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Archive for February, 2013

Housing Bubble Deniers Exposed

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Thank to Ollie Nanyes who posted this list of right wing economists and pundits who were positive there was no housing bubble preparing to burst in the last decade.

The housing bubble has precipitated a severe, and possibly catastprophic, economic crisis, so I thought it would be useful to put together a list of pundits and experts who were dead-wrong on the housing bubble. They were the enablers, and deserve to be held accountable. People also need to know (or be reminded of) which pundits/experts should never be listened to again. But most importantly, I have time to do this kind of thing now.

The list includes only pundits and (supposed) experts. That means the list doesn’t include policymakers such as Alan Greenspan and Ben Bernanke, because however wrong they may have been, policymakers—and especially Fed chairmen—are undeniably constrained in what they can say publicly. I strongly suspect that both Greenspan and Bernanke honestly believed that there was no housing bubble, but alas, we’ll never know for sure. The list also doesn’t include pundits/experts who were wrong only about the fallout of the collapse of the housing bubble—that is, the extent to which the collapse of the housing bubble would harm the economy.

Many of the names on the list won’t shock anyone, I’m sure. And FWIW, a few of the pundits seemed to deny the existence of the housing bubble simply because Paul Krugman argued that there was a housing bubble, and they absolutely hate Krugman. Unfortunately (for our economy), Krugman was right—again.

The list is a work in progress (though I’ve been reasonably thorough in my research), so feel free to suggest other people who should go on the list. So without further ado, here’s the list:

1. Alan Reynolds, Senior Fellow, Cato Institute:

Read the rest of the list here.

Written by slothropia

February 14th, 2013 at 10:07 pm

Posted in Economy,Housing

Worker Control in Greece.

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From The Nation, Workers at Greek factory have taken it over.

The workers of Vio.Me., a building materials factory in Thessaloniki, Greece, which was abandoned by its bankrupt owners, have been unpaid since May of 2011. This week, after a series of general assemblies the workers convened, they’ve started occupying the factory and operating it under direct democratic workers’ control.

As part of a letter being circulated by the Thessaloniki Solidarity Initiative explains:

This experience of worker’s occupation to workers recovery and control is not new—either historically or currently. Since 2001 there are close to 300 workplaces that are run democratically by workers in Argentina, ranging from health clinics and newspapers and schools, to metal factories, print shops and a hotel. The experience there has shown that workers together cannot only run their own workplace, but can do it better. The example of Argentina has spread throughout the Americas, and now to Europe and the United States.

Here’s what you can do:

– Spread the word. Share this information with friends, family and your Facebook and Twitter communities.

– Contribute money. Forging new anti-capitalist economic models is expensive. The costs of production are high and the first few months are critical. Whatever you can afford here will be devoted to a genuine effort to create a new way of doing things. Think of it as an investment in the future.

– Send solidarity statements to Thessaloniki’s Open Solidarity Initiative at The workers are encouraged by the warmth of solidarity coming from abroad.

This is what happens when austerity imposed from above destroys a nation’s economy. Another thing that happens is that fascists like Golden Dawn come out of the woodwork.

Written by slothropia

February 13th, 2013 at 11:32 am

SOTU 2013

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If anyone is interested in my opinion, I like much of what PBO said tonight, though his threats to keep continue facilitating carbon fuel extraction was one of the exceptions.And nothing on the drones problem

But a rise in the minimum wage would be a good thing as would be infrastructure investment and bitch slapping the pharmaceuticals (by not over paying them anymore).

All in all a good speech, but more commitment to effective action on climate change is necessary. Also like paycheck fairness part.

Why did the GOP look so miserable all the time? Maybe cuz they knew how it was playing with the public.

Written by slothropia

February 12th, 2013 at 10:47 pm

Superbowl Ad

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#MayorsAgainstIllegalGuns #NRA

Written by slothropia

February 3rd, 2013 at 4:25 pm