Massive 2005 takedown of The Moustache of Understanding.
He is the perfect symbol of our culture of emboldened stupidity. Like George Bush, he's in the reality-making business. In the new flat world, argument is no longer a two-way street for people like the president and the country's most important columnist. You no longer have to worry about actually convincing anyone; the process ends when you make the case.
In a column which oddly, or not, doesn't mention the President by title or by name, Krugman concludes:
The gist of the [TARP inspector general's AIG bailout] report is that government officials made no serious attempt to extract concessions from bankers, even though these bankers received huge benefits from the rescue. ...
For the A.I.G. rescue was part of a pattern: Throughout the financial crisis key officials — most notably Timothy Geithner, who was president of the New York Fed in 2008 and is now Treasury secretary — have shied away from doing anything that might rattle Wall Street. ....
Ryan Griffin in HuffPo, yeah yeah:
A bloc of African American House Democrats, angry and worried that not enough is being done about high unemployment by the administration, forced the postponement of a much-anticipated vote Thursday on comprehensive financial regulation reform.
And "progressives" couldn't do the same thing on health care why, exactly?
At Baseline Scenario, James Kwak concludes:
For the CRA to be the problem, the causal factor would have to be availability of credit in low-income communities. But from what I’ve read, it seems like today’s problem is no longer redlining — plenty of lenders were willing to lend to the poor. It’s predatory lending — they found that for various reasons it was easier to steer poor people into unnecessarily high-cost loans. Now, I’m no fan of policies to encourage homeownership in general. I think we have too many of them. But the CRA is primarily a policy to discourage discrimination, and that is something we unfortunately still need.
With unemployment among blacks at more than 15 percent, the N.A.A.C.P. will join several other groups on Tuesday to call on President Obama to do more to create jobs. ...
In speaking out on jobs, N.A.A.C.P. leaders say they are not trying to pick a fight with the first African-American president. Rather, they say, they are pressing Mr. Obama in an area where they believe he wants to be pressured.
[WARREN] “I made a decision at the beginning that the experts wrecked this economy and the public has a right to know what’s going on,” she said. “It’s our economy on the line and the experts can’t be trusted. I want everyone to be part of the solution to how we want to change our economic world. If it’s risky or makes me look stupid to someone, so be it.”
She's a hippie! Read more about Elizabeth Warren for President!
[T]here is an element of bad faith dealing here. The banks were given TARP funds and other, extensive types of support so they could support the economy via lending. Raising rates to beat the impact of new rules was predictable (the long lead time for implementation of the rules was no accident) but the brazenness of the banks is still remarkable.
Remind you of anything? Read more about Raising rates to beat the impact of new rules....