“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.
Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.
Paul Krugman: Not All Recessions Are Created Equal
Earlier this month, The Financial Times linked to a post by commentator Mike Shedlock about the failure of Keynesianism. I’m not sure why: the post was a standard-issue evidence-free rant. But there is something interesting about it, all the same: None of the alleged policy mistakes used to declare Keynesian economics a failure have anything to do with Keynesian economics.
Here’s the list cited by Mr. Shedlock. Written by Urs Paul Engeler, it originally appeared in the conservative Swiss magazine Die Weltwoche: “By following today’s apologists of the British economist John Maynard Keynes (1883-1946), the so-called ‘welfare’ states pumped too much money (which they didn’t have) into consumption: into pensions for all (Europe), exorbitant armament (U.S.), endangered industries (both) and, finally, bailouts for ailing mortgage banks (also both). This intervention was celebrated by Keynes’ disciples as the ‘return of politics.’ ”
Pensions are Keynesian economics? Bloated defense budgets are Keynesian economics? Who knew? Even bank bailouts, whatever you think of them, have nothing to do with anything in the Keynesian model per se.
So what’s going on here?
New York Times Editorial: It’s a Flawed Settlement
The Obama administration has turned up the heat on Eric Schneiderman, New York’s attorney general, to go along with a proposed settlement with the nation’s largest banks over dubious foreclosure practices. Mr. Schneiderman should stand his ground in not supporting the deal. The administration says that a settlement would quickly deliver much needed relief to hard-pressed borrowers, but it’s doubtful it would provide redress on a par with the banks’ wrongdoing or borrowers’ needs.
The deal has been in the works for nearly a year, after the state attorneys general announced an investigation into a robo-signing scandal in which banks were found to have filed false foreclosure papers in state courts. It was widely believed that the scandal would lead to a broad inquiry into how banks inflated the housing bubble, profiting as it expanded.
It is high time to describe the Obama Administration by its proper name: corrupt.
Admittedly, corruption among our elites generally and in Washington in particular has become so widespread and blatant as to fall into the “dog bites man” category. But the nauseating gap between the Administration’s propaganda and the many and varied ways it sells out average Americans on behalf of its favored backers, in this case the too big to fail banks, has become so noisome that it has become impossible to ignore the fetid smell.
The Administration has now taken to pressuring parties that are not part of the machinery reporting to the President to fall in and do his bidding. We’ve gotten so used to the US attorney general being conveniently missing in action that we have forgotten that regulators and the AG are supposed to be independent. As one correspondent noted by e-mail, “When officials allegiances are to El Supremo rather than the Constitution, you walk the path to fascism.”
Ben Adler: Cognitive Dissonance: Conservative Media Respond to Libya’s Liberation
The success of the Libyan revolution and toppling of Muammar Qaddafi has put conservative commentators in an awfully tough position. President Reagan had unsuccessfully bombed Libya in order to kill Qaddaffi, and had failed at exacting any revenge for Libya’s murder of hundreds of American civilians on Pan Am flight 103. President Bush had worked to normalize relations with Libya and claimed Qaddafi’s willingness to give up weapons programs as evidence of the Iraq invasion’s success at scaring the bad guys straight.
But Qaddafi remained a dictator and a routine violator of human rights. Conservatives say the United States has an obligation to intervene militarily to depose hostile regimes such as Qaddafi’s. But it’s awfully embarrassing for them when it turns out that it is a Democrat who does so, and at considerably lower cost than we paid in Iraq. So how did the conservative media respond on Monday?
Eugene Robinson: Perry’s Big Mouth Is Giving Republicans Headaches
In theory, Democrats should be nervous about Texas Gov. Rick Perry’s decision to enter the presidential race. In practice, though, it’s Republicans who have zoomed up the anxiety ladder into freak-out mode.
To clarify, not all Republicans are reaching for the Xanax, just those who believe the party has to appeal to centrist independents if it hopes to defeat President Obama next year. Also, those who believe that calling Social Security “an illegal Ponzi scheme” and suggesting that Medicare is unconstitutional might not be the best way to win the votes of senior citizens.
Richard Wolff: Austerity: Why Capitalism Is Choosing Plan B
Across US states, governors are forcing through Greek-style austerity measures. Corporations wouldn’t have it any other wayLast week, Democratic governors in New York and Connecticut repeated the austerity politics of Greece’s Prime Minister Pappandreou and Portugal’s former Prime Minister Socrates. In doing so, they likewise imitated the austerity politics of their Republican and Democratic counterparts across virtually all 50 states.
Austerity for labor and the public is everywhere capitalism’s Plan B. Even capitalists now see that capitalism’s Plan A failed.
Zachary Newkirk: Rewrite, Sugarcoat, Ignore: 8 Ways Conservatives Misremember American History-for Partisan Gain
The mortgage crisis began in 2006 and it’s all President Obama’s fault-at least according to Fox News host Sean Hannity. Hannity recently blamed Obama-“his policies, his economic plan, his fault”-for the mortgage crisis, ignoring who was actually president (that would be George W. Bush) as the housing market slipped.
Hannity’s is just one example of the selective memory and historical revision frequently on display in the conservative movement. Right-wing pundits, politicians and pseudo-historians are nibbling away at objective historical truths to rewrite history for present-day purposes, and hardly any topic is off-limits: glorifying the “Reagan Revolution” to children, sugarcoating the Jim Crow South and revising textbooks to offer a favorable view on Phyllis Schlafly-among many others.
Below, read about eight ways in which conservatives try to rewrite, sugarcoat or ignore aspects of American history.
Mark Weibrot: No Tarp Relief for Haiti’s Homeless
Individual Americans donated a total of $1.4bn after the 2010 earthquake, yet 600,000 Haitians are still living in tents. Why?
Nineteen months after the earthquake, almost 600,000 Haitian people are still living in camps, mostly under tents and tarps. Despite the billions of dollars of aid pledged by governments and donors since the earthquake, there are probably less than 50,000 that have been resettled. And for the 600,000 homeless, the strategy seems to be moving in the direction of evictions – without regard as to where they might end up.
“The government, in collaboration with international donors and some NGOs, is trying to pretend that there is no land,” says Etant Dupain, an activist with the group Bri Kouri Novel Gaye (Noise Travels, News Spreads). His group is organising to stop the evictions, and he was present in the confrontation in Barbancourt on Saturday, where he tried to defuse the confrontation by talking to the landlord, whom he happened to know. “But there is land,” Dupain said to the landlord. “They gave a big piece of land to Minustah, and this was cultivated land.”
Indeed, this seems to be the heart of the problem: the international donors, led by the US, do not seem to care enough to resolve the problem by “building back better”, as President Clinton promised after the earthquake. Or building much of anything, really. (Clinton heads up the Haiti Interim Recovery Commission – which, until recently, was called the Haiti Interim Reconstruction Commission; he is also the UN’s special envoy to Haiti.)
Jim Hightower: Dim Bulbs in Congress
Our problem in Washington is this: we have too many 5-watt bulbs sitting in 100-watt sockets.
Any doubt about this was erased in July when House tea partiers joined old-school right-wing ranters to pass a light bulb bill. This was the culmination of a loopy crusade by the billionaire Koch brothers to stop the spread of energy-efficient light bulbs.
Say what? Yes, Koch front groups drummed up a non-issue by howling that Big Government is “telling us what kind of light bulbs we can buy.”
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