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Paul Krugman hit the nail on the head today with his Op-Ed. It reminds me why I like him in the first place. For those of you too lazy to click through to the essay and read it, I’ll give you a summary. Krugman says that our policy makers continue to be blinded by the mythology developed by Milton Friedman and others and popularized by Reagan. They think the financial system is fundamentally sound, and the recent collapse is wholly due to public misperception. That is why the Summers/Geithner plan rings hollow in a progressive’s ears. A progressive knows we have to move past the culture of greed and bonus, of growing wealth disparity and opt-out attitudes, but Summers and Geithner don’t get it.

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UPDATE AT THE BOTTOM OF THE PAGE!!!

empty_pockets

I know the readers of Cultural Capitol are probably sick of hearing me rant on this subject, and for your sake this will be my last post on the topic. The Editor has counseled moderation, and I know in my heart of hearts he’s right. But I can’t leave it without saying just this one more thing about the “popular” reaction to A. I. G.’s bonuses.

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