Paul Krugman, who sings socialist serenades on the op-ed page of The New York Times, loves to rail at what he calls unbridled capitalism. As delighted as he is by President Obama’s statist policies, Krugman is equally outraged that some refuse to shut up and do as they’re told.
In a February 13 column, Krugman was apoplectic over congressional Republicans’ refusal to go along with Obama’s stimulus spending.
The columnist attributes the current down economy to Bush-era tax cuts — not to gargantuan spending increases voted by Congress, combined with liberal economic tampering, including forcing Freddie Mac and Fannie Mae to promote sub-prime lending, to encourage minority home ownership.
In today’s paper, Krugman is gleeful over the current crisis. “These days America is looking like the Bernie Madoff of economies: for many years it was held in respect, even in awe, but it turns out to have been a fraud all along,” Krugman gloats.
He approvingly quotes economist Simon Johnson, who indicts the “crony capitalists” and “elite business interests” which “played a central role in creating the crisis, making ever larger gambles, with the implicit backing of the [Bush] government, until the inevitable collapse.”
This is the fractured fairy tale being told by everyone on the left, from the Obama White House to its Manhattan media auxiliary.
Of course, the crisis couldn’t conceivably have anything to do with government draining more and more money from the private sector (with taxes and borrowing to service debt) or to congressional Democrats using federal lending giants to push their political agenda.
Now, Krugman frets that these malefactors of Wall Street will use their influence (again, he quotes Johnson) “to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive.” One can only hope.
The type of “reform” Krugman has in mind may be glimpsed in yesterday’s announcement that the White House has forced out the chairman of General Motors and ordered Chrysler to form a partnership with Italian automaker Fiat in the next 30 days. That and Washington’s plan to regulate executive salaries are sign posts on the road to a Soviet-style economy.
All of which has Krugman and The New York Times doing cartwheels and handstands.