Egos and Immortality

[Havakasha]

http://www.nytimes.com/2012/05/25/op...=2&ref=opinion



By PAUL KRUGMAN
Published: May 24, 2012 288 Comments


In the wake of a devastating financial crisis, President Obama has enacted some modest and obviously needed regulation; he has proposed closing a few outrageous tax loopholes; and he has suggested that Mitt Romney’s history of buying and selling companies, often firing workers and gutting their pensions along the way, doesn’t make him the right man to run America’s economy.

Wall Street has responded — predictably, I suppose — by whining and throwing temper tantrums. And it has, in a way, been funny to see how childish and thin-skinned the Masters of the Universe turn out to be. Remember when Stephen Schwarzman of the Blackstone Group compared a proposal to limit his tax breaks to Hitler’s invasion of Poland? Remember when Jamie Dimon of JPMorgan Chase characterized any discussion of income inequality as an attack on the very notion of success?

But here’s the thing: If Wall Streeters are spoiled brats, they are spoiled brats with immense power and wealth at their disposal. And what they’re trying to do with that power and wealth right now is buy themselves not just policies that serve their interests, but immunity from criticism.

Actually, before I get to that, let me take a moment to debunk a fairy tale that we’ve been hearing a lot from Wall Street and its reliable defenders — a tale in which the incredible damage runaway finance inflicted on the U.S. economy gets flushed down the memory hole, and financiers instead become the heroes who saved America.

Once upon a time, this fairy tale tells us, America was a land of lazy managers and slacker workers. Productivity languished, and American industry was fading away in the face of foreign competition.

Then square-jawed, tough-minded buyout kings like Mitt Romney and the fictional Gordon Gekko came to the rescue, imposing financial and work discipline. Sure, some people didn’t like it, and, sure, they made a lot of money for themselves along the way. But the result was a great economic revival, whose benefits trickled down to everyone.

You can see why Wall Street likes this story. But none of it — except the bit about the Gekkos and the Romneys making lots of money — is true.

[SiriuslyLong]

http://www.nytimes.com/2012/05/25/op...=2&ref=opinion



By PAUL KRUGMAN
Published: May 24, 2012 288 Comments


In the wake of a devastating financial crisis, President Obama has enacted some modest and obviously needed regulation; he has proposed closing a few outrageous tax loopholes; and he has suggested that Mitt Romney’s history of buying and selling companies, often firing workers and gutting their pensions along the way, doesn’t make him the right man to run America’s economy.

Fred R. Conrad/The New York Times
Paul Krugman
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Wall Street has responded — predictably, I suppose — by whining and throwing temper tantrums. And it has, in a way, been funny to see how childish and thin-skinned the Masters of the Universe turn out to be. Remember when Stephen Schwarzman of the Blackstone Group compared a proposal to limit his tax breaks to Hitler’s invasion of Poland? Remember when Jamie Dimon of JPMorgan Chase characterized any discussion of income inequality as an attack on the very notion of success?

But here’s the thing: If Wall Streeters are spoiled brats, they are spoiled brats with immense power and wealth at their disposal. And what they’re trying to do with that power and wealth right now is buy themselves not just policies that serve their interests, but immunity from criticism.

Actually, before I get to that, let me take a moment to debunk a fairy tale that we’ve been hearing a lot from Wall Street and its reliable defenders — a tale in which the incredible damage runaway finance inflicted on the U.S. economy gets flushed down the memory hole, and financiers instead become the heroes who saved America.

Once upon a time, this fairy tale tells us, America was a land of lazy managers and slacker workers. Productivity languished, and American industry was fading away in the face of foreign competition.

Then square-jawed, tough-minded buyout kings like Mitt Romney and the fictional Gordon Gekko came to the rescue, imposing financial and work discipline. Sure, some people didn’t like it, and, sure, they made a lot of money for themselves along the way. But the result was a great economic revival, whose benefits trickled down to everyone.

You can see why Wall Street likes this story. But none of it — except the bit about the Gekkos and the Romneys making lots of money — is true.

Least you could do is spend a minute or two and clean it up to make it readable....

[SiriuslyLong]

What a lousy article! Just a rant against something that has power to rival that of the ALL POWERFUL FEDERAL GOVERNMENT. It's what I would expect from Krugman. Whining about something that challanges his extreme liberal and government centered ideology....

[Havakasha]

Least you could do is spend a minute or two and clean it up to make it readable....

You jumped the gun a little too fast in order to prove a petty point. Tsk, tsk.

Didnt you realzie that i had cleaned it up BEFORE you even posted your nonsense?
Your anger seems to be limitless.

[Havakasha]

Do you accept that Banks played a role in bringing the worlds economy to its kneesz/
Isnt it a valid point to discuss what you think is that industries unwillingness to accept
responsibility and to discuss the importance of the need to regulate them so it wont
happen again?

[SiriuslyLong]

You jumped the gun a little too fast in order to prove a petty point. Tsk, tsk.

No. Not at all. It's just courteous to provide a clean article. Do you see me posting like that? Hell, I even highlight the key points so you can simply scan the post.

Yes, I can read around the garbage.

[SiriuslyLong]

Do you accept that Banks played a role in bringing the worlds economy to its kneesz/
Isnt it a valid point to discuss what you think is that industries unwillingness to accept
responsibility and to discuss the importance of the need to regulate them so it wont
happen again?

Did you read about HR3701 - The Free Housing Market Enhancement Act of 2003?

Here: I will remind you: http://siriusbuzz.com/forum/showthre...cs-Wrong/page2

The lovers of government...... Government and the policies it sets can never be the problem.... It's always someone else's fault. Truly laughable especially when you consider what Dr. Paul tried to do in 2003. Blame it on the banks......... It's right there my friend, and your beloved government had it right in front of them only to ignore it. They should all be charged.

[SiriuslyLong]

Who should be charged?

A few are right here. http://online.wsj.com/article/SB122290574391296381.html

Barney Frank
Maxine Waters
Gregory Meeks
Charles Schumer
Thomas Carper
Christopher Dodd
Robert Bennett

Charged for TREASON.

This is the biggest crime since our government gave away the control of money to.... WALL STREET back in 1910.

What do these folks get for directly inflicting pain onto millions of Americans? More money. A lifetime of taxpayer furnished lavish benefits.... More Government responsibility. TRULY F'ING UNBELIEVABLE.

If only everyone knew................. I wonder if Krugman knows? What would he say?

[SiriuslyLong]

Where is the outrage? Where is the justice?

[SiriuslyLong]

WHERE IS THE OUTRAGE?

Blame the greedy banks.... Krugman has reduced himself to the left's Limbaugh. He's become a joke, "republicans are for making the rich richer." Plain stupid.