Their Own Private Europe

American conservatives have long used the myth of a failing Europe to argue against progressive policies in America. Full Story »

Posted by Jon Mitchell - via Paul Krugman, NewsRack (Business), New York Times (Opinion), New York Times (Most Emailed), Opinion Source, Real Clear Politics, AllTop, Kristi Hancock (t), John Hollis (t)

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Review

Randy Morrow
4.1
by Randy Morrow - Jan. 28, 2011

The lesson of the Irish debacle, then, is very nearly the opposite of what Mr. Ryan would have us believe. It doesn’t say “cut spending now, or bad things will happen”; it says that balanced budgets won’t protect you from crisis if you don’t effectively regulate your banks — a point made in the newly released report of the Financial Crisis Inquiry Commission, which concludes that “30 years of deregulation and reliance on self-regulation” helped create our own catastrophe. Have I mentioned that Republicans are doing everything they can to undermine financial reform? —- But Mr. Ryan is widely portrayed as an intellectual leader within the G.O.P., with special expertise on matters of debt and deficits. So the revelation that he literally doesn’t know the first thing about the debt crises currently in progress is, as I said, interesting — and not in a good way.

Dr. Krugman points out factual flaws from the new republicorp wunderkind.

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