Paul Krugman's New York Times column today talks about Depression economics, and the Wall Street Journal predictably blames it on the victim, babbling about The Barack Market as if the president-elect had something to do with Wall Street's woes. Give me a break! Our current economic crisis is clearly a panic sell-off by greedheads who know the gravy train is on its way to the big roundhouse in the sky, and market regulation with government oversight is coming back to save the day. Rupert Murdoch's wretched Republican rag would love to hang it all on Obama, but I think the American people know better. They know this mess is the result of eight years (nay, 28 years) of free-market mayhem: Reaganomics devolving into Bushonomics. But please read on:
Economic Crisis Is Beyond The Reach Of Traditional Solutions
By Paul Craig Roberts
By most accounts, the U.S. economy is in serious trouble. Robert Reich, an adviser to President-Elect Obama, calls it a "mini-depression," and that designation might be optimistic. Russian economist Mikhail Khazin says that the "U.S. will soon face a second ‘Great Depression.’" It is possible that even Khazin is optimistic.
The same people who already blame Obama for the financial crisis blamed Clinton for this summer's gas prices (for not drilling offshore 8 years ago) and 9/11 (10 months after Bush was voted into office).
Posted by: Ian Butler | November 14, 2008 at 06:36 PM