When an admittedly liberal Nobel laureate in economics thinks trying to balance the budget is holding America hostage, one has to wonder if there are any adults remaining on the left side of the aisle.
Consider what New York Times columnist Paul Krugman wrote Monday:
New York Times columnist Paul Krugman Monday wrote another in a series of factually dishonest pieces about budget deficits and what he likes to call 'the Great Recession."
In his "The Unwisdom of Elites," the unabashed liberal made numerous falsehoods and omissions to blame our current economic and budget woes exclusively on George W. Bush and "small groups of influential people":
Perhaps you hadn't noticed, but in late August 2010 Ben Bernanke took on complete responsibility for everything -- especially everything mediocre or bad -- that occurs in the economy.
I know this because on August 27 and 28 (covered here and here), the Associated Press issued three reports essentially telling readers that it was up to Ben to save us. There wasn't anything Barack Obama, Tim Geithner, Nancy Pelosi, Harry Reid, or then-present Larry Summers could possibly say or do to improve the economic situation, described at the time as "appears to be stalling" in one of those AP items.
Out of this came what has come to be known as "QE2" (the second round of "quantitative easing"), otherwise known as "electronically printing money to buy U.S. debt because possibly no one else will."
If you had any questions about just how far to the left New York Times columnist Paul Krugman is, they were answered Monday when he expressed enthusiastic support for the Congressional Progressive Caucus's radical tax-hiking "People's Budget."
In his "Let's Take a Hike," the Nobel laureate left no doubt about his desire to swiftly redistribute America's wealth with little regard for the economic consequences:
On Monday, the New York Times assembled a panel of alleged experts in its Room For Debate section. Each weighed in on Monday's ratings agency outlook downgrade by Standard and Poor's in an item entitled "Is Anyone Listening to the S.&P.?" (Don't ask me why "the" is there. It shouldn't be; the item is about the firm Standard and Poor's, not "the" Standard and Poor's stock index.)
One of the contributors was Yves Smith. Ms. Smith "writes the blog Naked Capitalism. She is the head of Aurora Advisors, a management consulting firm, and the author of 'Econned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism.'"
As night follows day, the press is beginning to go after a business entity which had the nerve to do its job and call attention to Uncle Sam's dire fiscal situation.
Standard and Poor's is presumably not 100% populated with angels, but it didn't deserve the gratuitous and ignorant shots fired at it this evening by the Associated Press's Bernard Condon and an "expert" he quoted. In attempting to tar the firm, Condon acted as if the mortgage-lending mess was the creation of "banks" which marketed mortgage-backed securities and asleep at the switch ratings agencies. He didn't once mention Fannie Mae or Freddie Mac, the fiasco's Democratic crony-run uber-culprits, which for 15 years consistently deceived the markets about the quality of the already marginal loans underlying the securities they issued .
Here are selected paragraphs from Condon's cracked creation, including a headline which gives away a resentment that the ratings agencies are still actually able to do what they were designed to do (bold is mine):
It certainly isn't a surprise that Nobel laureate Paul Krugman was far more pleased with the deficit reduction plan proposed by Barack Obama this week than the one unveiled by Rep. Paul Ryan (R-Wisc.) last week.
In Friday's New York Times column "Who's Serious Now?" the unabashed liberal declared the President's proposal "really serious" and the Congressman's "a sick joke":
Last November, MSNBC's Lawrence O'Donnell proudly declared himself a socialist on national television.
On Wednesday, "The Last Word" host took this a huge step further saying the whole idea that Americans are rugged individualists is an illusion because they're all really socialists (video follows with transcript and commentary):
On the same day a new poll found only 37 percent of liberals strongly approve of Barack Obama's performance as president, the New York Times's Paul Krugman bashed America's chief executive for being missing in action.
"What have they done with President Obama?" asked the Nobel Laureate. "Who is this bland, timid guy who doesn’t seem to stand for anything in particular":
The repeal of Obamacare's nightmarish 1099 requirement has passed both chambers of Congress and is on its way to the President for his expected signature.
In reporting Tuesday on the repeal bill's progress, the Associated Press's headline writers assured readers that the original requirement in Obamacare was a "small" component of it. The AP's Stephen Ohlemacher also misstated current 1099 filing requirements, ignored the repeal bill's de facto tax increases (i.e., reductions of tax credits) that were crammed into the bill to "pay" for lost revenue that will supposedly result from repeal, and glossed over the fact that the requirement made it into law because almost no one read the Obamacare legislation in the first place. Other than that, the AP report isn't too bad. (/sarc)
Here are key paragraphs from Ohlemacher's report (bolds and number tags are mine):
As debate rages across the country about whether it is reasonable to reduce federal spending in light of the fact that the federal government is spending more than eight times what it takes in, the same publications willing to defend that spending often simultaneously criticize spending by businesses that make a profit. One such story ran in publications nationwide this week, including the Chicago Tribune.
In a story blaringly entitled "Eight Outrageous Executive Perks" circulated by Tribune Media Services, author Kathy Kristoff laments the compensation packages offered by varied companies to their founders and/or CEOs.
For example, Qwest CEO Ed Mueller’s family was permitted use of the company jet, an expense totaling $281,182 for the year. Occidental Petroleum served as another example; the company's CEO moved from Texas to California to do his job. Texas has no state income tax; California had a 9% state income tax at the time. Occidental agreed to pay the tax for him.
Last Friday, in what one would think would be a bombshell story headlined "Foreign Banks Tapped Fed’s Secret Lifeline Most at Crisis Peak," Bloomberg's Bradley Keoun and Craig Torres reported that foreign banks secretly and routinely tapping the Federal Reserve's "discount window" lending program, primarily in 2008 and 2009. Some specifics:
"(The) loans protected a lender to local governments in Belgium, a Japanese fishing-cooperative financier and a company part-owned by the Central Bank of Libya."
Dexia SA (DEXB), based in Brussels and Paris, borrowed as much as $33.5 billion through its New York branch ..."
"Dublin-based Depfa Bank Plc, taken over in 2007 by a German real-estate lender later seized by the German government, drew $24.5 billion."
"...foreign banks ... (accounted) for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record."
Fed Chairman Ben Bernanke fought for two years to keep the information secret after Bloomberg filed a Freedom of Information Act request in 2009. The Bloomberg report quotes Bernanke as claiming in April 2009 that disclosure "might lead market participants to infer weakness."
In the Bloomberg report, Congressman Ron Paul is quoted making a prediction that has sadly been way off the mark:
New York Times columnist Paul Krugman was in his predictable defend Obama at all costs mode on Sunday's "This Week."
When former Bush administration official Torie Clarke said unemployment remains high because the private sector is concerned about future regulations, the Nobel Laureate scoffed, "All of this stuff about uncertainty is just a myth being made up to blame this on Obama" (video follows with transcript and commentary):
Former Clinton Labor Secretary Robert Reich, in a column appearing at Business Insider, says that we're heading in the direction of a "double-dip" -- and though he doesn't follow it with the word "recession," it's obvious he's not talking about an ice-cream cone. It's also obvious that he's less than pleased with the media spin that things are really okay.
Along the way, Reich had to go back to the mid-1930s, the era of Franklin Delano Roosevelt's ongoing economic depression (at least as far as employment was concerned) to exemplify what a supposedly good recovery from an economic trauma looks. He was clearly desperate to avoid saying anything nice about the more historically relevant and objectively more impressive recovery and subsequent prosperity that occurred under Ronald Reagan. This is also true of the establishment press.
Former Clinton labor secretary Robert Reich wrote a truly nonsensical piece for the Huffington Post Tuesday ironically called "The Republicans' Big Lies About Jobs."
MSNBC's Chris Matthews must have loved this tripe and its sophomoric title for he invited the Berkeley professor on Wednesday's "Hardball" so that the pair could put on a clinic in liberal economic fantasy (video follows with partial transcript and oodles of commentary):
You begin to get an idea of how poorly served the news-consuming public is by the Associated Press when you compare its "reporting" on Obama czar Elizabeth Warren's appearance tomorrow before the House Financial Services Committee to an information-packed editorial -- yes, an editorial -- in the Wall Street Journal this morning.
You can read all of the over 750 words in the unbylined AP report without learning that Ms. Warren and various state attorneys general are attempting to shake down the banking system for $20 billion. You would think from the wire service's selective content that it's only Republicans who have opposed and continue to oppose the broad, unchecked authority her brainchild, the Consumer Financial Protection Bureau, will have over U.S. banking policy and practices. It ain't so.
Does a sycophantic devotion to the President make liberal media members lose all connection to reality?
Before you answer, consider that on Friday, Newsweek's Eleanor Clift and liberal radio host Bill Press actually said on PBS's "McLaughlin Group" the U.S. auto industry is stronger than it ever was (video follows with transcript and commentary):
You just knew Hollywood couldn't get through an Oscars broadcast without subjecting viewers to self-important statements of left-wing politics. War, AIDS, gay marriage, global warming - pick a liberal hobby horse and chances are an entertainer used the Academy Awards to give America his or her opinion on it.
This year, the cause du jour was class warfare, as reflected in shills for organized labor and a jab at bankers. With public sector unions protesting in Wisconsin and other states where governors are trying to address huge budget shortfalls, a couple of recipients couldn't resist adding their two cents.
New York Times columnist Paul Krugman on Friday made the idiotic claim that House Republicans are stealing food from babies and pregnant women.
Later that evening, appearing on PBS's "Inside Washington," syndicated columnist Charles Krauthammer demonstrated just how foolish Krugman's assertion was (video follows with transcript and commentary):
Something rather shocking happened on MSNBC Wednesday.
Not only was a compliment given to a Republican, but on the "Dylan Ratigan Show," it was said by a Washington Post columnist about a GOPer that is actually admired by conservatives (video follows with transcript and commentary):
On Monday, President Obama announced that 2011's budget deficit is going to be an all-time high $1.65 trillion.
In an interview with Fox News's Bill O'Reilly later in the day, ABC's George Stephanopoulos predictably blamed the red ink on former President George W. Bush (video follows with transcript and commentary):
In his lifetime, Princeton economics professor and Nobel Laureate Paul Krugman has published 20 books, over 200 papers, and since the year 2000 two columns a week at the New York Times.
Clearly without understanding the irony of his question, the man once accused by the Gray Lady's ombudsman of possessing a "disturbing habit of shaping, slicing and selectively citing numbers" asked his readers Monday, "How can voters be so ill informed [sic]?":