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Thursday, December 5, 2013

Paul Krugman, "Obama Gets Real": Krugman Gets Delusional

In his latest New York Times op-ed entitled "Obama Gets Real" (, devoted to the president's December 4 remarks on economic mobility, Paul Krugman declares :

"Mr. Obama laid out a disturbing — and, unfortunately, all too accurate — vision of an America losing touch with its own ideals, an erstwhile land of opportunity becoming a class-ridden society. Not only do we have an ever-growing gap between a wealthy minority and the rest of the nation; we also, he declared, have declining mobility, as it becomes harder and harder for the poor and even the middle class to move up the economic ladder.

. . . .

Now, however, we have the president of the United States breaking ranks, finally sounding like the progressive many of his supporters thought they were backing in 2008. This is going to change the discourse — and, eventually, I believe, actual policy."

Now compare Krugman's claims with the text of an editorial on Wednesday entitled "Keeping Shareholders in the Dark" (, in which The New York Times acknowledged:

"Protecting investors and ensuring proper corporate governance are the essence of the mission of the Securities and Exchange Commission. But you wouldn’t know that from the recent actions of the agency and its chairwoman, Mary Jo White.

Last week, the S.E.C. unwisely removed from its regulatory agenda a plan to consider a rule to require public companies to disclose their political spending — even though the case for disclosure is undeniable. Basic investor protection requires that shareholders know how corporate executives are spending shareholder money. Good corporate governance requires that companies are transparent about their use of corporate resources. Shareholders know this and have demanded disclosure."

Indeed, Mary Jo White, who was nominated by Obama earlier this year to replace Elisse B. Walter as Chairwoman of the U.S. Securities and Exchange Commission, is not actively seeking to require public companies - such as Goldman Sachs - to disclose their political spending.

The president is "breaking ranks, finally sounding like the progressive many of his supporters thought they were backing in 2008"? Pardon my French, but this is bullshit.

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