“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.
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Paul Krugman: Why Economics Failed
On Wednesday, I wrapped up the class I’ve been teaching all semester: “The Great Recession: Causes and Consequences.” (Slides for the lectures are available via my blog.) And while teaching the course was fun, I found myself turning at the end to an agonizing question: Why, at the moment it was most needed and could have done the most good, did economics fail?
I don’t mean that economics was useless to policy makers. On the contrary, the discipline has had a lot to offer. While it’s true that few economists saw the crisis coming – mainly, I’d argue, because few realized how fragile our deregulated financial system had become, and how vulnerable debt-burdened families were to a plunge in housing prices – the clean little secret of recent years is that, since the fall of Lehman Brothers, basic textbook macroeconomics has performed very well.
But policy makers and politicians have ignored both the textbooks and the lessons of history. And the result has been a vast economic and human catastrophe, with trillions of dollars of productive potential squandered and millions of families placed in dire straits for no good reason.
Marsha Coleman-Adebayo: Obama’s “No Tolerance” for Freedom of Speech Policy (or Lament for Sunshine Week)
The Obama Administration has once again earned the shameful reputation for being the most secretive and punitive administration against whistleblowers in the history of the republic. Last week, another case of the Obama Administration’s insatiable appetite for secrecy was revealed via a April 21st memo from the Director of National Intelligence. This memo threatens members of the intelligence community with retaliation for any contact with reporters without the permission of their supervisor, even if the information is not classified. The memo stated:
“IC (intelligence community) employees… must obtain authorization for contacts with the media” on intelligence-related matters, and “must also report… unplanned or unintentional contact with the media on covered matters,” the Directive stated.
This escalating repression comes on top of its harsh sentencing of whistleblowers: Chelsea (Bradley) Manning-35 years for leaking the video Wikileaks dubbed ‘Collateral Murder’ of a deadly helicopter attack on a defenseless civilian population; 30 month imprisonment of former CIA agent John Kiriakou for exposing the US use of torture and waterboarding-while none of those responsible for the administration of torture have been tried; and forcing Edward Snowden to seek political asylum outside the US for exposing National Security Agency (NSA) excesses that include the unauthorized, universal invasion of planetary privacy.
Oh, my Lord, where to begin?
You already know what this column is about. You know even though we are barely three sentences in. You knew before you saw the headline.
There are days in the opinion business when one story makes itself inevitable and unavoidable, one story sucks up all the air in the room. This is one of those times. One story.
Well … two, actually: the misadventures of Cliven Bundy and Donald Sterling. [..]
It is only possible to think that so long as you don’t look too closely, so long as you are willing to ignore dirty deeds done largely out of sight and back of mind by collective hands – everyone guilty, so no one is. Then some guys who didn’t get the memo speak a little too stupidly a little too loudly and people condemn them and feel good about themselves for doing so.
But many of us don’t really understand what they purport to condemn. Otherwise, how could there be all this noise about that which doesn’t matter – and silence about that which does?
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