[kj] OT: Nobel prize-winning economist PaulKrugman onthe economic crisis

[ade]

Pay to see tea-bagging? Most do:

http://www.urbandictionary.com/define.php?term=teabagger


-----Original Message-----
From: gathering-bounces at misera.net
[mailto:gathering-bounces at misera.net]On Behalf Of Karen Weil
Sent: 01 May 2009 18:29
To: A list about all things Killing Joke (the band!)
Subject: Re: [kj] OT: Nobel prize-winning economist PaulKrugman onthe
economic crisis


I'd pay good money to see *that* (the teabagging, that is.) Galbraith is 
brilliant. Armey? Not so much.

k.w.
----- Original Message ----- 
From: "B. Oliver Sheppard" <bigblackhair at sbcglobal.net>
To: "A list about all things Killing Joke (the band!)" 
<gathering at misera.net>
Sent: Friday, May 01, 2009 2:11 AM
Subject: Re: [kj] OT: Nobel prize-winning economist Paul Krugman onthe 
economic crisis


Brendan, you would probably like this. James K. Galbraith debating
tea-bagger leader Dick Armey, just came out today (May 1, 2009):


Causes of the Crisis
James K. Galbraith | May 01, 2009 | Commentary

Editor’s note: These remarks were delivered to a meeting of the Texas
Lyceum in Austin on April 3, at a debate between University of Texas
professor James Galbraith, an Observer contributing writer, and former
Majority Leader Richard Armey, chief instigator of the recent Astroturf
“tea party" protests. Armey had begun his remarks by noting that his
rule in life was “never trust anyone from Austin or Boston,” and
proceeded to declare his allegiance to the “Austrian School” of
economics, a libertarian view that regards public intervention in
private markets as socialism.

GALBRAITH:

It is of course a pleasure to be with you today. I was born in Boston,
and I am proud of it. And I have lived 24 years in Austin—and I’m proud
of that.

Leader Armey spoke to you of his admiration for Austrian economics. I
can’t resist telling you that when the Vienna Economics Institute
celebrated its centennial, many years ago, they invited, as their
keynote speaker, my father [John Kenneth Galbraith]. The leading
economists of the Austrian school—including von Hayek and von
Haberler—returned for the occasion. And so my father took a moment to
reflect on the economic triumphs of the Austrian Republic since the war,
which, he said, “would not have been possible without the contribution
of these men.” They nodded—briefly—until it dawned on them what he
meant. They’d all left the country in the 1930s.

My own economics is American: genus Institutionalist; species: Galbraithian.

This is a panel on the crisis. Mr. Moderator, you ask what is the root
cause? My reply is in three parts.

First, an idea. The idea that capitalism, for all its considerable
virtues, is inherently self-stabilizing, that government and private
business are adversaries rather than partners; the idea that freedom
without responsibility is a viable business principle; the idea that
regulation, in financial matters especially, can be dispensed with. We
tried it, and we see the result.

Second, a person. It would not be right to blame any single person for
these events, but if I had to choose one to name it would be a Texan,
our own distinguished former Senator Phil Gramm. I’d cite specifically
the repeal of the Glass-Steagall Act—the Gramm-Leach-Bliley Act—in 1999,
after which it took less than a decade to reproduce all the pathologies
that Glass-Steagall had been enacted to deal with in 1933.

[...]

Rest at: http://www.texasobserver.org/article.php?aid=3031

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