HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » kpete » Journal


Profile Information

Member since: Fri Sep 17, 2004, 03:59 PM
Number of posts: 45,177

Journal Archives

The 1 Percent’s Solution- By PAUL KRUGMAN

The 1 Percent’s Solution
New York Times
April 26, 2013


The austerity agenda looks a lot like a simple expression of upper-class preferences, wrapped in a facade of academic rigor. What the top 1 percent wants becomes what economic science says we must do.

Does a continuing depression actually serve the interests of the wealthy? That’s doubtful, since a booming economy is generally good for almost everyone. What is true, however, is that the years since we turned to austerity have been dismal for workers but not at all bad for the wealthy, who have benefited from surging profits and stock prices even as long-term unemployment festers. The 1 percent may not actually want a weak economy, but they’re doing well enough to indulge their prejudices.

And this makes one wonder how much difference the intellectual collapse of the austerian position will actually make. To the extent that we have policy of the 1 percent, by the 1 percent, for the 1 percent, won’t we just see new justifications for the same old policies?


the rest:

Architecture as metaphor

Bush is now working as a motivational speaker. Who better to turn to than the guy who invaded the wrong country and started a depression -- David Letterman

Mercy!'' Barack said. "Dreadful apparition, why do you trouble me?''

Chained CPI Humbug on Maggie's Farm
Economic Policy
by David Swanson | April 19, 2013 - 8:15am


Mercy!'' Barack said. "Dreadful apparition, why do you trouble me?''

The spectre raised a cry, and shook its chain, and wrung its shadowy hands.

"You are fettered,'' said Barack, trembling. "Tell me why?''

"I wear the chained CPI I forged in life,'' replied the Ghost. "I made it link by link, and yard by yard; I girded it on of my own free will, and of my own free will I wore it. Is its pattern strange to you?''


from a few days ago:

The Economic Argument Is Over — Paul Krugman Has Won

The Economic Argument Is Over — Paul Krugman Has Won

For the past five years, a fierce war of words and policies has been fought in America and other economically challenged countries around the world.


Over the course of this debate, evidence has gradually piled up that, however well-intentioned they might be, the "Austerians" were wrong. Japan, for example, has continued to increase its debt-to-GDP ratio well beyond the supposed collapse threshold, and its interest rates have remained stubbornly low. More notably, in Europe, countries that embraced (or were forced to adopt) austerity, like the U.K. and Greece, have endured multiple recessions (and, in the case of Greece, a depression). Moreover, because smaller economies produced less tax revenue, the countries' deficits also remained strikingly high.

So the empirical evidence increasingly favored the Nobel-prize winning Paul Krugman and the other economists and politicians arguing that governments could continue to spend aggressively until economic health was restored.

And then, last week, a startling discovery obliterated one of the key premises upon which the whole austerity movement was based.

An academic paper that found that a ratio of 90%-debt-to-GDP was a threshold above which countries experienced slow or no economic growth was found to contain an arithmetic calculation error.


Read more: http://www.businessinsider.com/paul-krugman-is-right-2013-4#ixzz2RTc1FAE6


Gandhi said, “First they ignore you, then they laugh at you, then they fight you, then you win.” But sometimes, things proceed in the opposite direction. Colbert does Reinhart-Rogoff.


Former President George W. Bush has a message for Republican Party: "You will exist in the future."

Former President George W. Bush has a message for the Republican Party: "You will exist in the future."

In an interview with ABC News that aired on Wednesday, Bush added that his brother Jeb Bush would make a great candidate in 2016. "He'd be a marvelous candidate, if he chooses to do so," Bush said, adding, "He doesn't need my counsel 'cause he knows what it is, which is 'run!'"

Bush's comments about the GOP come at a time when the party is working to rebuild after losses in the 2012 election. The Republican National Committee in March released a post-mortem on the election, which concluded that the party needs to adopt a more inclusive tone. That message has hit a few speed bumps at the local level.

MORE plus video & links:

"I'm not going to let that tool go unused." -- Anthony Weiner

"I'm not going to let that tool go unused."

-- Anthony Weiner, quoted by the New York Observer, on why he's using Twitter again despite his rocky history with the social media network.


Why Is Horsey Trying To Drive Us To Drink?

Welcome to America

Sequester stops Philly cops from arresting pot smokers

...........the best part is that the apparently-federal cops seem to suggest that the reason they can’t intervene is the sequester budget cuts, though the sequester actually forced the Park Police to start furloughing employees on April 21, this past Sunday. Having said that, I know our local park here in DC, which is a federal park (it’s like that in DC), had to cut services weeks ago because of the sequester, so clearly the Park Service was already hit).

Read some of the transcript, then the video below:

They’re smoking marijuana over here.


You’re letting them do that?

It’s on federal property, they have a permit.

Right, but they don’t have a permit to smoke marijuana.

They have a permit with the parks.

Did the park give them a permit to smoke marijuana?

I can’t talk to you about the permit. If you want, I can get you a contact with our permit…

They’re smoking marijuana.

I’m aware sir.

Then he talks to another cop – here’s where the sequester comes into play:

Sir, are you aware they’re smoking marijuana over here?

Yes, we know that there’s some activity going on.

Are you gonna enforce the law?

We don’t have the resources to do that right now.

Well you can disperse, revoke their permit.

We don’t have the resources to do that.

Anyone else guessing that before the protest, the whiner was in full support of all the budget cuts?


At least Bush kept us safe

At least Bush kept us safe. With notably rare exceptions. Like 9/11, Katrina, massive deficits, torture, economic collapse, Iraq war, sending 50,000+ factories and 5 million manufacturing jobs to China and instilling a culture of corruption…

Otherwise, Mrs. Lincoln, how was the play?
Go to Page: « Prev 1 ... 545 546 547 548 549 550 551 552 553 554 555 ... 1224 Next »