Friday, January 30, 2009

Krugman as Dean Baker

Interesting to see the times moving the Nobel Laureate into a left-er and left-er, snarkier and sardonic-er posture a la unconditional endorsee Dean Baker.
As the Obama administration apparently prepares to launch Hankie Pankie II — buying troubled assets from banks at prices higher than they will fetch on the open market — it occurred to me that an updated version of an old Communist-era joke may be appropriate: under Bush, financial policy consisted of Wall Street types cutting sweet deals, at taxpayer expense, for Wall Street types. Under Obama, it’s precisely the reverse.

Update: Maybe I was too cryptic. The original joke was, “Capitalism is the exploitation of man by man. Socialism is the reverse.”

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