Late night Krugman
His talk at Authors@Google. Run time: 1 hour, 10 minutes. I'm going to load up the wood stove, kick back, close my eyes, and listen....
Oh, and the word you want to be listening to is "terrified." Just not of what the usual suspects want you to be terrified of. Duh.
UPDATE And now that it's morning, I really do recommend that you turn off NPR and listen to Krugman, if only as your background music. This is important, big picture stuff we need to understand for 2008. My takeaway:
The idea that "financial engineering" is a real problem. Some few have gotten very, very rich from it, but the basic pattern is this: A new financial model is devised and sold to investors, and for about two years, the model yields above average returns. Then the model fails, the investors are left holding the bag, and the financial engineers--who have been happily collecting commissions and fat bonuses and fees--skedaddle, with sacks of loot over their shoulders. Over, and over, and over again. Like PT Barnum. It's perfectly natural for these guys to think of Social Security as a Ponzi scheme, because to them, everything is a Ponzi scheme.
And of course, none of them will ever be punished or held accountable for anything. They operate with complete impunity. And these are the guys running the country. And the world.
Tell me again why corporations are people, and money has free speech?
NOTE Via Blah3