Tag: Paul Krugman

I had a great chuckle at this from Jon Walker at FDL

In These Sorry Times, Boehner Owes Geithner and Summers a Big Apology

Trying to get the two individuals whose actions played a major role in assuring that Boehner will be promoted (to the position of Speaker of the House after Republicans win big this November) fired is just bad manners in my book. If it weren’t for Summers’ terrible economic projections and horrible advice, combined with Geithner’s equally bad counsel, consistently putting the prosperity of Wall Street over main street while horribly mismanaging the HAMP program, Boehner would not be close to measuring the drapes for the Speaker’s office..

And Paul Krugman was 100% correct in calling for Simpson firing, especially this

   

At this point, though, Obama is on the spot: he has to fire Simpson, or turn the whole thing into a combination of farce and tragedy – the farce being the nature of the co-chair, the tragedy being that Democrats are so afraid of Republicans that nothing, absolutely nothing, will get them sanctioned.

One of the best is from Dean Baker, also a recipient of Simpson’s derisive e-mails, who calls Simpson not just offensive but ignorant

   

Former Wyoming Senator Alan Simpson, the co-chairman of President Obama’s deficit commission, has sparked calls for his resignation after sending an offensive and sexist note to Ashley Carson, the executive director of the Older Women’s League. While such calls are reasonable — Simpson’s comments were certainly more offensive than remarks that led to the resignation of other people from the Obama administration — the Senator’s determined ignorance about the basic facts on Social Security is an even more important reason for him to leave his position.

   snip

   The key facts on Social Security are not hard to understand. The shortfall is relatively minor and distant. Most retirees have little income other than their Social Security, and most workers would find it quite difficult to stay at their jobs in their late 60s or even 70. We might have hoped that Senator Simpson understood these facts at the time when he was appointed to the commission, but we should at least expect that he would learn them on the job.

   His determined ignorance in the face of the facts is the most important reason why he is not qualified to serve on President Obama’s commission. Someone who is co-chairman of such an important group should be able to critically evaluate information, not just insult and demean his critics.

It looks like the President has opted for farce and tragedy with the acceptance of Mr. Simpson’s non-apology and refusal to fire him.

Well that’s an excellent question Paul and I have no doubt my readers are fully capable of looking up the link themselves.

Indeed I expect they are generally familiar with the principles of Economics 101 and Keynesianism which along with Smith is really the foundation of macro economics to the extent it can be claimed a science and not astrology.

How is it the conservative point of view ignores the classics?

And yet they’re upset that we call them ignorant.

(T)here’s something else in David’s column, which I see a lot: the argument that because a lot of important people believe something, it must make sense:

… Are you sure your theorists are right and theirs are wrong?

Yes, I am. It’s called looking at the evidence. I’ve looked hard at the arguments the Pain Caucus is making, the evidence that supposedly supports their case – and there’s no there there.

And you just have to wonder how it’s possible to have lived through the last ten years and still imagine that because a lot of Serious People believe something, you should believe it too. Iraq? Housing bubble? Inflation?

…

The moral I’ve taken from recent years isn’t Be Humble – it’s Question Authority. And you should too.