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    the individual initiative of large scale state backed collective enterprises..., 2011-12-05 00:48:00 | Main | rest up yours..., 2011-12-20 14:42:57

    low hanging overhangs:

    I'm not at all surprised that Karl Rove is attacking Warren from the left, however rich it is. But I am kind of shocked that I missed the interview on NPR's Planet Money between Adam Davidson and Warren in May 2009, where Davidson claims he can't think of one 'serious thinker' from "left, right center, neutral" who saw "a household debt crisis":

    ELIZABETH WARREN: What, if they canít pay their credit card bills the banks are gonna do fineÖWho is not worried about the fact that the Bank of Americaís default rate has now bumped over 10%?

    DAVIDSON: The American families are not ó These issues of crucial, the essential need for credit intermediation are as close to accepted principles among every serious thinker on this topic. The view that the American family, that you hold very powerfully, is fully under assault and that there is ó and we can get into that ó that is not accepted broad wisdom. I talk to a lot a lot a lot of left, right, center, neutral economists [and] you are the only person Iíve talked to in a year of covering this crisis who has a view that we have two equally acute crises: a financial crisis and a household debt crisis that is equally acute in the same kind of way. I literally donít know who else I can talk to support that view. I literally donít know anyone other than you who has that view.

    He could have just asked Adam Davidson, who on September 17th, 2008 knew exactly who and what to blame for the economic crisis:

    You. For enjoying the boom years without paying attention to the potential risks. ... For loving the rapidly growing price of your house and using it to buy stuff. For spending more than you make.

    Apparently, though, he changed his mind half a year later and couldn't find anybody at all talking about a debt overhang from the crash of a historic, multi-trillion dollar housing bubble that had become by then just a pet issue of a crank, and not a fundamental element of the great recession.


:: posted by buermann @ 2011-12-08 17:56:24 CST | link





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