The moralizers

Molly Ivors:

Here, have a couple of Nobel Prize winners to start your day. Krugman (Economics, 2008) quotes Yeats (Literature, 1923):

if you point out that their arguments don’t add up, they fly into a rage. Try to explain that when debtors spend less, the economy will be depressed unless somebody else spends more, and they call you a socialist. Try to explain why mortgage relief is better for America than foreclosing on homes that must be sold at a huge loss, and they start ranting like Mr. Santelli. No question about it: the moralizers are filled with a passionate intensity.

And those who should know better lack all conviction.

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