Feed on

Looter A: Listen, mate, two quid will get you ten boxes of the latest Franzen, in hardcover.
Looter B: Bollocks! What about the new Xbox 360 games?

Cutbacks in social services for the poor helped trigger riots this week in England, and good old consumerism kept enthusiasm high among participants. But why did looters shun bookstores?

While the world is crashing down

I’d like to note that this is the third day in a row where the weather is beautiful.

Imagine that

Poll shows Americans are “explosively angry” at Washington.

Things like this don’t help.


8 reasons

Why young Americans don’t fight back.

Sam Seder interviews the author here.

Fighting back

Against bystanders who have the sheer audacity to videotape unprovoked police beatings. Can’t let them get away with it!

Bringing it home

To Boehner’s office:

Oh look

Only one woman at the Super Committee table. (Even though we’ll be hit harder by any cuts.) Oh well!

Hijacking the debate

Paul Krugman is still running around with his hair on fire over how we’re ignoring unemployment — and the Very Serious People still ignore him. Go read the whole thing:

Check out the opinion page of any major newspaper, or listen to any news-discussion program, and you’re likely to encounter some self-proclaimed centrist declaring that there are no short-run fixes for our economic difficulties, that the responsible thing is to focus on long-run solutions and, in particular, on “entitlement reform” — that is, cuts in Social Security and Medicare. And when you do encounter such a person, you should be aware that people like that are a major reason we’re in so much trouble.

For the fact is that right now the economy desperately needs a short-run fix. When you’re bleeding profusely from an open wound, you want a doctor who binds that wound up, not a doctor who lectures you on the importance of maintaining a healthy lifestyle as you get older. When millions of willing and able workers are unemployed, and economic potential is going to waste to the tune of almost $1 trillion a year, you want policy makers who work on a fast recovery, not people who lecture you on the need for long-run fiscal sustainability.

Unfortunately, giving lectures on long-run fiscal sustainability is a fashionable Washington pastime; it’s what people who want to sound serious do to demonstrate their seriousness. So when the crisis struck and led to big budget deficits — because that’s what happens when the economy shrinks and revenue plunges — many members of our policy elite were all too eager to seize on those deficits as an excuse to change the subject from jobs to their favorite hobbyhorse. And the economy continued to bleed.

What would a real response to our problems involve? First of all, it would involve more, not less, government spending for the time being — with mass unemployment and incredibly low borrowing costs, we should be rebuilding our schools, our roads, our water systems and more. It would involve aggressive moves to reduce household debt via mortgage forgiveness and refinancing. And it would involve an all-out effort by the Federal Reserve to get the economy moving, with the deliberate goal of generating higher inflation to help alleviate debt problems.

The usual suspects will, of course, denounce such ideas as irresponsible. But you know what’s really irresponsible? Hijacking the debate over a crisis to push for the same things you were advocating before the crisis, and letting the economy continue to bleed.

Gotta get back

Shelby Lynne:

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