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Showing posts with label Second Great Depression?. Show all posts
Showing posts with label Second Great Depression?. Show all posts

Monday, January 12, 2009

Monday!

* Almost as if they all receive their talking points from a single, central location, the entire right-wing spin machine has spontaneously decided to start talking about how the New Deal didn't actually work. Uh, sure.

* The first link doesn't make the absurdity clear, but Karl Rove is Twittering.

* Also in alternate-universe news: George Bush: Greatest President.

To prove his point, Barnes points to Bush's "ten great achievements":

1. Bush stood up to "global warming hysteria," and helped undermine the agenda of "alarmists."
2. He endorsed "enhanced interrogation," "secret prisons," and "wireless eavesdropping."
3. He seized unprecedented executive authority, and ignored congressional attempts at oversight.
4. He offered "unswerving support for Israel."
5. He signed the No Child Left Behind initiative.
6. He delivered his second inaugural address.
7. He signed the Medicare prescription drug benefit.
8. He pushed the Supreme Court even further to the right.
9. He improved U.S. relations with Japan, South Korea, and Australia.
10. He created a "fragile but functioning democracy" in Iraq.
You'll note Barnes is padding his list just a bit—delivering a second inaugural address is sort of light for a "top ten accomplishments" list, as is "improved relations with Australia."

* Also via Washington Monthly, Jon Swift has your retort.

* Not capturing Osama bin Laden isn't on Barnes's list, but Cheney tells us that doesn't matter.
Today on CNN’s Late Edition, host Wolf Blitzer asked Vice President Cheney, “How frustrating is this to you personally, knowing he’s [bin Laden] still at large?” Cheney hesitated, then simply replied that he would “obviously…like to solve that problem.” He added that it’s more “important” to “keep…this country safe,” indicating that bin Laden is inconsequential.
* North Carolina in the news! The Brunswick school district wants to teach creationism to kids. In 2008.
"I wasn't here 2 million years ago," Fanti said. "If evolution is so slow, why don't we see anything evolving now?"
There's your evidence.

* Eight reasons why we are in a depression.

* Half of world’s population could face climate-driven food crisis by 2100.

* After ten days of not sleeping, Randy Gardner was able to hold a press conference and beat a journalist at pinball. Note: this happened forty-four years ago, but I just found out about it yesterday.

Saturday, November 29, 2008

In my email: 'Pennyland: Echoes of the Great Depression,' a film by Frank and Eddie Thomas featuring (among other things) snippets of FDR's first inaugural address and the Walker Evans photos from Let Us Now Praise Famous Men. Feels timely.

Tuesday, November 25, 2008

The Boston Globe considers what a second Great Depression might look like.

By looking at what we know about how society and commerce would slow down, and how people respond, it's possible to envision what we might face. Unlike the 1930s, when food and clothing were far more expensive, today we spend much of our money on healthcare, child care, and education, and we'd see uncomfortable changes in those parts of our lives. The lines wouldn't be outside soup kitchens but at emergency rooms, and rather than itinerant farmers we could see waves of laid-off office workers leaving homes to foreclosure and heading for areas of the country where there's more work - or just a relative with a free room over the garage. Already hollowed-out manufacturing cities could be all but deserted, and suburban neighborhoods left checkerboarded, with abandoned houses next to overcrowded ones.

And above all, a depression circa 2009 might be a less visible and more isolating experience. With the diminishing price of televisions and the proliferation of channels, it's getting easier and easier to kill time alone, and free time is one thing a 21st-century depression would create in abundance. Instead of dusty farm families, the icon of a modern-day depression might be something as subtle as the flickering glow of millions of televisions glimpsed through living room windows, as the nation's unemployed sit at home filling their days with the cheapest form of distraction available.

Monday, September 29, 2008

The McCain Depression: Bailout bill fails in the House, 228-205, with stocks now in freefall.

Sunday, September 21, 2008

Although I have too-little understanding of the economics involved, something must be said on the historic $700B+ bailout of the banking sector, an event so significant that it may well be used in the future to date the debut of a new stage of capitalism in which government and multinational corporations are so entwined they are literally impossible to tell apart. But I'm pretty outclassed here: all I know is that I'd like to see a Second Great Depression avoided and I'm willing to make significant short-term sacrifices in order to see that happen. That said, most of what I'm reading from left and center-left economists suggests to me that this bailout won't see that goal accomplished and will in fact only make things worse:

* Krugman: "I hate to say this, but looking at the plan as leaked, I have to say no deal. Not unless Treasury explains, very clearly, why this is supposed to work, other than through having taxpayers pay premium prices for lousy assets."

* Sebastian Mallaby: "With truly extraordinary speed, opinion has swung behind the radical idea that the government should commit hundreds of billions in taxpayer money to purchasing dud loans from banks that aren't actually insolvent. As recently as a week ago, no public official had even mentioned this option. Now the Treasury, the Fed and congressional leaders are promising its enactment within days. The scheme has gone from invisibility to inevitability in the blink of an eye. This is extremely dangerous."

* Robert Reich: "The Bailout of All Bailouts is a Bad Idea."

* William Greider in The Nation: "If Wall Street gets away with this, it will represent an historic swindle of the American public--all sugar for the villains, lasting pain and damage for the victims."

* Calculated Risk: "Think of a drunk gambler at a slot machine. He starts with $100 and slowly loses. Every now and then he wins some money, but he keeps putting the coins back into the slot until he has lost everything. That is how this plan will work."

* Brad DeLong: "There is no way in hell that anybody should give any extra power to any Treasury Secretary chosen by John McCain. I beg the Democrats in congress: write a bill that makes sense."

* Atrios: "Any member of Congress who looks at the plan to give Hank unchecked power to transfer $700 billion from the Treasury to his friends' companies and has any reaction other than 'You've got to be fucking kidding me' does not deserve to hold office."

Sunday, September 14, 2008

While I've been finishing up my absurdly busy weekend, Wall Street has apparently collapsed around our ears.