7 posts tagged “paul krugman”
A wish for the world this holiday season. Peace to all and may our future be hopeful.
MENTIONED ON TODAY'S SHOW
MATT'S BLOG!
mattmilleronline.com
New York Times Op-Ed Columnist
The Madoff Economy
By PAUL KRUGMAN
Published: December 19, 2008
The revelation that Bernard Madoff — brilliant investor (or so almost everyone thought), philanthropist, pillar of the community — was a phony has shocked the world, and understandably so. The scale of his alleged $50 billion Ponzi scheme is hard to comprehend.The scale of his alleged $50 billion Ponzi scheme is hard to comprehend.
Yet surely I’m not the only person to ask the obvious question: How different, really, is Mr. Madoff’s tale from the story of the investment industry as a whole?
Charles Krauthammer's syndicated column
http://www.azstarnet.com/sn/printDS/272324
Job Losses and Recession; Auto Execs--From Tin
Ear to Tin Cup; Mumbai Terror
*Update on Thurs. 12.11: I've added Matt's latest column, "Memo to Obama" below
*Update on Wed. 12.10 -- Adding the article Bob Scheer talked about to links below (Toyota buys GM). PS: Tony's show yesterday was good!! Listen to it at link at the end of the post in red.
*UPDATE: Tuesday 12.9 at 2:30 Pacific 89.9 FM on air in SoCal/streaming live online, via podcast or on-demand: Tune in to hear Tony Blankley discuss "Whither Conservatism" on our show, The Politics of Culture -- with Al Regnery, publisher of American Spectator mag; Tony Perkins, Pres of the Family Research Council, and nay-sayer, David Frum, who's become a critic of the Sarah Palin wing of the party (former Right on LRC, his new blog launches Jan. 20 NewMajority.com). That's www.kcrw.com (click live tab) or online later at www.kcrw.com/etc/programs/pc.
530,000 jobs lost – in November
alone – as the Auto company execs trade their tin ears and corporate jets for
tin cups and a hybrid car ride to DC begging for a bailout…is it policy making or a morality play?
Bob’s worried about Paul Krugman’s prediction for a double-digit drop in the
economy. Arianna calls the economy a stalled plane that needs a jumpstart -- in
mid-air. Tony – without being too Pollyanna-ish – says it may be the worst month
for job losses but it’s ranked the 41st worst month as a percentage
of total jobs…he disagrees with Bob who says those trillion dollars have been
wasted on the financial industry, and he calls for MASSIVE spending on the part
of government (Bob calls that socialism!). The terror in Mumbai is treated
briefly followed by some rather rushed rants.
LINKS:
Matt mentioned this blog: http://bigpicture.typepad.com/
Bob talked about this column:
Paul Krugman, The New York Times
Conscience of a Liberal
Worries about next year
I’ve been ruminating over economic prospects for next year, and I’m getting scared.
Two points:
1. The economy is falling fast. We’ll see what tomorrow’s employment report says, but we could well be losing jobs at a rate of 450,000 or 500,000 a month.
2. Infrastructure spending will take time to get
going — a new Goldman Sachs report suggests that projects that are
“shovel-ready” are probably only a few tens of billions worth, and that a
larger effort would take much of a year to get going……(read the rest at link above)
Bob also mentioned a provocative piece on TruthDig.com about why Toyota should buy GM:
A Toyota Takeover Could Save GM
By Michael D. Intriligator
Posted on Dec 5, 2008
http://www.truthdig.com/report/item/20081205_a_toyota_takeover_could_save_gm/
...I believe that considering only these two options for an imperiled GM —either bailout by the U.S. government or bankruptcy—omits an important alternative, which I see as the best option: a takeover of GM by Toyota Motor Corp....
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**** HAPPY THANKSGIVING EVERYONE *****
PLEASE see the "LINKS" post for all links mentioned on today's show.
Economy, Stocks/Auto Bailout/Obama’s Cabinet Picks
As the economy tanks, the panelists
agree with a Paul Krugman column in today’s NYTimes (see links post, next one down), we don’t have 2 months to
wait. Tony wants Obama -- knowing there’s only one president at a time – to take
the lead and signal where he’s going with the economy since W can’t get traction
and the Congress is less than useless. He calls the three testifying auto
company execs nitwits for being so tone deaf …and calls Congress stupid for
saying they’re not going to protect 3 million jobs because these 3 nitwits flew
in on private jets. Obama must act now. Arianna says, get rid of the nitwits
and put a general plan for restructuring in action. They talk about Hillary
Clinton – Bob worries she might be a hawk – and Janet Napolitano – Tony says
she’s not qualified… There’s a lot of action on today’s show. Tony’s rant is a
madrigal – and it’s beautiful! (words in the Links post below this one). And please share your thoughts.
Next week's show is: The Future of Capitalism: Which Way Now? A think piece for the holiday.
Toxic Assets; Auto Bailout? Clinton
@ State? Prop 8
Sorry, Arianna had a medical appointment -- it's man-on-man only today. And it got mighty heated today in the
battle over the economy. No one really has the answer. But a couple of questions
include: Where has the money given out so far gone? Where does it come from? Who
should really be getting it? All three end up agreeing we cannot afford to let
the auto industry sink; but their reasoning in getting there differs. And the
men weigh in on the rumor about Hillary Clinton as possible Secretary of
State…plus a brief note about the hullabaloo over Prop. 8 anti-gay marriage
constitutional amendment that just passed in the State of
California.
Links mentioned in today's show:
Depression Economics Returns
The economic news, in case you haven’t noticed, keeps getting worse. Bad as it is, however, I don’t expect another Great Depression. In fact, we probably won’t see the unemployment rate match its post-Depression peak of 10.7 percent, reached in 1982 (although I wish I was sure about that).
We are already, however, well into the realm of what I call depression economics. By that I mean a state of affairs like that of the 1930s in which the usual tools of economic policy — above all, the Federal Reserve’s ability to pump up the economy by cutting interest rates — have lost all traction. When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly. (read rest at link above)Panic in Detroit by Jonathan Cohn
This is not your father's Oldsmobile we're rescuing.
Post Date Friday, November 14, 2008
General Motors has come to Washington, begging for a $25 billion bailout to keep it and its ailing Detroit counterparts going next year. But nobody seems too thrilled about the prospect. Liberals dwell on the companies' gas-guzzling sport-utility vehicles. Conservatives obsess over all the well-paid union members with gold-plated benefits. And people of all ideological backgrounds remember how they used to buy domestic cars, years ago, but stopped because the cars were so damn lousy. "The downfall of the American auto industry is indeed a tragedy," the Washington Post editorial board sermonized recently, "but the automakers and the United Auto Workers have only themselves to blame for much of it." And, if they have only themselves to blame, the argument goes, why do they deserve taxpayer help? Let them fail and file for bankruptcy. In the long run, the economy will be stronger and the workers better off. It'd be worth?the short-term pain, which might not even be so severe.
In normal times, with another company, that might be correct. But these are not normal times...(read rest at link above)The Defining Moment: FDR's Hundred Days and the Triumph of Hope by Jonathan Alter (Paperback - May 8, 2007)
And here's a link to Amity Shlaes, a conservative with expertise on The Great Depression -- she sat in twice on the right. http://www.amityshlaes.com/ Her Book, The Forgotten Man is about FDR.
Toxic Assets; Auto Bailout? Clinton
@ State? Prop 8
Sorry, Arianna had a medical appointment -- it's man-on-man only today. And it got mighty heated today in the
battle over the economy. No one really has the answer. But a couple of questions
include: Where has the money given out so far gone? Where does it come from? Who
should really be getting it? All three end up agreeing we cannot afford to let
the auto industry sink; but their reasoning in getting there differs. And the
men weigh in on the rumor about Hillary Clinton as possible Secretary of
State…plus a brief note about the hullabaloo over Prop. 8 anti-gay marriage
constitutional amendment that just passed in the State of
California.
Links mentioned in today's show:
Depression Economics Returns
The economic news, in case you haven’t noticed, keeps getting worse. Bad as it is, however, I don’t expect another Great Depression. In fact, we probably won’t see the unemployment rate match its post-Depression peak of 10.7 percent, reached in 1982 (although I wish I was sure about that).
We are already, however, well into the realm of what I call depression economics. By that I mean a state of affairs like that of the 1930s in which the usual tools of economic policy — above all, the Federal Reserve’s ability to pump up the economy by cutting interest rates — have lost all traction. When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly. (read rest at link above)Panic in Detroit by Jonathan Cohn
This is not your father's Oldsmobile we're rescuing.
Post Date Friday, November 14, 2008
General Motors has come to Washington, begging for a $25 billion bailout to keep it and its ailing Detroit counterparts going next year. But nobody seems too thrilled about the prospect. Liberals dwell on the companies' gas-guzzling sport-utility vehicles. Conservatives obsess over all the well-paid union members with gold-plated benefits. And people of all ideological backgrounds remember how they used to buy domestic cars, years ago, but stopped because the cars were so damn lousy. "The downfall of the American auto industry is indeed a tragedy," the Washington Post editorial board sermonized recently, "but the automakers and the United Auto Workers have only themselves to blame for much of it." And, if they have only themselves to blame, the argument goes, why do they deserve taxpayer help? Let them fail and file for bankruptcy. In the long run, the economy will be stronger and the workers better off. It'd be worth?the short-term pain, which might not even be so severe.
In normal times, with another company, that might be correct. But these are not normal times...(read rest at link above)The Defining Moment: FDR's Hundred Days and the Triumph of Hope by Jonathan Alter (Paperback - May 8, 2007)
And here's a link to Amity Shlaes, a conservative with expertise on The Great Depression -- she sat in twice on the right. http://www.amityshlaes.com/ Her Book, The Forgotten Man is about FDR.
Matt Miller mentioned a bunch of articles in the show: catch up on your reading:
Robert Novak: The Obamacons Who Worry McCain
Steven Pearlstein: The Bottom is Up Ahead
http://www.washingtonpost.com/wp-dyn/content/discussion/2008/04/22/DI2008042201947.html
Wall Street Journal, Aramco Dueling Dialogue:
Global Oil Spike Worries Fuel Debate in Saudi Arabia
Paul Krugman in the New York Times: Fuels on the Hill
FIRST Update
We just finished recording the show
Initial notable quotables as noted by our guest bloggers Marisa Bojiuc and Michael Shaw:
Bob Scheer on Supreme Court and guns:
About Obama's lack of flag lapel pin:"Now they'll have to have a gun strapped on to show their patriotism."
Jim Antle on SCOTUS and guns:
"Activism is in the eye of the beholder. Democrats stand up for states
rights in the more liberal states but are reluctant to challenge
ingrained gun culture in conservative parts of the country."
Matt Miller on SCOTUS and spate of 5/4 decisions:
"As a lapsed legal mind myself, whoever thinks legal decisions are distinct from
political ideals, that's really a fraud."
Bob Scheer on North Korean Nukes:
"I don't know why everyone is down on Bush for acting reasonably. I don't know why people are slamming Obama for wanting to negotiate with people. Why not negotiate with Iran? North Korea is going the way of Vietnam and China. Game is over for totalitarianism of that nature. I suspect Iran will go that way."
Jim Antle on North Korea:
When you take Iraq out of the equation, foreign policy support for Bush
collapses. Bolton, Cheney disagreed with Bush on this.
Realists are not happy, liberal internationalists are not happy,
neocons are not happy. No wonder he's at 23% approval rating."
Arianna Huffington on Bush approval ratings:
"Who makes up the 23 percent?????"
Bob Scheer on Saudi Arabia:
"Those SOBs couldn't open the spigot...that could help us out in a time of crisis."
There's plenty more. Tune to KCRW's Left, Right and Center.
Pick up the podcast and listen on our MEDIA PLAYER.
Links to articles mentioned on the show coming soon.
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