Showing posts with label Paul Krugman. Show all posts
Showing posts with label Paul Krugman. Show all posts

Monday, October 15, 2007

Derangement and Denial

Appearing at The Jaundiced Eye, the Independent Bloggers' Alliance, and My Left Wing.

Earth




Update: Blog Action Day 2007 has been declared by its organizers an "unprecedented success." They have documented the participation of 20,603 bloggers who blogged on the environment on October 15, 2007.

With that the Blog Action Team appears to have folded its tent and gone home, taking their graphics with them. (Art for this entry has been replaced.) Thanks for reading.


Krugman hits it out of the park once again, with a send-up of conservative dissonance. Faced with the reality of Al Gore's Nobel win, denial rules the right.

On the day after Al Gore shared the Nobel Peace Prize, The Wall Street Journal’s editors couldn’t even bring themselves to mention Mr. Gore’s name. Instead, they devoted their editorial to a long list of people they thought deserved the prize more.

And at National Review Online, Iain Murray suggested that the prize should have been shared with “that well-known peace campaigner Osama bin Laden, who implicitly endorsed Gore’s stance.” You see, bin Laden once said something about climate change — therefore, anyone who talks about climate change is a friend of the terrorists.

And so the slime machine slugs along in its tireless disregard for troublesome facts. Still more merriment was to be found on Fox News Sunday, where Bill Kristol and Charles Krauthammer came not to praise Gore but to bury him.

Sarcastically calling Gore’s win “deeply moving,” Kristol disparaged Gore and the Nobel prize itself, saying “it’s a prize given by bloviators to a bloviator”:

KRISTOL: Friday, I felt a warm glow thinking that this man got the Nobel Peace Prize for bloviating about global warming. I mean, it’s a prize given by bloviators to a bloviator for nothing. What did he — he was Vice President of the United States for eight years. I missed the Clinton administration’s bold initiatives on global warming and carbon caps. Did they enforce the Kyoto Treaty? I don’t think so. You know, so he gets the Nobel Peace Prize for talking.

Claiming that the Nobel Peace Prize is “the Kentucky Derby of the world left,” Krauthammer was even more shrill than Kristol, saying “Al Gore now joins the ranks of Yasser Arafat, the father of modern terrorism.” He then claimed the award “has nothing to do with peace” and that “it gives it to people whose politics are either anti-American or anti-Bush, and that’s why [Gore] won it.”

Laying aside, for the moment, the hilarity of warmongers like Kristol and Krauthammer discussing what does and doesn't advance peace, I must point out that the issue of global warming, which the Nobel committee has underscored with Gore's award, has a very direct connection to issues of peace and security. Or so the Pentagon learned when it commissioned a risk assessment study... which they promptly buried. Appointed to head that study was Edward W. Marshall, or "Yoda," as he is referred to in Pentagon circles. The findings could only prove embarrassing to an Administration in denial of the reality of global warming.

Climate change over the next 20 years could result in a global catastrophe costing millions of lives in wars and natural disasters..

A secret report, suppressed by US defence chiefs and obtained by The Observer, warns that major European cities will be sunk beneath rising seas as Britain is plunged into a 'Siberian' climate by 2020. Nuclear conflict, mega-droughts, famine and widespread rioting will erupt across the world.

The document predicts that abrupt climate change could bring the planet to the edge of anarchy as countries develop a nuclear threat to defend and secure dwindling food, water and energy supplies. The threat to global stability vastly eclipses that of terrorism, say the few experts privy to its contents.

'Disruption and conflict will be endemic features of life,' concludes the Pentagon analysis. 'Once again, warfare would define human life.'

Global warming, a bigger threat than terrorism! Where is our war on greenhouse gases? Krugman explains why the Bush Administration has it's head in the sand -- looking for oil, presumably -- while we are teetering on the brink of a genuine security nightmare.

Today, being a good Republican means believing that taxes should always be cut, never raised. It also means believing that we should bomb and bully foreigners, not negotiate with them.

So if science says that we have a big problem that can’t be solved with tax cuts or bombs — well, the science must be rejected, and the scientists must be slimed.

Sunday, September 16, 2007

Purgatory For Alan Greenspan

The topic below was originally posted on my blog, the Intrepid Liberal Journal as well as the Independent Bloggers Alliance, The Peace Tree and Worldwide Sawdust.

Alan Greenspan belongs to the Club of Emasculated Moderate Elites who enabled corporate theocrats to destroy the American Dream at home and annihilate our moral authority abroad. A prerequisite for membership is to first allow crazy ideologues to exploit their prestige and later disown the disastrous policies their reputations facilitated. Former Secretary of State Colin Powell is a charter member of this club and a pathetic figure who criticizes the Bush Administration about Iraq when it no longer matters. Powell’s domestic policy soul mate, Alan Greenspan, joined him with his new memoir, The Age of Turbulence: Adventures In a New World.

Actually, one could argue that Greenspan was a charter member as early as 2001. The prescient and sagacious Paul Krugman wrote the following for his column entitled “Reckonings; Doing the Wrong Thing” on February 14, 2001:

“Three weeks ago Alan Greenspan, in his now-famous testimony to the Senate Budget Committee, gave decisive aid and comfort to the advocates of huge, irresponsible tax cuts. Rumor has it that Mr. Greenspan himself was taken aback by the feeding frenzy unleashed by that testimony, and that he is now engaged in a backdoor campaign to limit the damage. (Damage to the nation, or to himself? Good question.) The Medley Report, a newsletter on economic affairs, says that ‘many Congressional Democrats have heard Mr. Greenspan -- or his aides -- tell them that he actually favors something like $1 trillion in total tax cuts rather than $1.6 trillion.’

But if those rumors are true, Mr. Greenspan's performance yesterday, in his first official testimony since he let the genie out of the bottle, was a profile in cowardice. Again and again he was offered the opportunity to say something that would help rein in runaway tax-cutting; each time he evaded the question, often replying by reading from his own previous testimony. He declared once again that he was speaking only for himself, thus granting himself leeway to pronounce on subjects far afield of his role as Federal Reserve chairman. But when pressed on the crucial question of whether the huge tax cuts that now seem inevitable are too large, he said it was inappropriate for him to comment on particular proposals.

In short, Mr. Greenspan defined the rules of the game in a way that allows him to intervene as he likes in the political debate, but to retreat behind the veil of his office whenever anyone tries to hold him accountable for the results of those interventions.”
The upshot is that Greenspan’s reputation in 2001 was at stratospheric levels following eight years of prosperity under President Clinton. It was a flawed prosperity to be sure, aided by the Internet bubble and trade policies that rewarded corporate elites at the expense of too many working people. Nevertheless, the fiscal management of the country was far superior under President Clinton and most were better off than they are today. Greenspan and Clinton Treasury Secretary Robert Rubin were regarded as the architects of an economic renaissance.

As Krugman illustrated in his column over six years ago, Greenspan allowed the tax cutting privatization fundamentalists to exploit his reputation so wayward congressional moderates would go along. And when he had the chance to correct the record and prevent the fiscal insanity to follow, he choked. As Krugman put it in that column’s final paragraph:
“Mr. Greenspan faced a test of character yesterday. He didn't have to admit to a mistake; to do the right thing, all he had to do was ‘clarify' his previous remarks. Yes, the headlines would have said ‘Greenspan Makes U-Turn.’ But isn't it worth accepting some brief personal embarrassment in order to head off a looming policy disaster that you yourself have helped create? Apparently not.”
And what a disaster it’s been! Even without 9/11 and the Iraq War, the tax cutting privatization fundamentalists had us headed toward a path of deficits minus meaningful investments. It’s one thing to accumulate deficits if we make investments in infrastructure and human capital that deliver a return such as education, health care, renewable energy, bridges and levies. Contrary to generations of conservative propaganda however, the super wealthy don't "invest" their wealth into the economy and create jobs. Most horde it because they don't need to spend frequently on necessities.

Greenspan's conduct in 2001 resulted in less money for people who truly are the engine of economic growth: small business entrepreneurs, salaried employees earning under $100,000 per year and low wage earners.

Yet Greenspan continues to reject any accountability for his transgressions. According to the New York Times, Greenspan is “chagrined about his role in the Bush tax cuts.” The article describes Greenspan as surprised at how his endorsement of the Bush tax cuts would be perceived even as he recounts how Robert Rubin and Senator Kent Conrad, of North Dakota warned him.

Yet Greenspan’s bewilderment is at best disingenuous. Rather like Claude Raines “shock” at finding gambling in Casablanca. He endorsed Bush’s tax cuts because they empowered the Ayn Rand economic fetishists who promote wealth redistribution in favor of the wealthy while claiming to champion liberty and a culture of work. Indeed, as Harriet Rubin reported in the New York Times, Greenspan was an admirer of Rand’s work.

As a reward for his disservice to the American people, Greenspan’s book will no doubt soon become a best seller as the republic spirals towards fiscal insolvency. That is Alan Greenspan’s legacy unless a true progressive is elected president in 2008. Either way Greenspan’s reputation should be condemned to a special purgatory for so-called moderates such as Colin Powell who mortgaged America’s standing and future for their own self-aggrandizement.

Friday, March 30, 2007

Reagan's Legacy: Executive Amnesia

The Disintegration of the Persistence of Memory, c.1954


The Disintegration of the Persistence of Memory, c.1954

Dali, Salvador



There's a very clever graphic on the cover of The Huffington Post this morning. A Warholesque pattern of 122 images of ex-Gonazales aide Kyle Sampson. One for every memory lapse he reported on the Senate floor yesterday. "I don't remember." Get used to that phrase. We'll be hearing it a lot in the coming weeks and months.

Reagan did it with an actor's flair, but it was Reagan who ushered in this age of executive exceptionalism. "I cannot recall," he said over and over in his Iran-Contra testimony. And with that endearing little nod, that seemed to say, "Why I am just a simple man. A man of the people, baffled by these dark political machinations."

I remember my grandfather cluck, cluck, clucking in disgust. "If he were the CEO of a company," he'd say, "You know how long he'd be tellin' that story? About as long as it took him to grab his things and walk to the front gate." But my grandfather was one of those men in "gray flannel" Paul Krugman writes about. He was the product of that bygone era, when the buck actually stopped somewhere.

This is Reagan's legacy. An era of unaccountability for those who achieve the requisite wealth and influence. A time when men of small skill, but excellent breeding, fail ever upwards and descend, when they do, on golden parachutes. An era when only the little people experience the consequences, not only of their personal failings, but of the colossal failings of their "betters." When average workers of a company like Enron lose their livelihoods, their savings, their homes. But can only stare in rapt amazement as the wheels of justice grind slowly on, bringing few prosecutions and vacating that of a dead architect of corporate failure.

There is no "pound 'em in the ass prison" for even token prosecutions like Scooter Libby. That nice white boy shouldn't see the inside of a jail cell says even his jury. He didn't mean any harm. He was just so forgetful.


Crossposted from The Blogging Curmudgeon.