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Politics : View from the Center and Left

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To: Steve Lokness who wrote (113534)	6/16/2009 4:27:04 PM
From: Mary Cluney	Read Replies (1) of 541791

<<<He wanted the consumer to spend more, much more, as the above quote clearly says.>>> I don't see where he said that. In fact, the way I read the column, Krugman got it exactly right. We are where we are because of (1)the stock market bubble that Greenspan was instrumental in creating and (2) the Bush tax cuts that help create the housing bubble. Bear in mind also that government officials have a stake in accentuating the positive. The administration needs a recovery because, with deficits exploding, the only way it can justify that tax cut is by pretending that it was just what the economy needed. Mr. Greenspan needs one to avoid awkward questions about his own role in creating the stock market bubble. But wishful thinking aside, I just don't understand the grounds for optimism. Who, exactly, is about to start spending a lot more? At this point it's a lot easier to tell a story about how the recovery will stall than about how it will speed up. And while I like movies with happy endings as much as the next guy, a movie isn't realistic unless the story line makes sense.

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