Annie Birdsong
Guest
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 Posted: Sat Nov 01, 2008 7:35 pm Post subject: Nobel Prize Winner Rips McCain & Right Wing Economics |
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Here are five paragraphs ripping McCain and right
wing economics by the 2008 Nobel Prize
recipient in economics, Dr. Paul Krugman, professor
at Princeton and New York Times columnist.
Desperately Seeking Seriousness
Dr. Paul Krugman
New York Times
Oct. 26, 2008
http://www.nytimes.com/2008/10/26/opinion/26krugman.html
"Why has the growing financial and economic crisis
worked so overwhelmingly to the Democrats' advantage?
"As someone who's spent a lot of time arguing against
conservative economic dogma, I'd like to believe that
the bad news convinced many Americans, once and for
all, that the right's economic ideas are wrong and
progressive ideas are right. And there's certainly something
to that. These days, with even Alan Greenspan admitting
that he was wrong to believe that the financial industry
could regulate itself, Reaganesque rhetoric about the magic
of the marketplace and the evils of government intervention
sounds ridiculous.
"In addition, Mr. McCain seems spectacularly unable to talk
about economics as if it matters. He has attempted to pin the
blame for the crisis on his pet grievance, Congressional
budget earmarks - which leaves economists scratching
their heads in puzzlement. In the immediate aftermath of
the Lehman failure, he declared that "the fundamentals
of our economy are strong," seemingly unaware that he was
closely echoing what Herbert Hoover said after the 1929 crash.
"But I suspect that the main reason for the dramatic swing
in the polls is something less concrete and more meta
than the fact that events have discredited free-market
fundamentalism. As the economic scene has darkened,
I'd argue, Americans have rediscovered the virtue of
seriousness. And this has worked to Mr. Obama's
advantage, because his opponent has run a deeply
unserious campaign. ...
See the rest of this article in the New York Times: |
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