Krugman: Reagan deregulation led to economic crisis

Raw Story

During a press conference on Wednesday, President Obama rejected tax cuts the Congressional Republicans want. Is Obama ushering in the end of Reaganomics and deregulation? Rachel Maddow is joined by Nobel Prize-winning economist Paul Krugman.

This video also includes news on Harry Markopolos, the fraud investigator and whistleblower on the SEC, who was ignored for 9 years.. Mindblowing.

It is so refreshing to hear Paul Krugman explain with such clarity how our economy came to this point, what needs to happen next, what works, and what absolutely doesn’t. I really hope that his voice is one that President Obama is really listening to..

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15 thoughts on “Krugman: Reagan deregulation led to economic crisis

  1. Only fools believe in trickle down Reaganomics. When Reagan finished messing with the tax code, I ended up paying MORE in taxes and I’m on the lower end of middle Main Street.

  2. oh yeah, and lest we all forget, Bush Sr called Reagan’s economic fantasy “Voodoo Economics” during the Republican primaries—and he was right!
    When he finally became #41 he had enough grasp on reality to raise taxes (after promising not-to) but still screwed it up.

  3. Thanks for the ps 5th.

    And this morning Scarborough was arguing with Krugman and made some sarcastic comment about him being a Nobel Prize winner. I’ll see if I can find the video.

  4. There’s two parts here they are:

    They’re really informative on Krugman’s part but Buchanan and Scarborough are as annoying as ever. The only reason I watch Morning Joe is for the good guests they get. But after Krugman left Joe said something nasty that isn’t included on the clip.

  5. On Andrea Mitchell, unless she has some more gems from the man who told Congress that he honestly felt that the markets could regulate themselves and, he came to learn, “I was wrong”, she should recuse herself from economic issues.

    At Reagan’s first inauguration, he said, “Government isn’t the solution, government is the problem.” As he was on so many other things, he was wrong about that. Governmetn was never the problem, badly exercised. government was the probem. (If he was so right, how come all the other countries’ peoples didn’t rise up and disband their governments around the world?)

    Sadly, the Reagan lovers out there who refuse to accept that he’s dead have been living off those avuncular Reaganisms even though they don’t make a lick of sense. But then, as we all know, Republicans do not appeal to reason (where they simply cannot win), so they appeal to emotional themes which make people turn off their critical thinking skills. Just as Colin Powell famously said, “We don’t do mountains,” the Republicans’ motto might as well be “We don’t do logical.”

    • I made the mistake of listening to the Senate debate the Stimulus Bill and the amendments on CSPAN. I had to turn it off.. The hypocrisy of the Republicans is absolutely mindboggling, and takes my breath away. When they describe how big these numbers are and how it affects the national debt, and what the interest is on that debt, you’d think they had absolutely NOTHING to do with how it got there!! Unbelievable!
      Sen. Thune (sp?), a Republican, had the gall to stand there and rant about how irresponsible it was to put this burden of this debt (from the Stimulus Bill) on future generations! Where has he been the last 8 freaking years?! Why was it okay to more than double the national debt under Bush – without batting an eye – and now that they broke the economy, suddenly NOW he is worried about the debt!!
      Do these Republicans have any freaking idea how ridiculous and hypocritical they look?!

      And then his solution instead was to give everybody a tax credit or another rebate so they can go spend it! How short-sighted!! It screams what their real priorities are – the corporations, and the big banks!!
      It doesn’t FIX anything or turn around the things the things that are wrong or don’t work, it just means that people get to buy more STUFF! Then the people with their new STUFF feel good for a couple weeks, though they still can’t pay their bills or find a job. It hasn’t fixed our roads or bridges, helped our schools or helped anyone by making health insurance more affordable.. Nothing will have changed, and all the things that are wrong – are still wrong. BUT, the corporations are happy because people just gave their money back to the corporations, and their numbers will pick up (and their CEO’s will get even bigger bonuses this year!).

      Why is this a solution? It is just so incredibly shortsighted and hypocritical.. These guys should stand up there, face the nation, and apologize for being a BIG part of the problem!!

      • Obama really needs to go on national teevee and give a speech debunking all these rightwing inbeciles. No more reaching across the aisle, when so many Americans will be walking to their local food banks for groceries.

        • Here is the speech from Sen. Thune this morning.

          These people are absolute self-interested hypocritical incompetent, imbeciles. Their priorities are so narrowly focused. Certainly not representative of the majority of Americans. They are going to be the ruin of this nation. I just hope it isn’t too late.

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