Thursday, July 21, 2011

Notable Quotes from Paul Krugman, Barry Ridhotlz, Megan McArdle and Others

Because Sometimes Someone Other Than The Dismal Political Economist Can Say Things Best

Economics and Politics - Paul Krugman Blog -      dining with Paul Ryan the other day were proteges of Chicago’s Eugene Fama.
This reinforces my point that the nonsense Republicans are talking on economics comes not from uneducated ignorance but from highly educated ignorance:

Our quote of the day comes from Bloomberg’s Jonathan Weil, who keenly notes that:
At $9.85 a share, down 26 percent this year, Bank of America finished yesterday with a market capitalization of $99.8 billion. That’s an astonishingly low 49 percent of the company’s $205.6 billion book value, or common shareholder equity, as of June 30. As far as the market is concerned, more than half of the company’s book value is bogus, due to overstated assets, understated liabilities, or some combination of the two.

Riddle:  When is profligate government spending not a crime against the American public?

Answer: When it's done in a GOP freshman's district.

“We’re getting closer and closer to the country going into default. We could be out of money by August 2nd. How many people are surprised by that? How many people are surprised we still have enough money to make it until August 2nd?” – Jay Leno

Source:  BLS


I’d like to urge the gang of 535 up there on Capitol Hill to shift their focus to this problem for a while.  I guarantee them that’s where the people are.

If the experience in the states is any guide, a need for sudden, rapid cuts in the budget will lead to Congress simply “cheating” its way out of the hole with “off budget expenditures” and “independent authorities.”

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