In response to an unprecedented economic crisis - or, more accurately, a crisis whose only real precedent is the Great Depression - Mr. Obama did what people in Washington do when they want to sound serious: he spoke, more or less in the abstract, of the need to make hard choices and stand up to special interests.That's not enough. In fact, it's not even right.
Thus, in his speech Mr. Obama attributed the economic crisis in part to "our collective failure to make hard choices and prepare the nation for a new age" - but I have no idea what he meant. This is, first and foremost, a crisis brought on by a runaway financial industry. And if we failed to rein in that industry, it wasn't because Americans "collectively" refused to make hard choices; the American public had no idea what was going on, and the people who did know what was going on mostly thought deregulation was a great idea. link
Second. This is why I love Krugman. Try reading the whole column.
If there was a down payment, what'll ya bet it came from Michelle. Imagine that, our prez a kept man. Michelle's little boy
toy. Kind of a delicious thought.
