NP - Toryism (Austerity) Isn't Working.

[alice wellintown]

http://www.nybooks.com/articles/archives/2011/apr/28/wall-street-leviathan/?pagination=false

On Sat, Apr 28, 2012 at 2:10 AM, Joseph Tracy <brook7 at sover.net> wrote:
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> If McCain had been elected and followed the exact same economic policies as Obama, the outrage would be similar to the widespread Democrat critique of W. Both parties are funded by the same large corporate interests. Obama's handing of the financial meltdown amounted to the  cowardly cover-up of a massive fraud via the transfer of public money and power , with no strings attached to the criminals who had perpetrated the fraud that crashed the economy. It involved massive violations of mortgage and securities laws. To say that the banks "paid back" these "loans" is profoundly dishonest,  and to say they saved the main street economy is a lie. Krugman's defense of the New Deal reforms is admirable but inapplicable to the current Democratic party. His refusal to economically account for the devastations of a depleted, acidified, algal blooming, oil spilled ocean or the falling aquifers, or the devastations of global warming, or the health effects of the consumer lifestyle,  reduces him  to a party hack arguing for the lesser of evils. Essentially he is still addicted to flawed Keynesian ideas that refuse to consider the biosphere as part of  economic reality.
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