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TOPIC: (2/11/10) Clueless (Paul Krugman- NYT op-ed) Wow, even Krugman isn't drinking the Kool-Aid anymore.


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(2/11/10) Clueless (Paul Krugman- NYT op-ed) Wow, even Krugman isn't drinking the Kool-Aid anymore.
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"I’m with Simon Johnson here: how is it possible, at this late date, for Obama to be this clueless?

The lead story on Bloomberg right now contains excerpts from an interview with Business Week which tells us:

President Barack Obama said he doesn’t “begrudge” the $17 million bonus awarded to JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon or the $9 million issued to Goldman Sachs Group Inc. CEO Lloyd Blankfein, noting that some athletes take home more pay.

The president, speaking in an interview, said in response to a question that while $17 million is “an extraordinary amount of money” for Main Street, “there are some baseball players who are making more than that and don’t get to the World Series either, so I’m shocked by that as well.”

“I know both those guys; they are very savvy businessmen,” Obama said in the interview yesterday in the Oval Office with Bloomberg BusinessWeek, which will appear on newsstands Friday. “I, like most of the American people, don’t begrudge people success or wealth. That is part of the free- market system.”

Obama sought to combat perceptions that his administration is anti-business and trumpeted the influence corporate leaders have had on his economic policies. He plans to reiterate that message when he speaks to the Business Roundtable, which represents the heads of many of the biggest U.S. companies, on Feb. 24 in Washington.

Oh. My. God.

First of all, to my knowledge, irresponsible behavior by baseball players hasn’t brought the world economy to the brink of collapse and cost millions of innocent Americans their jobs and/or houses.

And more specifically, not only has the financial industry has been bailed out with taxpayer commitments; it continues to rely on a taxpayer backstop for its stability. Don’t take it from me, take it from the rating agencies:

The planned overhaul of US financial rules prompted Standard & Poor’s to warn on Tuesday it might downgrade the credit ratings of Citigroup and Bank of America on concerns that the shake-up would make it less likely that the banks would be bailed out by US taxpayers if they ran into trouble again.

The point is that these bank executives are not free agents who are earning big bucks in fair competition; they run companies that are essentially wards of the state. There’s good reason to feel outraged at the growing appearance that we’re running a system of lemon socialism, in which losses are public but gains are private. And at the very least, you would think that Obama would understand the importance of acknowledging public anger over what’s happening.

But no. If the Bloomberg story is to be believed, Obama thinks his key to electoral success is to trumpet “the influence corporate leaders have had on his economic policies.”

We’re doomed."

Oh my!  Krugman was one of his biggest supporters/apologists.  Obama is losing the left, the right and the independents.  He is one and done.

http://krugman.blogs.nytimes.com/2010/02/10/clueless/



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he better get a clue and fast

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"We're doomed."  I love it!  Finally, the "brainiac" Krugman gets it.  Well, guess who "got it" first?  That's right - PUMAs!!!biggrin



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I looked out my window and what did I see?  I saw people waking up from their kool aid induced intoxication and stupor.  They are confused with no idea what were happening to them now they have some sense.  The people like us who were immune to the kool aid.  We know better then to trust someone who promises everyone everything.

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Lovely read. Thank you!

Yep! Clueless in Washington, indeed! How can anyone with any ounce of sense say that the bonus is a reward for their success? The success was of the bailout money. All money paid out in bonus deservedly belongs to the taxpayers.

Now, the government - Obama Administration - may have been not sharp enough to anticipate it and put in the language necessary to be able to channel the profits. It was my understanding that there was some language that would enable that - that of course from my reps early this year and not from reading any document/news item.

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