{"id":192713,"date":"2009-03-02T18:23:00","date_gmt":"2009-03-02T23:23:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/03\/02\/what-the-shrill-one-said-3\/"},"modified":"2009-03-02T18:23:00","modified_gmt":"2009-03-02T23:23:00","slug":"what-the-shrill-one-said-3","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/03\/02\/what-the-shrill-one-said-3\/","title":{"rendered":"What the Shrill One Said"},"content":{"rendered":"<p>Go read the <a href=\"http:\/\/www.nytimes.com\/2009\/03\/02\/opinion\/02krugman.html?_r=1&amp;partner=rssnyt&amp;emc=rss&amp;pagewanted=print\">latest Krugman OP\/ED<\/a>, he is at the top of his game:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>Mr. Bernanke cited \u201cthe depth and sophistication of the country\u2019s financial markets (which, among other things, have allowed households easy access to housing wealth).\u201d Depth, yes. But sophistication? Well, you could say that American bankers, empowered by a quarter-century of deregulatory zeal, led the world in<span style=\"font-weight: bold;\"> finding sophisticated ways to enrich themselves by hiding risk and fooling investors<\/span>.<\/p>\n<p>And wide-open, loosely regulated financial systems characterized many of the other recipients of large capital inflows. This may explain the almost eerie correlation between conservative praise two or three years ago and economic disaster today. \u201cReforms have made Iceland a Nordic tiger,\u201d declared a paper from the Cato Institute. \u201cHow Ireland Became the Celtic Tiger\u201d was the title of one Heritage Foundation article; \u201cThe Estonian Economic Miracle\u201d was the title of another. <span style=\"font-weight: bold;\">All three nations are in deep crisis now<\/span>.<\/p><\/blockquote>\n<p>(<span style=\"font-style: italic;\">emphasis mine<\/span>)<\/p>\n<p>Keynes was right when he warned on how unrestricted torrents of capital could destabilize destroy an economy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Go read the latest Krugman OP\/ED, he is at the top of his game: Mr. Bernanke cited \u201cthe depth and sophistication of the country\u2019s financial markets (which, among other things, have allowed households easy access to housing wealth).\u201d Depth, yes. But sophistication? Well, you could say that American bankers, empowered by a quarter-century of deregulatory &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,1002,985],"tags":[],"class_list":["post-192713","post","type-post","status-publish","format-standard","hentry","category-economy","category-good-writing","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192713"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=192713"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192713\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=192713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=192713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=192713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}