Twenty things worth recalling from February 2007:
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:
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.
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.
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:
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
Hoisted from Ten Years Ago: Thinking About the Unfortunately Thinkable: Iran—and Bush http://www.bradford-delong.com/2007/06/thinking-about-.html: It is widely believed that the ruling regime in Iran is seeking to build nuclear weapons.
Four worth remembering: George Borjas behaving badly in being unable to get the economic theory right in his head; Stuart Taylor, Jr., behaving very badly in his desperate desire to torture somebody; editor Len Downie of the Washington Post behaving very badly indeed; and high finance breaking the ceiling of bad behavior in its valuation of mortgage derivatives:
Five pieces definitely worth rereading: (1) Tanta watches the gathering financial crisis, which is still in schadenfreude mode; (2) Peter Orszag lays out health care reform options; (3) As You Know Bob has fun with electromagnetism; (4-6) are a bunch of well-paid journalists being dicks, and Dan Froomkin and the staff of McClatchy doing their proper jobs.
**Hoisted from the Archives Notes: Polanyi: Aristotle Discovers the Economy http://www.j-bradford-delong.net/movable_type/2003_archives/001464.html: A whole bunch of this article is simply wrong: the claims that "in the fourth century... Greeks initiated the gainful business practices that in much later days developed into the dynamo of market comnpetition" are false. This means that Polanyi is wrong when he says that Aristotle is examining a new phenomenon when he looks at the economy. Aristotle is examining an old phenomenon from the point of view of an Athenian aristocrat.
But there is much of value in Polanyi's exposition of what Aristotle says...
"A Conspiracy So Immense": Is the American right any crazier than it ever was? No. It was the submersion of the crazy right during the "end of ideology" age that was weird.
Exhibit 1: William F. Buckley and Eliot Abrams. Buckley, remember, is the person whose reaction to Catholics being allowed into Yale on equal terms was: "let's be sure to keep the Jews down!" And Abrams... you will see...
"A Conspiracy so Immense": Tail-Gunner Joe McCarthy http://delong.typepad.com/sdj/2006/05/history_lesson_.html: William F. Buckley says:
A bunch of stuff. This is, I think, the most worth reading. It's a big problem. It's a big problem that we have had ever since Newt Gingrich launched his assault on the George H.W. Bush GOP, and the George H.W. Bush GOP responded by surrendering unconditionally:
Not as bad as Kevin Hassett's declarations that CERN's Large Hadron Collider might "swallow the Earth" and that the U.S. has "no recourse short of military action" to deal with the fact that "as science progresses, the possibility climbs ever higher that the fondest dreams of scientists might entail risks of planetary destruction.... The best science explores things far from our understanding. How can we know that things we do not understand will not kill us?"
But very bad even so:
Kevin Hassett (June 18, 2007): Why Did the Fed Help North Korea Launder Money? https://www.aei.org/publication/why-did-the-fed-help-north-korea-launder-money/: "Last week the New York Federal Reserve made what may go down as the most misguided move in the history of the Federal Reserve system....
A baker's dozen:
Hoisted from the Archives: How Supply-Side Economics Trickled Down... http://www.bradford-delong.com/2007/04/how_supplyside_.html: Bruce Bartlett's piece on supply-side economics:
How Supply-Side Economics Trickled Down - New York Times: AS one who was present at the creation of “supply-side economics” back in the 1970s, I think it is long past time that the phrase be put to rest. It did its job, creating a new consensus among economists on how to look at the national economy. But today it has become a frequently misleading and meaningless buzzword that gets in the way of good economic policy...
sparked an interesting and useful debate at Mark Thoma's Economist's View (which I previously noted).
Should-Read: Brad DeLong (2007): Tom Grubisich Is One Unhappy Camper: "Tom Grubisich... a former Washington Post reporter and editor [says]... http://www.bradford-delong.com/2007/05/tom_grubisich_i.html
Hoisted from Ten Years Ago: FoucaultAlthusserDerridaJameson http://www.bradford-delong.com/2007/06/foucaultalthuss.html: In comments and elsewhere, those with a sharp distaste for cultural studies "theory" in moral philosophy see it as one undifferentiated reactionary mass: FoucaultAlthusserDerridaJameson.
I want to draw some distinctions:
Hoisted from Ten Years Ago: Still, I think, true today. Thus I continue to hoist my neoliberal freak flag here: Is It Really Harder to Make the Case for Free Trade These Days? http://delong.typepad.com/sdj/2007/04/is_it_really_ha.html: Paul Krugman wonders if it is harder to make the case for free trade these days. There are more losers from trade liberalization, he thinks, and it is much less clear that the losers are in some sense "undeserving".
June 13, 2017 at 09:03 AM in Economics: Growth, Economics: History, History, Moral Responsibility, Philosophy: Moral, Political Economy, Politics, Streams: (Tuesday) Hoisted from Archives, Streams: Cycle, Streams: Economics, Streams: Equitable Growth, Streams: Highlighted | Permalink | Comments (12)
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Two very much worth highlighting and hoisting:
Ben Weiss, Curator of Rare Books at the Burndy Library of MIT's Dibner Institute for the History of Science and Technology:
Ben Weiss: Brad DeLong's Website: DeLong's Ignorance Corrected!: "First off, I love your blog, and read it avidly; many thanks for the wide learning and elegant argument... http://www.j-bradford-delong.net/movable_type/2005-3_archives/000643.html
(2007): http://www.bradford-delong.com/2007/06/dealing_with_th.html: Felix Salmon deploys me as a weapon in an internecine struggle with his fellow Portfolio magazine writer
Russ Mitchell Kevin Maney by blogging a piece of our coffee yesterday at Strada, at the corner of Bancroft and College, in Berkeley:
One thing very much worth hoisting and highlighting, on all the little lies the journamalists tell every day about how much they know and how good their sources of information are: KEVIN DRUM ON JOE KLEIN AND THE LITTLE DECEPTIONS OF THE MAINSTREAM MEDIA http://www.bradford-delong.com/2007/06/kevin_drum_on_j.html
And a bunch of others.
Hoisted from Ten Years Ago: plus ca change, plus ca meme chose:
Duncan Black http://www.eschatonblog.com/2007_06_03_archive.html#8709637863335883566: "The ghost of Joseph Heller is channeled by Bernstein and O'Reilly to reflect 15 years of reporting on the Clintons...
...O'REILLY: Did she break the law? BERNSTEIN: Yes. O'REILLY: OK. Good, I like this. How did she break the law? BERNSTEIN: She broke the law if, indeed, she perjured herself. O'REILLY: Well, you just said she did break the law. BERNSTEIN: No. The special prosecutor determined that she did not. So he did not file the charge. O'REILLY: So you think she did. But the special prosecutor, Ken Starr, said no. BERNSTEIN: That is correct. You know what? Let me be really straightforward. I don't think she broke the law. I think there was a time that she did not tell the truth. O'REILLY: Under oath? BERNSTEIN: You know, I wasn't in the room.
Four Posts, One Worth Highlighting—the "What I Miss About Ronald Reagan" Post:
Nine from Fritz Stern's Memoirs http://delong.typepad.com/sdj/2007/03/nine_from_fritz.html: Fritz Stern (2006), Five Germanys I Have Known (New York: FSG: 0374155402) http://amzn.to/2s6AuiG:
p. 101: Captain Hardinac von Hatten in 1933 on Fritz Stern's father, Rudolf Stern: "For [Rudolf Stern's] exemplary courage at the Somme and his commitment to duty, he was promoted to lieutenant of the reserve, and after the battle of Arras in the spring of 1917, I successfully recommended him for an Iron Cross, First Class. If every soldier of the German army had fulfilled his duty to the fatherland as loyally and courageously in the foremost position as Lieut. Stern did under my command in 1916-1917, we would have been spared the shame of the last fourteen years..."
An amazing con game Guenter Grass played for virtually his entire life: denouncing the western alliance for failing to grapple properly with Germany's unmasterable past, while at the same time doing all he could to hide and refuse to face his own membership in the criminal origination that was the Waffen-SS:
Hoisted from June 4, 2017: Guenter Grass Surfaces in the Pages of the New Yorker http://www.bradford-delong.com/2007/06/guenter_grass_s.html: Ah. Guenter Grass in the New Yorker this week:
Guenter Grass: What is less certain is when I exchanged my [Waffen SS 10th Division "Frundsberg"] uniform jacket for one less onerous...
Three pieces worth highlighting:
From June 3, 2007I Like Barack Obama's Health Care Plan http://delong.typepad.com/sdj/2007/06/i_like_barack_o.html: FT.com / Comment & analysis: It is an iron law of American politics that Democratic party politicians who propose relatively detailed healthcare reform plans–as Barack Obama did last Tuesday–get trashed.
The sixth is worth noting and remembering..
Hoisted from June 2, 2007: On Keynesian Economicses and the Economicses of Keynes http://www.bradford-delong.com/2007/06/keynesian_econo.html: With respect to http://bookclub.tpmcafe.com/blog/bookclub/2007/jun/01/rebutted_but_not_refuted...
I think that there are two ways to understand the divergence of perspectives here...
Six posts: Peggy Noonan on June 1, 2007 saying that she had long been an internal exile from the Bush administration whose victory she gloated over back at the end of 2004; a close encounter with a Tom Turkey; three pieces noodling over what "orthodox", "heterodox", and "Keynesian" economics are; and two links worth reading.
None seem to me especially worth highlighting and hoisting today...
Hoisted from March 2016: The Benefits of Free Trade: Time to Fly My Neoliberal Freak Flag High! http://www.bradford-delong.com/2016/03/the-benefits-of-free-trade-time-to-fly-my-neoliberal-freak-flag-high.html: I think Paul Krugman is wrong today on international trade. For we find him in “plague on both your houses” mode. On the one hand:
The Highest Broderism of Them All: A Historical Document http://delong.typepad.com/sdj/2007/07/the-highest-bro.html: Just think what had to be going through their minds—Broder's, his editors', and their bosses'—to print this piece of just-you-wait-Nixon-is-going-to-get-his-revenge-on-all-those-Democrats-and-wimpy-Republicans fanfic 29 days before Nixon's resignation:
David S. Broder (1974), "If Congress Refuses to Impeach..." Washington Post (July 10), p. A 30: "With the oral arguments before the Supreme Court completed...
Hoisted from the Archives: Is Liquidity Enough? https://www.project-syndicate.org/commentary/is-liquidity-enough: Every week more liquidity is injected into the global banking system by the United States Federal Reserve and the European Central Bank. The average interest rate paid for overnight reserves in the US has been well below the 5.25% per year that the Fed still publicly says is its target.
But the market for overnight reserves now appears to be divided into three segments. Banks known to be healthy can borrow at much less than 5.25%. But banks facing possible liquidity problems–which the Fed wants to be able to borrow at 5.25%–are borrowing from the Fed itself at 5.75%, and so are are a few big banks that want more liquidity but don’t believe they could get it without disrupting the market. Such a difference in the prices charged to regulated banks in financial markets is a sign of a potential breakdown.
Hoisted from the Archives from 2013: Ta-Nehisi Coates and The Dark Art of Racecraft: Apropos of Heritage and AEI...
Andrew Sullivan says, apropos of Jason Richwine, the cross-burning Charles Murray, and company, that the racists are the real victims here…
Twenty-eight hours before Sullivan posts—thus showing that Ta-Nehisi Coates's worldline is capable of following closed timelike paths—Ta-Nehisi Coates delivers the smackdown.
And in the process Ta-Nehisi Coates says what Sandy Jencks, George Borjas, and Dick Zeckhauser really should have said to Jason Richwine when he first proposed his dissertation topic, and he lays out arguments that Richwine really should have been forced to acknowledge and grapple with before they signed off on his dissertation:
Ta-Nehisi Coates: The Dark Art of Racecraft: "Dave Weigel is one of my favorite reporters, but I think this piece on Jason Richwine, intelligence research, and "race" deserves a closer look...
Live from the Internet from 2015: Ben Thompson (May 22, 2015): Medium the Network: "The most pertinent analysis is from The Facebook Reckoning. Specifically:
Hoisted from Mike Konczal's Archives:Mike Konczal (2013): Reinhart-Rogoff A Week Later: Why Does This Matter?: "Well this is progress...
...We are seeing subtle distancing by conservative writers on the Reinhart/Rogoff thesis. In Feburary, Douglas Holtz-Eakin wrote:
The debt hurts the economy already. The canonical work of Carmen Reinhart and Kenneth Rogoff and its successors carry a clear message: countries that have gross government debt in excess of 90% of Gross Domestic Product (GDP) are in the debt danger zone. Entering the zone means slower economic growth. Granted, the research is not yet robust enough to say exactly when and how a crisis will engulf the US, but there is no reason to believe that America is somehow immune.' (h/t QZ.)
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!
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