But all that aside — which is to say, aside from the actual truth of the uncertainty meme — it's impressive, as usual, that the conservative movement managed to find such a big name to put his name to defending the indefensible. After all, news reporters almost have to take the uncertainty meme seriously now, and that's really all that matter. Mission accomplished!I suspect he's right. And more: Greenspan's paper focuses on stimulus and financial market regulation; that's the uncertainty he believes is spoiling the party. There's nothing, for example, about health care at all. But this is not apt to slow Republicans down; odds are that if they do wind up using Greenspan as Drum suggests they will, they won't hesitate to apply it far beyond what Greenspan said. I have to say, though, that I'm not convinced that the "uncertainty" claim will really survive very long; it's much more likely, in my view, that the GOP will go back to its all-purpose explanation that all economic growth is caused by tax cuts and all recessions are caused by tax increases. At any rate: great catch!
Monday, March 21, 2011
Catch of the Day
A group award, for a three-part takedown of an Alan Greenspan paper which attempted to give an economic justification to the GOP talking point about uncertainty. Paul Krugman sneered; Brad DeLong analyzed; and Kevin Drum supplied the context: