I talked yesterday to my old friend, the one who has the brain tumor. Against the odds, her tumor has shrunk; she sounds more like herself, although she still talks like a stroke victim. But there was some improvement; I was so happy to hear her voice.
Of course, he’s too polite to point out who’s spreading the silliness. Robert Reich:
The reason we have continued sky-high unemployment has nothing to do with excessive regulation. There was no sudden outpouring of federal regulation in 2007 before the economy tanked and millions lost their jobs.
If anything, the economy unraveled because of too little regulation. Wall Street went on a binge, remember? The Street could get almost free money from the Fed (which had reduced interest rates to near zero) and do just about whatever it wanted with it. Thirty years of deregulation, culminating with the dismantling of Glass-Steagall and the abject failure of regulators at the Fed and the SEC to use the authority they still had, enabled the Street to make bundles of money and expose the rest of the economy to unprecedented levels of risk.
The Fed had slashed interest rates in the early 2000s, by the way, because the corporate looting scandals at Enron, Worldcom, Sunbeam, and other major corporations had sapped investor confidence. Those scandals themselves wouldn’t have happened had securities regulations been stronger and better enforced. Continue Reading »
THURS Feb 10 – 9pm EST • WILL BUNCH
Pulitzer Prize-winning journalist (Philadelphia Daily News) and columnist (Huffington Post) Will Bunch comes by to push back against this week’s Reagan mythologizing. Will and Jay discuss the truth about Ronald Reagan, and how the Myth of Ronald Reagan came to be, referring to Will’s book ‘Tear Down This Myth’.
Am I the only person wondering why this won a fiction contest? (No, I didn’t enter.) I mean, as someone who’s actually taught writing workshops, the concept is real entry-level middle-school stuff: “Write from the point of view of an inanimate object.” And the execution? Weak.