[kj] OT: Nobel prize-winning economist Paul Krugman on the economic crisis

[Stephen Lawrence]

i don't 
 

> From: bq at soundgardener.co.nz

> To: gathering at misera.net

> Date: Fri, 1 May 2009 09:22:20 +1000

> Subject: Re: [kj] OT: Nobel prize-winning economist Paul Krugman on the economic crisis

> 

> And admittedly, all of those of us who thought we could get rich quick in

> real estate, shares, and derivatives etc with hardly any capital down

> (!)...the western / modern dream: a free lunch. Outsmart the others, be

> ahead of the curve ball, get wind of something before everyone else does,

> find a new market ad cater to it first...and you're made for life. Consumer

> debt is a huge issue, on top of business and govt debt. Hands up who doesn't

> have a credit card or mortgage.

> 

> -----Original Message-----

> From: gathering-bounces at misera.net [mailto:gathering-bounces at misera.net] On

> Behalf Of B. Oliver Sheppard

> Sent: Friday, 1 May 2009 05:39

> To: A list about all things Killing Joke (the band!)

> Subject: Re: [kj] OT: Nobel prize-winning economist Paul Krugman on the

> economic crisis

> 

> Krugman isn't a fascist, nor does he support "what amounts to fascism," 

> whatever that means. Geez-Louise.

> 

> The Fed didn't design this disaster. Only in the conspiranoid world of 

> Ron Paul and Alex Jones did that happen. Private sector financial 

> oligarchs drove it - secifically, the Northeastern finance sector - 

> driven by their own financial "innovation," with complicity from ratings 

> agencies who over-rated what were really junky, toxic assets.

> 

> The overly simplistic "private sector good, public sector bad" mantra, 

> which sees any and all evils endlessly redounding to the gubmet, is a 

> worldview that can straitjacket one into not saying the reality of 

> things, which is that private enterprise very often causes a lot of the 

> b.s. (Enron, Worldcom, Tyco, the accounting scandals of the 2002 era is 

> another big recent example). Countrywide, Beazer Homes, IndyMac, and a 

> lot of these private institutions kick-started this mess; it was enabled 

> - but not caused - by the deregulatory fervor of the right; specifically 

> Gramm-Beach-Blilely/Commodity Futures Modernization Act, GOP-driven 

> pro-finance legislation that made legal a lot of things that had been 

> illegal since the Great Depression, when FDR ruled with an iron, 

> "fascist" fist, as some critics also like to contend.

> 

> In fact, it was stripping away government oversight that enabled this 

> mess to happen; the government played a role inasmuch as it did that. 

> But this one is on the banking and especially the finance industry of 

> the Northeastern U.S.

> 

> -Oliver

> 

> 

> Matthew Burke wrote:

> > I thought he was good on the war and torture (which are subjects now 

> > forgotten in the haze of a mystery flu). But, as an economist he 

> > supports the continuance and acceleration of Bush's insanity of 

> > propping up malinvestments and failed performance with huge spending. 

> > This is the Keynesian madness that got us to the point of collapse, 

> > and now with the new puppet in the White House is leading to outright 

> > fascism. The Federal Reserve designed this disaster, why should we 

> > give them more power?

> >

> > Didn't mean to piss on anyone's parade, I didn't get much sleep.

> >

> >

> 

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