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Ten Years Ago at Grasping Reality: July 1-4, 2007

Worth highlighting and remembering: first, something to remember this holiday:

  • Happy Fourth of July! http://www.bradford-delong.com/2007/07/happy-fourth-of.html: Herodotos of Halikarnassos: "When held in subjection they would not do their best, for they were working for a taskmaster, but, when freed, they sought to win, because each was trying to achieve for his very self..."

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..."

One on the then-nadirs of American governance and press coverage: the Libby Pardon:

  • Marcy Wheeler on the Libby Pardon: Just Another Obstruction of Justice http://www.bradford-delong.com/2007/07/marcy-wheeler-o.html: The balance of the probabilities is that Scooter Libby perjured himself and obstructed justice because he knew things about Cheney that were deeply embarrassing and discrediting, and because he believed that Patrick Fitzgerald was a special prosector like Kenneth Starr--one who believed that the core of his job was to leak as many grand jury secrets as he could as long as they were discreditable to the president's party. Thus Libby thought that perjury was the better part of valor given that he needed to protect his boss from the discreditable and embarrassing possibility that people would learn how he behaved. There is also the possibility that Scooter Libby perjured himself because for him to testify truthfully would have led to the impeachment and removal from office of Cheney and Bush. Now we will never know which...

  • Jimmy Madison Is Shrill! http://www.bradford-delong.com/2007/07/jimmy-madison-i.html: "In the [Constitutional] convention George Mason argued that the President might use his pardoning power to 'pardon crimes which were advised by himself' or, before indictment or conviction, 'to stop inquiry and prevent detection'. James Madison responded: '[I]f the President be connected, in any suspicious manner, with any person, and there be grounds [to] believe he will shelter him, the House of Representatives can impeach him; they can remove him if found guilty...'"

  • Jared Bernstein and I Cannot Credit Greg Mankiw http://www.bradford-delong.com/2007/07/jared-bernstein.html: Greg Mankiw blathers on about the long-run supply-side benefits of the 2003 Bush tax cuts made in some alternate universe by some alternate Bush who was serious about spending restraint. He is oblivious to the reality in which we live—a reality in which the 2003 Bush "tax cuts" were not tax cuts at all, but only destructive tax shifts...

Les trahison des clercs:

  • Max Sawicky on the Dilemmas of Economists in High Government Office http://www.bradford-delong.com/2007/07/max-sawicky-on-.html: "Professor N. Gregory Mankiw takes umbrage at the implication from some 'bigshot at the left-wing thinktank Economic Policy Institute' (that would be labor market genius Jared Bernstein) that he is 'a hypocrite'.... When you take a political appointment, you can't protest when you are accused of having been political. Political service can be an honorable pastime. The bigger source of embarrassment here is the disjunct between Mankiw the academic ace and Bush the economic nitwit, between the standards of professional work in academia and the intellectual corruption of really-existing Bush economic policy..."

Our press corps was very bad then. It has not improved since:

  • Matthew Yglesias Gets Medieval on Fred Hiatt (Why Oh Why Can't We Have a Better Press Corps?) http://www.bradford-delong.com/2007/07/matthew-yglesia.html: Matthew Yglesias watches notable skank Fred Hiatt turn into a concern troll, as he worries that Bush's "valuable strands of policy" may wind up "strewn in the wreckage" as the "Bush presidency implodes." Yglesias leads Hiatt to the clue train: The policies that were Bush's weren't valuable. The policies that were valuable weren't Bushes--they were either implemented by others or they never got implemented, being for the Bushies at most boob bait for the bubbas who populate the Washington Post editorial board...

  • Dan Froomkin Peers Inside Bush's Head http://www.bradford-delong.com/2007/07/dan-froomkin-pe.html: "DailyKos blogger LithiumCola marvels at the fact that in [Peter Baker's] entire story, 'there is no hint of the influence or even presence of one Richard B. Cheney. It's as though [Jo] Becker and [Barton] Gellman's four-day series on the Vice President's pervasive influence, just last week in this same Washington Post, never happened'..."

  • Time on George W. Bush, November 6, 2000 http://www.bradford-delong.com/2007/07/time-on-george-.html: What the Time team of Karen Tumulty and Jay Carney told us about George W. Bush on the eve of the 2000 election, after they had been watching him closely for a year and a half.... Note that the article contains no slam at Bush that is the equivalent of the article's slams at Clinton and Gore--the "chaotic, shapeless operation [the Clinton administration] was in its first year" and the "candidate [Gore] who reinvents his campaign as often as he changes his wardrobe." And the overall thrust of the article turned out to be very false indeed...


And the rest:

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