Thursday, January 21, 2010

Paul Krugman Obama not the Great Progressive Hope: Not the One We've Been Waiting For

Liberal Paul Krugman threw Obama under the bus today with the headline "He wasn't the one we've been waiting for." Then he piles it on saying he is:

"...close to giving up on Mr. Obama, who seems determined to confirm every doubt I and others ever had about whether he was ready to fight for what his supporters believed in."
But friends, do not misunderstand his message. Krugman, who holds a Nobel Prize in economics, believes Obama did not spend enough on the stimulus and is specifically upset that The One did not get health care through, and now is running away from it.

In another column, he points out that his closest buddies in the high-science of economics missed all the signs of the coming financial meltdown. Last Fall, Krugman lamented the state of the "economics profession."
Few economists saw our current crisis coming, but this predictive failure was the least of the field’s problems. More important was the profession’s blindness to the very possibility of catastrophic failures in a market economy.
The article quoted above completely fails to address the Community Reinvestment Act (CRA) and the part that it, Fannie Mae, Freddie Mac and a Democrat Congress played in the tanking economy. What kind of economist would ignore the obvious? For all of his criticism of this administration, the answer is: only a far-left political hack. Really, it is an embarrasment to the profession, but not for the reasons Krugman lays out.

It is far more popular to blame Wall Street than to blame a program placing people into homes they could not qualify for - millions of people - in homes they could not afford. That's what happened to the economy. The Noble Prize winner for economics could not bring himself to mention the unmentionable.

I'll take Krugman's headline: He Wasn't the One We've Been Waiting For - from a Nobel Economics winner, no less, and chuckle at the obvious.

©2007-2012copyrightMaggie M. Thornton