Op-Ed Columnist - Fiscal Scare Tactics - NYTimes.com.
Krugman is a genius:
So why the sudden ubiquity of deficit scare stories? It isn’t being driven by any actual news. It has been obvious for at least a year that the U.S. government would face an extended period of large deficits, and projections of those deficits haven’t changed much since last summer. Yet the drumbeat of dire fiscal warnings has grown vastly louder.
To me — and I’m not alone in this — the sudden outbreak of deficit hysteria brings back memories of the groupthink that took hold during the run-up to the Iraq war. Now, as then, dubious allegations, not backed by hard evidence, are being reported as if they have been established beyond a shadow of a doubt. Now, as then, much of the political and media establishments have bought into the notion that we must take drastic action quickly, even though there hasn’t been any new information to justify this sudden urgency. Now, as then, those who challenge the prevailing narrative, no matter how strong their case and no matter how solid their background, are being marginalized.
Just read the rest.
He's spot on.
And the same thing is happening here.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
There are links to this blog's glossary in the above post that explain technical terms used in it. Follow them for more explanations.
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Buy me a coffee!
There is a major difference between Iraq and the financial crisis, in that information about the latter is pretty much freely available.
That could not be said of “information” about Iraq’s weapons programs, which was exclusively collected, analyzed, filtered and disseminated(and in hindsight heavily manipulated) by intelligence agencies.
In contrast, information about the economic and financial crisis is widely available to all parties. It is the basis on which millions engage in daily financial trading.
It’s time for the NY Times and the far-left to move on.
@Ted B.
Try reading our financial secrecy index
And try stopping BSing
Because candidly there’s less opacity about most financial structures than there was about WMD – where we all knew there were none – and marched t0 say so and were proven right
PS – if there was such transparency – why the crash? Are you either a) wrong about the data being available or b) collectively so stupid you could not sue the data?