / 0-)
        Recommended by:
        opinionated, fenway49, chimene

        Prof K rightly predicted that:
        1. PBO would get one bite at the apple - getting the stim right, or going too small and give critics plentiful ammo
        2. Summers was an idiot for going too small, and for thinking we'd get more than one shot at it
        3. PBO was dangerously naive to pay Summers any heed.  

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