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I hate to even think somebody kidnapped Paul Krugman...

... because I'm really with BTD on this, so I'm going to chalk the few recent lapses up to whatever stress factors left Paulson short of breath and possibly ill --from the overpowering scent of Pelosi's White Diamonds? -- so ill that he needed to have Chuck Schumer walk him to the mike.

Anyhow, Krugman praises this column by Rex Nutting, not noting Nutting's nutty conclusion:

Rejection of the plan means there's no political solution to this financial crisis on the horizon. As it now stands, the markets are on their own.
The next six weeks will tell whether the coup d'etat in the House on Monday has created a political crisis to match the financial one.

In what sense, please, is the House voting down a trillion dollar bailout for Hank Paulson's golfing buddies a "coup d'etat"? Especially when voters were outraged by the bailout and didn't want it passed?

Unless, of course, you take the view that Wall Street (and moi, Rex Nutting) really run the country from behind the marble facades of the Hill, the Mall, and the White House -- and that the voters' views just aren't relevant.

But Rex couldn't have meant that. Right?

NOTE Actually, Rex's view may be more prevalent than I thought.

No votes yet


amberglow's picture
Submitted by amberglow on

that's pretty much it, i guess--or Krugman's adrift bec it's the GOP that actually did the right thing here, and he's unwilling to credit them--or to rightly trash the Congressional Dems who have been Bush's tools all along.

Submitted by lambert on

Highly unlikely that a link would ever be "just you" or just anyone. The markup is what it is; it does not change.

[ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

hobson's picture
Submitted by hobson on

It's back, the link. So does this mean that the Senate can't consider the bill on Wed?

chicago dyke's picture
Submitted by chicago dyke on

krugman is merely demonstrating what sensible people already know: all Villagers are loyal to the Village first, no matter what their stripe.

Villagers come in many forms. we all know the Unapologetic Fascist kind, and the Saddam is Worse than Hitler but I'm Liberal kind. so i guess some folks didn't know there are the I'm a Liberal until I'm asked to Diss my Villager Friends kind, which is what Krugman has proven himself to be. krugman has spent waaaaaaaaay too much time speaking of Helicopter Ben and his good friend Hank Paulson as if they are decent, compassionate people. well, i suppose they are, if you're a banker or in the running for a nobel in econ.

look, i like and respect him, and his work, most of the time. but my patience is running REALLY GODDAMN THIN the more i think about how badly all of this is being framed, don't get me started on my opinions of the proposed "solutions" to the "crisis."

how many times can i say it: we don't have a trillion dollars to toss around. are we in an "emergency?" perhaps, but i doubt i'm speaking of the same one that Serious Voices are. the very idea that it's absolutely necessary to write a check, to someone, anyone, to do something, of this magnitude, just angers me beyond rational words.

recently, Ian over at FDL put up an outline of what a progressive plan to spend money would look like. i'm very glad he did, as was beginning to wonder if anyone "on our side" was truly willing to frame things properly. do we need a massive overhaul of how our gov't is spending money? of course we do. but the lack of discussion about options that would do something to help me, and hundreds of millions like me, chaps my ass to no end.

...and i'll take this moment to remind everyone from the view on my favorite soapbox: just stop paying attention to "celebrity." on teevee, in papers, all over the place, people's opinions "matter" most when they're famous, and not on the basis of what they'd said and done. it annoys the hell out me, and is a big reason why Bush could've been elected in the first place.

Submitted by jawbone on

to win the presidency so much, and more Dems in Congress, that he doesn't want to make problems for them right now. I've felt he was pulling his punches, equivocating a bit.

I've felt increasingly uncomfortable as he's been saying of the Paulson Fix that it sucks, but he has to hold his nose bcz something needs to be done. And the Dems will not get anything progressive passed.

Please, Prof. Krugman, take a long, cool, reality-based look at this whole Paulson Fix situation and let us know what should be done. We'll email Congress Critters. ((Like that'll work. Heh.)

The Reality-Based Community needs you--so very much!

And, yes, CD, throwing freakin' trillions around as if there's so many of them a few mistakes don't matter scares the hell out of me.

The Big Banker Boiz are getting so incredibly big they probably do think they can push the government around. Democracy, even somewhat insulated from the mob, the people's will, as a democratic representative republic type, is very messy. Well, the Banker Boiz seem to feel they can demand Big Bucks at will--what else might they demand? They scared the hell out of Nancy, Harry, Barry, and even, heaven help us, Barney. Wow.

Praise be to the obstructionists! The patriots saving the Maladministration from itself and nation from the Maladministration!

elixir's picture
Submitted by elixir on

ce. And he doesn't really praise Nutter but respects a few of his points. Krugman sees the plan as less than perfect work and is hopeful that it's defeat will now lead to the crafting of a real plan:

"I assume Pelosi calls a new vote; but if it fails, then what? I guess write a bill that is actually, you know, a good plan, and try to pass it — though politically it might not make sense to try until after the election."

Please explain.

Submitted by lambert on

That Nutter would characterize a House vote as a coup d'etat. Sure, the banana republic line is funny, if, arguably, untrue, but isn't the real story Nutter's characterization?

[ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

elixir's picture
Submitted by elixir on

hope Paulson takes a vacation.

Oop, watching C-Span, here comes Paulson trying to shock the country into voting for that turd of a bill by referencing falling banks, collapsing markets and pigs flying through the air. He doesn't look ill to me.

I love this job!