Paul Krugman blog: Swingers Discussion 2118871021

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Paul Krugman blog: Swingers Discussion 2118871021

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TOPIC: Paul Krugman blog

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User Details are only visible to members.	And such is the influence of what we might call the ignorance caucus that even when giving a speech intended to demonstrate his openness to new ideas, Mr. Cantor felt obliged to give that caucus a shout-out, calling for a complete end to federal funding of social science research. Because it’s surely a waste of money seeking to understand the society we’re trying to change. Want other examples of the ignorance caucus at work? Start with health care, an area in which Mr. Cantor tried not to sound anti-intellectual; he lavished praise on medical research just before attacking federal support for social science. (By the way, how much money are we talking about? Well, the entire National Science Foundation budget for social and economic sciences amounts to a whopping 0.01 percent of the budget deficit.)
Flat Rock NC			Username hidden (2826 post)

User Details are only visible to members.	The Ignorance Caucus Last week Eric Cantor, the House majority leader, gave what his office told us would be a major policy speech. And we should be grateful for the heads-up about the speech’s majorness. Otherwise, a read of the speech might have suggested that he was offering nothing more than a meager, warmed-over selection of stale ideas. To be sure, Mr. Cantor tried to sound interested in serious policy discussion. But he didn’t succeed — and that was no accident. For these days his party dislikes the whole idea of applying critical thinking and evidence to policy questions. And no, that’s not a caricature: Last year the Texas G.O.P. explicitly condemned efforts to teach “critical thinking skills,” because, it said, such efforts “have the purpose of challenging the student’s fixed beliefs and undermining parental authority.”
Flat Rock NC			Username hidden (2826 post)

User Details are only visible to members.	Marco Rubio Has Learned Nothing Because his party has learned nothing. OK, back up: this morning the papers and the web are full of nuance-sniffing, as people try to find omens in the SOTU and the GOP response. I don’t think I can add anything useful to all that. But there was one important point in Marco Rubio’s remarks that I don’t think has been highlighted. It’s true, as Andy Rosenthal says, that Rubio mainly reminded us that Republicans don’t like government or taxes; surprise! But he also reminded us that Republicans don’t like reality. Here’s the passage: " This idea – that our problems were caused by a government that was too small – it’s just not true. In fact, a major cause of our recent downturn was a housing crisis created by reckless government policies..." OK, leave on one side the caricature of Obama, with the usual mirror-image fallacy (we want smaller government, therefore liberals just want bigger government, never mind what it does); there we go with the “Barney Frank did it” story. Deregulation, the explosive growth of virtually unregulated shadow banking, lax lending standards by loan originators who sold their loans off as soon as they were made, had nothing to do with it — it was all the Community Reinvestment Act, Fannie, and Freddie. Look, this is one of the most thoroughly researched topics out there, and every piece of the government-did-it thesis has been refuted; see Mike Konczal for a summary. No, the CRA wasn’t responsible for the epidemic of bad lending; no, Fannie and Freddie didn’t cause the housing bubble; no, the “high-risk” loans of the GSEs weren’t remotely as risky as subprime. This really isn’t about the GSEs, it’s about the BSEs — the Blame Someone Else crowd. Faced with overwhelming, catastrophic evidence that their faith in unregulated financial markets was wrong, they have responded by rewriting history to defend their prejudices. This strikes me as a bigger deal than whether Rubio slurped his water; he and his party are now committed to the belief that their pre-crisis doctrine was perfect, that there are no lessons from the worst financial crisis in three generations except that we should have even less regulation. And given another shot at power, they’ll test that thesis by giving the bankers a chance to do it all over again.
Flat Rock NC			Username hidden (2826 post)

User Details are only visible to members.	At the worst, they'll try and blame Obama?
Flat Rock NC			Username hidden (2826 post)

User Details are only visible to members.	" just four years after runaway bankers brought the world economy to its knees, Senate Republicans are using every means at their disposal, violating all the usual norms of politics in the process, in an attempt to give the bankers a chance to do it all over again." And so the question is; How do you support a political party that does this kind of thing? Are you THAT self-enamored that the good of your community and the country is meaningless to you? Isn't that called a sociopath?
East Fishkill NY			Username hidden (2772 post)

User Details are only visible to members.	And as always, you should follow the money. Historically, the financial sector has given a lot of money to both parties, with only a modest Republican lean. In the last election, however, it went all in for Republicans, giving them more than twice as much as it gave to Democrats (and favoring Mitt Romney over the president almost three to one). All this money wasn’t enough to buy an election — but it was, arguably, enough to buy a major political party. Right now, all the media focus is on the obvious hot issues — immigration, guns, the sequester, and so on. But let’s try not to let this one fall through the cracks: just four years after runaway bankers brought the world economy to its knees, Senate Republicans are using every means at their disposal, violating all the usual norms of politics in the process, in an attempt to give the bankers a chance to do it all over again.
Flat Rock NC			Username hidden (2826 post)

User Details are only visible to members.	What Republicans are demanding, basically, is that the protection bureau lose its independence. They want its actions subjected to a veto by other, bank-centered financial regulators, ensuring that consumers will once again be neglected, and they also want to take away its guaranteed funding, opening it to interest-group pressure. These changes would make the agency more or less worthless — but that, of course, is the point. How can the G.O.P. be so determined to make America safe for financial fraud, with the 2008 crisis still so fresh in our memory? In part it’s because Republicans are deep in denial about what actually happened to our financial system and economy. On the right, it’s now complete orthodoxy that do-gooder liberals, especially former Representative Barney Frank, somehow caused the financial disaster by forcing helpless bankers to lend to Those People. In reality, this is a nonsense story that has been extensively refuted; I’ve always been struck in particular by the notion that a Congressional Democrat, holding office at a time when Republicans ruled the House with an iron first, somehow had the mystical power to distort our whole banking system. But it’s a story conservatives much prefer to the awkward reality that their faith in the perfection of free markets was proved false.
Flat Rock NC			Username hidden (2826 post)

User Details are only visible to members.	Now, you might be tempted to say that while we need protection against financial fraud, there’s no need to create another bureaucracy. Why not leave it up to the regulators we already have? The answer is that existing regulatory agencies are basically concerned with bolstering the banks; as a practical, cultural matter they will always put consumer protection on the back burner — just as they did when they ignored Mr. Gramlich’s warnings about subprime. So the consumer protection bureau serves a vital function. But as I said, Senate Republicans are trying to kill it. How can they do that, when the reform is already law and Democrats hold a Senate majority? Here as elsewhere, they’re turning to extortion — threatening to filibuster the appointment of Richard Cordray, the bureau’s acting head, and thereby leave the bureau unable to function. Mr. Cordray, whose work has drawn praise even from the bankers, is clearly not the issue. Instead, it’s an open attempt to use raw obstructionism to overturn the law.
Flat Rock NC			Username hidden (2826 post)

User Details are only visible to members.	Why is consumer financial protection necessary? Because fraud and abuse happen. Don’t say that educated and informed consumers can take care of themselves. For one thing, not all consumers are educated and informed. Edward Gramlich, the Federal Reserve official who warned in vain about the dangers of subprime, famously asked, “Why are the most risky loan products sold to the least sophisticated borrowers?” He went on, “The question answers itself — the least sophisticated borrowers are probably duped into taking these products.” And even well-educated adults can have a hard time understanding the risks and payoffs associated with financial deals — a fact of which shady operators are all too aware. To take an area in which the bureau has already done excellent work, how many of us know what’s actually in our credit-card contracts?
Flat Rock NC			Username hidden (2826 post)

User Details are only visible to members.	Like many advocates of financial reform, I was a bit disappointed in the bill that finally emerged. Dodd-Frank gave regulators the power to rein in many financial excesses; but it was and is less clear that future regulators will use that power. As history shows, the financial industry’s wealth and influence can all too easily turn those who are supposed to serve as watchdogs into lap dogs instead. There was, however, one piece of the reform that was a shining example of how to do it right: the creation of a Consumer Financial Protection Bureau, a stand-alone agency with its own funding, charged with protecting consumers against financial fraud and abuse. And sure enough, Senate Republicans are going all out in an attempt to kill that bureau.
Flat Rock NC			Username hidden (2826 post)

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TOPIC: Paul Krugman blog