Posting in his blog today, NY Times columninst Paul Krugman, called NYC Mayor Mike Bloomberg an "ignoramous" for his explanation of what caused the housing meltdown:
| "...the favored candidate of those who believe we need a smart centrist to solve our nation’s problems reveals himself to be completely ignorant about the causes of our economic crisis, someone who just swallows right-wing propaganda whole." |
Firedoglake has a link to an article that refutes Bloomberg's claim. It is a concise, well written piece and worth the read.
5 comments:
the deeper context to this is why the land of science, technology, rationality and higher learning has degraded into this demagogue and ideologue nirvana.
the fact that a mayor comes out and pitches such right-wing nonsense shows how polarized and fractured this society has become.
is there a "reset" button somewhere please?
http://www.youtube.com/watch?v=U-m_BYnvGE0
http://www.youtube.com/watch?v=yn7cgMV3pyw
What good does it do to blame the victims? Such nonsense won't solve any problems and only distracts from finding any real solutions. What is really disconcerting is that people will listen to the right wing crap and not question it.
FOR THE LAST TIME - I REPEAT
the liar loaners and foreclosures were only a $200 to $400 billion problem.
this could have been small like the S & L crisis 22 years ago, BUT....
the debt sucking machines which used glorious mathematical models from financial engineers ( math physics engineering quants ) exponentially factored such debt to explosive directions.
the foreclosure and liar loan markets could have been cleaned up with a small, very small amount of money and even turned around by federal RTC like corporation to resell any realestate at a profit.
elastic currency theory acheived this and it was under BUSH I for cleaning up the S&L, so it could have done this now.
BUT we have the glorious math models and debt sellers CDO's and all of that.
FORGET THE COMMUNITY REINVESTMENT ACT !
I like that Paul Krugman is not afraid to cause a little controversy but it should be pointed out that his writings over the past 10 years did little to prevent the housing crisis.
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