Comment of the Day: Sans Souci: Wall Street Journal honcho Gerard Baker [unprintables] Donald Trump...: "Murdoch errand boy Gerard 'Costanza' Baker...It's not a lie if Trump believes it...
Comment of the Day: Sans Souci: Wall Street Journal honcho Gerard Baker [unprintables] Donald Trump...: "Murdoch errand boy Gerard 'Costanza' Baker...It's not a lie if Trump believes it...
Four Worth Hoisting and Highlighting:
Must-Read: Ten years ago tomorrow it started:
Jacqueline Bell (2007): Bear Stearns Hedge Funds File For Bankruptcy: "New York (August 1, 2007, 12:00 AM EDT)—Two Cayman Islands-based Bear Stearns hedge funds... https://www.law360.com/banking/articles/31291/bear-stearns-hedge-funds-file-for-bankruptcy
So after a pep talk from Noah Smith Saturday night about how it is time to become kinder and gentler—to look for opportunities to praise for being smart people who in the past I have criticized for being really really really dumb—I wake up Monday morning, and I wince because Duncan Black has been reading the once-thoughtful Clive Crook again.
"People is weird... 'let's shoot ourselves in the face just to prove our gun works'..." is really four standard deviations kinder and gentler than this deserves:
Duncan Black: National Humiliation: "People is weird. [Clive Crook:]... http://www.eschatonblog.com/2017/07/national-humiliation.html
Comment of the Day: Charles Steindel: Weekend Reading: Dean Acheson on that Triangulating Bastard Grover Cleveland: "Cleveland also refused to annex Hawaii after the planter-led coup overthrew the monarchy. Native Hawaiians come to his birthplace (near me, in suburban Caldwell New Jersey) every year to honor him for this..." http://www.bradford-delong.com/2017/07/weekend-reading-dean-acheson-on-that-triangulating-bastard-grover-cleveland.html?cid=6a00e551f08003883401b8d29b4df1970c#comment-6a00e551f08003883401b8d29b4df1970c
From November 2008: Why I Was Wrong... http://delong.typepad.com/sdj/2008/11/why-i-was-wrong.html: Calculated Risk issues an invitation:
Calculated Risk: Hoocoodanode?: Earlier today, I saw Greg "Bush economist" Mankiw was a little touchy about a Krugman blog comment. My reaction was that Mankiw has some explaining to do. A key embarrassment for the economics profession in general, and Bush economists Greg Mankiw and Eddie Lazear in particular, is how they missed the biggest economic story of our times....
Also apropos of the three neoliberalisms: (1) Mont Pelerin; (2) Charlie Peters; and (3) anti-Black, anti-woman, anti-Arab, anti-union—and anti-French:
With the opening of "Dunkirk", time to hoist and highlight this:
2006: Nick Gillespie Has Had It with Marty Peretz ("Lafayette! Nous Sommes Ici!" Department) http://www.bradford-delong.com/2006/09/nick_gillespie_.html: He writes, accurately and correctly:
Hit and Run: They're starting to shit themselves in public... TNR owner and "Spine" blogger Marty Peretz is enacting the cyberspatial equivalent... with posts such as this one on French jokes:
Hoisted from Ten Years Ago: More on the Kaiping Mines: Jonathan Spence's Asides, and Albert Feuerwerker's Review of Ellsworth Carlson http://www.bradford-delong.com/2007/07/more-on-the-kai.html: China specialists see and can almost touch an alternative history in which late-nineteenth century China managed to match the political and economic achievements of Meiji Japan, and in which China stood up economically, politically, and organizationally at the same pace of the Japan that won its short victorious war against Russia in 1905, negotiated as an equal with Britain and the U.S. over warship construction in 1921, and was perhaps the eighth industrial power in the world by 1929.
Dean Acheson: A Democrat Looks at His Party: "From Dean G. Acheson: "At the end of the [nineteenth] century there was a lesser, but serious, missed opportunity... http://www.bradford-delong.com/2007/07/dean-acheson-on.html
Let me say that in Taylor's case, at least, this type of bullshit misrepresentation of what we know and what the evidence says has now been going on for a very long time:
I, at least, am as tired of it as are the more senior real economists who are John Taylor's peers.
Why John Taylor thinks he is still entitled to call himself an "economist" is beyond me. It has been beyond me for eight years:
Worth Hoisting and Highlighting: Paul Krugman is wise; Ezra Klein points out that those who claim having health insurance is not important (a) have health insurance, and (b) are not telling the truth; Robert Samuelson of the execrable Washington Post is an embittered, evil, strange man; the execrable Stuart Taylor, Jr., of the Atlantic Group is one as well; and neither Robert Pear of the New York Times nor David Broder of the Washington Post either do now know enough or do not care enough to do their proper jobs:
When I read this by David Glasner, I wonder whether the shift in Hayek's beliefs between the 1930s and the 1980s was an improvement. In the 1930s, he believed in big depressions—"secondary deflation"—as a way of breaking "nominal rigidities", which I understand as the power of labor to resist being forced to accept declines in real wage rates. By the 1980s, he seemed to believe in shooting people like me in soccer stadiums, and throwing them out of helicopters into the South Atlantic. See: Pinochet, Augusto
David Glasner: Hayek, Deflation and Nihilism: "Hayek argued that... neutral money was... constant total spending (MV)... https://uneasymoney.com/2017/07/23/hayek-deflation-and-nihilism/
...Once the downturn started to accelerate, causing aggregate spending to decline by 50% between 1929 and 1933, Hayek, totally disregarding his own neutral-money criterion, uttered not a single word in protest of a monetary policy that was in flagrant violation of his own neutral money criterion. On the contrary, Hayek wrote an impassioned defense of the insane gold accumulation policy of the Bank of France, which along with the US Federal Reserve was chiefly responsible for the decline in aggregate spending.... Hayek’s policy advice was... relentlessly pro-deflation. Why did Hayek offer policy advice so blatantly contradicted by his own neutral-money criterion?...
All I can say is: unprofessional
I would not have thought that it was an argument that could be maintained by any economist of reputation—even though, as John Stuart Mill once said, "what was affirmed by Cicero... [of] philosophy...may be asserted without scruple of the subject of political economy—that there is no opinion so absurd as not to have been maintained by some person of reputation". I don't think that this is an opinion. And the cost to your reputation—I'm looking at you, John Taylor, and you, Glenn Hubbard, and you Kevin Warsh—may well exceed whatever your current positive balance is plus your available credit limit:
John F. Cogan, Glenn Hubbard, John B. Taylor, and Kevin Warsh: On the Prospects for Higher Economic Growth: "Productivity growth declined in the 1970s, rose markedly through the 1980s and 1990s, and fell again sharply in recent years. The data are not supportive of the popular contention that the United States is in the midst of a long-term decline in productivity growth..." http://www.hoover.org/sites/default/files/research/docs/on_the_prospects_for_higher_economic_growth_0.pdf
I was never able to get anybody interested in publishing this when I wrote it and shopped it around ten years ago. I do wonder why: it is, I think, rather important...
After the Next Nuclear Fire... http://www.bradford-delong.com/2007/07/after-the-next-.html: In the early 1980s the U.S. NSA--or perhaps it was the Defense Department--loved to play games with Russian air defense. They would send probe planes in from the Pacific to fly over Siberia. And they would watch and listen: Where were the gaps in Russian sensor coverage? How far could U.S. planes penetrate before being spotted? What were Russian command-and-control procedures to intercept intruders?
The puzzle about just how and why the brain eater ate Clive Crook's brain—how it was that, starting about a decade ago, one of the most interesting (and intelligent) of the Tories simply lost his grip on reality—remains, to me at least, a mystery. Here is my reaction to one of the first signs of the brain-eating:
The puzzle about just how and why the brain eater ate Clive Crook's brain—how it was that, starting about a decade ago, one of the most interesting (and intelligent) of the Tories simply lost his grip on reality—remains, to me at least, a mystery.
Here I am hoisting from one of the first full-blown signs of it in 2007.
A little background: By 2008 the brain-eating was overwhelming. For example we had Clive Crook on the "huge success" of the nomination of Sarah Palin—meaning, that is, that she was highly qualified to be Vice President and would attract lots of new votes to the McCain-Palin ticket:
Clive Crook (2008): Democrats must learn some respect: "The problem in my view is less Mr Obama and more the attitudes of the claque of official and unofficial supporters that surrounds him... https://www.theatlantic.com/business/archive/2008/09/democrats-must-learn-some-respect/8803/
July 21, 2017 at 07:38 AM in Economics: Growth, Economics: History, Economics: Inequality, History, Moral Responsibility, Obama Administration, Philosophy: Moral, Political Economy, Politics, Science: Cognitive, Streams: (Tuesday) Hoisted from Archives, Streams: Cycle, Streams: Economics, Streams: Equitable Growth, Streams: Highlighted | Permalink | Comments (1)
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Clueless DeLong Was Clueless: Hoisted from February 2007: The Domestic Macroeconomic Outlook: February 28, 2007 http://www.bradford-delong.com/2007/02/the_domestic_ma.html: It looks like I'm not going to get to give my short talk on the domestic macroeconomic outlook up at Lake Tahoe this weekend:
That's too bad, because such talks quickly grow stale.
One of the major points of my schtick is that the macroeconomic outlook rarely changes suddenly, so that 90% of the time it is perfectly OK to say, "things are like they were, only three months ago." Nevertheless such talks have a very short half life: people like to know how the most recent news affects things, even if the usual answer is "not much"--except, of course, for those turning points where things do change a great deal, and which we usually see clearly only in retrospect.
I was going to hit three big points:
Clueless DeLong Still Clueless—Albeit Slightly Less So: High-Grade Structured Credit, and Time for the Fed to Start Cutting Interest Rates: Hoisted from Ten Years Ago http://www.bradford-delong.com/2007/07/high-grade-stru.html: BondDad writes:
Daily Kos: $10 Billion Hedge Fund Now WORTHLESS: $10 Billion Hedge Fund Now WORTHLESS: From CBS Marketwatch:
High-Grade Structured Credit, and Time for the Fed to Start Cutting Interest Rates http://www.bradford-delong.com/2007/07/high-grade-stru.html: I have been an optimist about the subprime market.... Now I am not so sure. It no longer looks like things are as contained as I had thought... http://www.bradford-delong.com/2007/07/high-grade-stru.html
Those Poor People! Mark Kleiman Needs to Learn Theology from "Galaxy Quest" http://www.bradford-delong.com/2007/07/those-poor-peop.html: I suggest that Mark Kleiman turn on his cable TV channels, and watch...
The Buried Past of the Democratic Party http://www.bradford-delong.com/2007/07/the-buried-past.html: It is certainly true that up until some moment not all that long ago--1933? 1948? 1960?--the Democratic Party was the party of racism...
DeLong Smackdown Watch: Dani Rodrik Strikes Back http://www.bradford-delong.com/2007/07/delong-smackdow.html
Joshua Micah Marshall (2002): "I really, really, really want to recommend a book to you. It's called Strange Victory: Hitler's Conquest of France and it's by Ernest R. May, a highly respected diplomatic historian... https://web.archive.org/web/20040209000732/http://talkingpointsmemo.com/archives/week_2002_05_12.html
...There are two reasons why this book is so good. The first is that it is just a marvelously engrossing narrative of one of the most pivotal moments of the 20th Century: the lead-up to the Second World War and particularly Hitler's lightning victory over France in May and June of 1940. It's just a very polished, compelling World War Two book and a very good read.
Most worth reading:
Rick Perlstein has a sense not of what is coming with the fallout from the collapse of the housing bubble, but that the immediate effects are bad.
The story of Paul Gigot, Kevin Hassett, and the worst—the absolute worst—the most mendacious, deceptive and unprofessional graph that the Wall Street Journal has ever published. You can find it here: https://www.wsj.com/articles/SB118428874152665452. As Ezra Klein wrote:
Ezra Klein (2007): Is The Wall Street Journal Worth Saving? http://ezraklein.typepad.com/blog/2007/07/is-the-wall-str.html: "Brad DeLong described this as 'Most Dishonest Wall Street Journal Editorial Ever'. I thought that was obvious hyperbole, if for no other reason than the data set encompassing dishonest Wall Street Journal editorials is far, far too large for Brad to have comparatively evaluated in a mere day or two. It'd be like declaring a yawn from moments ago your favorite breath of air ever. It might have felt that way, but that's a hasty choice from a large pool. Brad, however, may be right. One of the ways that mendacious ideologues can lie with statistics is to simply draw and ill-fitting line through the data, pretending it shows something entirely different than it really does..."
All I can say is: every economist who signed that letter supporting Kevin Hassett for CEA Chair has a lot of explaining to do, and should be searching their soul very hard right now trying to figure out how they went astray...
I have long had a "thinking like an economist" lecture in the can. But I very rarely give it. It seems to me that it is important stuff—that people really should know it before they begin studying economics, because it would make studying economics much easier. But it also seems to me—usually—that it is pointless to give it at the start of a course to newBs: they just won't understand it. And it also seems to me—usually—that it is also pointless to give it to students at the end of their college years: they either understand it already, or it is too late.
By continuity that would seem to imply that there is an optimal point in the college curriculum to teach this stuff. But is that true?
What do you think?
Weekend Reading: Ansible 240, July 2007 http://news.ansible.uk/a240.html#leguin: On Serious Literature:
Michael Chabon has spent considerable energy trying to drag the decaying corpse of genre fiction out of the shallow grave where writers of serious literature abandoned it... Ruth Franklin (Slate, 8 May 2007)
Ursula K. Le Guin: Something woke her in the night...
Weekend Reading: Keynes's thoughts on the first nine months of the New Deal: A Historical Document: John Maynard Keynes to Franklin Delano Roosevelt at the End of 1933 http://www.bradford-delong.com/2007/07/a-historical-do.html: "You have made yourself the Trustee for those in every country who seek to mend the evils of our condition by reasoned experiment within the framework of the existing social system...
Hoisted from the Archives: Yesterday I was bitching to the team at "ParsonsTKO | A Digital Transformation Agency" http://parsonstko.com/, which is in charge of thinking about the redesign of the Equitable Growth Website http://equitablegrowth.org, about not just our failure but the general failure of the internet to bring things from the stock into the flow—to have a memory. The original hope was that Google http://google.com would be that memory, but full-text combined with word-nearness search plus pagerank does not do the job. So I was arguing that Equitable Growth should hire somebody whose job—at least part of whose job—is to ask: what is the thing that Equitable Growth has ever published that is most relevant to live concerns and issues today?; and then repost and highlight that thing. Plus we need an indexing grammar, ontology, whatever, that makes the most relevant thing easy to search for and find.
But I can do this for my own website, myself—if I find time. So here we are: what the country should be doing about ObamaCare right now, hoisted from my archives from 2004:
Reading Reihan Salam's "Why I signed up for Obamacare": The Honest Broker for the Week of May 10, 2014: So this morning I am reading the highly-intelligent Reihan Salam's bill of indictment against ObamaCare... http://delong.typepad.com/delong_long_form/2014/05/reading-reihan-salams-why-i-signed-up-for-obamacare-the-honest-broker-for-the-week-of-may-10-2014.html
July 13, 2017 at 06:18 AM in Economics: Health, Long Form, Moral Responsibility, Political Economy, Politics, Streams: (BiWeekly) Honest Broker, Streams: (Tuesday) Hoisted from Archives, Streams: Cycle, Streams: Economics, Streams: Equitable Growth, Streams: Highlighted | Permalink | Comments (2)
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Hoisted from 2007: Why Oh Why Can't We Have a Better Press Corps? (Yet Another David Brooks/New York Times Edition): I can't stand it. I can't keep quiet any more... http://www.bradford-delong.com/2007/07/why-oh-why-ca-3.html
...Could the New York Times please replace David Brooks with a literate columnist: somebody with minimal, and I mean minimal, contact--even contact through the Cliff Notes versions alone would do--with the Western cultural heritage? Somebody who has seen, heard, or read at least one thing like Medea or Agamemnon or some version of the Song of the Waelsungs (Wagner's Ring operas would do) or Tam Lin?
Hoisted from 2007: Note to Self: The Next Time I Teach Economics 101b... http://www.bradford-delong.com/2007/07/note-to-self-th.html: The people who take Economics 101b--the go-faster do-more version of intermediate macroeconomics--are among the best students in the country: smart, eager to work, very well-prepared. So it has always seemed to me that I should do more to help them sink their teeth into some of the big growth-policy issues of intellectual property and antitrust.
Hoisted from 2007: My Little Golden Book of Neoconservatism http://www.bradford-delong.com/2007/07/my-little-golde.html: Jeff Weintraub worries that people don't know what neoconservatives are... http://www.bradford-delong.com/2007/07/my-little-golde.html
...Jeff Weintraub: "Neocons," "very liberal Communists," and other scare-words: As Patrick Porter correctly points out, "neocon" (or "neoconservative") is expanding into an all-purpose term of abuse without much concrete content, historical specificity, or political substance.... This increasingly promiscuous use of the increasingly elastic scare-word "neocon" reminds one of the equally promiscuous way many right-wingers used to call anyone they didn't like a "communist."... [T]he word "liberal" often serves a similar function in some right-wing circles ...... though that's not entirely new, either. Back in 1973 Martha Mitchell, the wife of Nixon's Attorney-General John Mitchell, said that her husband often warned against the threat posed by the "very liberal Communists"...
I think I have the answers. Here are what I think are good takes on the neoconservative ideas and their vicissitudes, and on the neoconservatives--my takes and others':
Most Worth Reading:
Note to Self: The Next Time I Teach Economics 101b... http://www.bradford-delong.com/2007/07/note-to-self-th.html: Some model-building:: J. Bradford DeLong (2007), "INCOMPLETE DRAFT: Notes on Antitrust Policy and Optimal Innovation in a Model of Productive Variety" http://delong.typepad.com/pdf/20070709_varieties_antitrust.pdf...
My Little Golden Book of Neoconservatism http://www.bradford-delong.com/2007/07/my-little-golde.html
China and Economic Growth: Hoisted from the Archives (What I Am Thinking About Right Now Department) http://www.bradford-delong.com/2007/07/china-and-econo.html
Is it me? Or is it him?
I find an interesting link on Making Light http://nielsenhayden.com/makinglight/archives/016593.html, follow it, immediately find that the introduction annoys me—gets my back up—and then I notice that it is by John McWhorter. Other people like McWhorter a lot: http://nielsenhayden.com/makinglight/archives/016593.html#4335396.
But I read:
John McWhorter: English is not normal https://aeon.co/essays/why-is-english-so-weirdly-different-from-other-languages: "Hwæt, we gardena in geardagum þeodcyninga þrym gefrunon...
...does that really mean ‘So, we Spear-Danes have heard of the tribe-kings’ glory in days of yore’? Icelanders can still read similar stories written in the Old Norse ancestor of their language 1,000 years ago, and yet, to the untrained eye, Beowulf might as well be in Turkish...
And my immediate response is: the cards have been dealt from the bottom of the deck here.
Twenty things worth recalling from February 2007:
Hoisted from 2007: Arnold Kling vs. Brad DeLong on the New Deal http://www.bradford-delong.com/2007/02/arnold_kling_vs.html: UPDATE: Bruce Bartlett writes:
I just read your WSJ piece and you make one mistake. If Hoover had been re-elected in 1932, Ogden Mills would have been Treasury secretary, not Andrew Mellon. Mills became secretary on Feb. 13, 1932.
Fallen to Linkrot: Arnold Kling vs. Brad DeLong on the New Deal at the Wall Street Journal's website.
Here are my first drafts for the exercise:
Weekend Reading/Hoisted from 2007: Will to Power http://www.bradford-delong.com/2007/02/will_to_power.html: John Holbo has three posts that I think are linked: one about Josh Trevino, one about David Frum, and one about Karl Schmitt. Call it a project to analyze a particular current of thought—Dark Satanic Millian Conservatism. Here Holbo watches Josh Trevino say that we must not be squeamish about dealing death and destruction on people for no reason other than it would be convenient for our Imperial Mission; he watches David Frum say that we must make the lower orders fearful and stressed--the circumstances of the Donner Party are mentioned--in order to make them morally righteous; he watches Karl Schmitt say that it would be insane to go to war to make a profit but that it is our bright shining mission to go to war for no comprehensible advantage at all.
It is a trifecta:
Weekend Reading: Frederick Douglass (1852): What to the Slave Is the Fourth of July?: "Mr. President, Friends and Fellow Citizens: He who could address this audience without a quailing sensation, has stronger nerves than I have... http://teachingamericanhistory.org/library/document/what-to-the-slave-is-the-fourth-of-july/
Sidney Coleman (1994): Quantum Mechanics in Your Face! https://www.youtube.com/watch?v=EtyNMlXN-sw
Now if there is anyone who has any questions about the material on the screen at this moment, please leave the auditorium, because you won't be able to understand anything else in the lecture...
The problem there—the confusion that was removed—was refusing to think of the cloud chamber as a quantum mechanical system. The problem here is refusing to think of Sidney as a quantum mechanical system...
Now people say the reduction of the wave packet occurs because it looks like the reduction of the wave packet occurs, and that is indeed true. What I'm asking you in the second main part of this lecture is to consider seriously what it would look like if it were the other way around—if all that ever happened was causal evolution according to quantum mechanics. What I have tried to convince you is that what it looks like is ordinary everyday life. Welcome home. Thank you for your patience...
Worth highlighting and remembering: first, something to remember this holiday:
Two on how clueless I was on what was about to come down in the economy:
Brad DeLong having no clue what is coming: Central Banking and the Great Moderation http://www.bradford-delong.com/2007/07/central-banking.html
Felix Salmon is clueless about what is coming down: Subprime Mess: It's Not Derivatives' Fault http://www.bradford-delong.com/2007/07/subprime-mess-i.html: It's not the derivatives, it's the loans, says Felix Salmon: "I'm sure it's been happening a lot in idle conversation, but it's still disheartening to see it happening in on the front page of a WSJ section: confusing illiquidity problems in the subprime market with more theoretical worries about derivatives..."
2007: Bernard Lewis Makes His Bid for the Stupidest-Man-Alive Prize http://www.bradford-delong.com/2007/03/bernard_lewis_m.html: Has Bernard Lewis always been this stupid, and did I just not notice?
Washington Wire—WSJ.com: Bernard Lewis drew a standing ovation from a packed house of conservative luminaries Wednesday night in a lecture that described Muslim migration to Europe as an Islamic attack on the West and defended the Crusades as “a late, limited and successful imitation of the jihad” that spread Islam across much of the globe. Lewis gave the nearly hour-long speech at the annual black-tie dinner of the American Enterprise Institute after receiving the group’s Irving Kristol Award. Among the attendees were Vice President Dick Cheney, Supreme Court Justice Clarence Thomas, former United Nations Ambassador John Bolton and ex-Pentagon official Richard Perle. Notably absent was I. Lewis “Scooter” Libby....
Hoisted from the 2007 Archives: Wow! I had no clue in mid-2007 what was about to come down.
I had no idea of how the money-center universal banks had exposed themselves to housing derivatives, how strongly the right-wing noise machine would lobby against the Federal Reserve's undertaking its proper lender-of-last-resort job, or how hesitant and ineffective the Federal Reserve would turn out to be in the summer and fall of 2008:
We remember the right-wing slime machine's opposition to the confirmation of Justice Sotomayor because she had excessive "empathy": Here we have The Wall Street Journal, The Economist, Time, and the truly execrable Atlantic, the printing presses of which should melt in a fire.
A higher authority—YHWH—weighs in:
Hoisted from Other People's Archives: YHWH: 1 Kings 3 KJV: "And Solomon said...
...Thou hast shewed unto thy servant David my father great mercy, according as he walked before thee in truth, and in righteousness, and in uprightness of heart with thee; and thou hast kept for him this great kindness, that thou hast given him a son to sit on his throne, as it is this day.
Kevin A. Hassett (2007): Does Economic Success Require Democracy? http://www.aei.org/publication/does-economic-success-require-democracy/: "Sadly, no. In fact, the politically unfree countries are enjoying more economic growth than the politically free ones...
Glenn Fleishman: Glenn Fleishman Likes His iPhone http://www.bradford-delong.com/2007/07/glenn-fleishman.html: "My Real iPhone Review: I haven't had time to write up all my impressions of my first day with an iPhone...
...but I am perfectly happy to admit that it exceeded my expectations, partly because I was prepared to be slightly let down by some of the bigger promises.... What's still valid about my hesitation in recommending the first-generation iPhone is that AT&T's EDGE network truly is too slow for anything but simpler text-heavy Web sites and for email, and that viewing Web pages and other text that's designed for wide-column layout is hard to read on screen. The former problem will be solved with an updated piece of hardware that uses the third-generation (3G) cell network. The latter problem could be solved in software, by offering an option to rewrap text streams into narrower columns for better legibility.
David Bradley Isenberg: I Only Protested the Affordable Care Act Because the President Was Black. Please Don’t Take Away My Health Insurance: "Back in 2009, when the Patient Protection and Affordable Care Act was being debated in Congress, I was fuming with anger... https://www.mcsweeneys.net/articles/i-only-protested-the-affordable-care-act-because-the-president-was-black-please-dont-take-away-my-health-insurance>
Worth highlighting: genuine news that Wall Street had totally lost control of its subprime derivative book; Reagan's diary reveals that his Alzheimer's had made him unfit to do his job relatively early in his first presidential term, Ed Lazear had stopped doing his job as a White House economic advisor and was flattering Richard Cheney, David Broder was pretending to learn for the first time things that everyone had known for six years, and the immortal Fred Malek and "dog-eating Jew-counters for McCain!"
Highlights, and then all, below the fold:
Wikipedia: Case Blue https://en.wikipedia.org/wiki/Case_Blue: "The German offensive commenced on 28 June 1942, with Fourth Panzer Army starting its drive towards Voronezh...
Comment (2017): I now think the best way to understand Edmund Burke is as advocating not Disraeli's "Whig measures and Tory men" but rather "Whig measures in Tory drapery"...
Hoisted from 2007: [Tim] Burke on [Edmund] Burke's Political Philosophy http://www.bradford-delong.com/2007/03/burke_on_burkes.html: I see two strands in Burke relevant to Burke's comment here:
30 things worth noting and highlighting in that month of March 2007. The two highlights of the highlights are:
More Journamalism (Time Magazine Edition) http://www.bradford-delong.com/2007/03/more_journamali_2.html: Karen Tumulty of Time really wishes she didn't have to spend time listening to candidates talk about health care.... "After three very intense hours (plus) onstage moderating this health care forum, I really needed a massage and a margarita. Not in that order.... I suspected that my colleagues in the press filing center weren't entirely thrilled at spending a Saturday in Las Vegas this way...." Would it be asking too much to have Time replace Tumulty with somebody who actually likes learning about candidates thoughts and plans on health care? Rather than somebody who sounds like she is having a root canal?... 2007-03-25
Un-Discourse Situations... http://www.bradford-delong.com/2007/03/undiscourse_sit.html: What is one to do? You watch a guy--Bob Solow--one of the smartest and most thoughtful people I know, having his intellectual impact neutralized by a guy--Kudlow--who really isn't in the intellectual inquiry business.... To the audience it looks like two cocksure economists who disagree for incomprehensible reasons. And my ten minute share will come too late to try to referee Solow-Kudlow in any fair, balanced, and effective way. It's an un-discourse situation: Kudlow doesn't acknowledge--may not know--the flaws in his chosen statistic. And I can't help wonder what Kudlow would be saying if a Democrat were president. It's an intellectual Gresham's Law in action... What can I do? I can blog about it... 2007-03-11
Giovanni Pico della Mirandola: Oration on the Dignity of Man: "Most esteemed Fathers, I have read in the ancient writings of the Arabians that Abdala the Saracen on being asked what, on this stage, so to say, of the world, seemed to him most evocative of wonder, replied that there was nothing to be seen more marvelous than man... http://bactra.org/Mirandola/
Weekend Reading: Aristotle: Politics: Property and Wealth: "Let us first speak of master and slave, looking to the needs of practical life and also seeking to attain some better theory of their relation than exists at present... http://classics.mit.edu/Aristotle/politics.1.one.html
The purpose of this weblog is to be the best possible portal into what I am thinking, what I am reading, what I think about what I am reading, and what other smart people think about what I am reading...
"Bring expertise, bring a willingness to learn, bring good humor, bring a desire to improve the world—and also bring a low tolerance for lies and bullshit..." — Brad DeLong
"I have never subscribed to the notion that someone can unilaterally impose an obligation of confidentiality onto me simply by sending me an unsolicited letter—or an email..." — Patrick Nielsen Hayden
"I can safely say that I have learned more than I ever would have imagined doing this.... I also have a much better sense of how the public views what we do. Every economist should have to sell ideas to the public once in awhile and listen to what they say. There's a lot to learn..." — Mark Thoma
"Tone, engagement, cooperation, taking an interest in what others are saying, how the other commenters are reacting, the overall health of the conversation, and whether you're being a bore..." — Teresa Nielsen Hayden
"With the arrival of Web logging... my invisible college is paradise squared, for an academic at least. Plus, web logging is an excellent procrastination tool.... Plus, every legitimate economist who has worked in government has left swearing to do everything possible to raise the level of debate and to communicate with a mass audience.... Web logging is a promising way to do that..." — Brad DeLong
"Blogs are an outlet for unexpurgated, unreviewed, and occasionally unprofessional musings.... At Chicago, I found that some of my colleagues overestimated the time and effort I put into my blog—which led them to overestimate lost opportunities for scholarship. Other colleagues maintained that they never read blogs—and yet, without fail, they come into my office once every two weeks to talk about a post of mine..." — Daniel Drezner
Looking Forward to Four Years During Which Most if Not All of America's Potential for Human Progress Is Likely to Be Wasted
With each passing day Donald Trump looks more and more like Silvio Berlusconi: bunga-bunga governance, with a number of unlikely and unforeseen disasters and a major drag on the country--except in states where his policies are neutralized.
Nevertheless, remember: WE ARE WITH HER!
"I now know it is a rising, not a setting, sun" --Benjamin Franklin, 1787
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