Sunday, March 28, 2010
What's that song?
One of the great rip-offs in American history was the California restructuring of the electric industry. All told about $80 billion looted, no one went to jail. One of the smaller rip-offs in the larger scheme was the state gave the utilities some tens of millions to explain what the restructuring was about. The utilities deployed one of the most devious PR assaults in history, the message, "It's all so confusing." In that tradition, the NYT magazine has a piece on the financial mess and when you get done, well, it's all so confusin, and really, there's not much of a problem. So, the NYT tries to set the agenda on the upcoming "financial reform" debate, such that it will be.
It's just tiring to read the NYT these days -- the propaganda arm of the political establishment -- they can't even be bothered to couch their misinformation anymore. For example, they label Simon Johnson an outsider, which is pretty good for someone they also note is "former chief economist for the IMF", and is currently a professor at MIT's Sloan School. Now, if in less than two years you can go from being on top of the IMF to an outsider, our political class ostracizes as well as any in the past. Can't wait to see what "historic" financial reform we have coming!
Speaking of "historic" reforms, the Post released a poll showing the Dems got nothing from health care. But, I guess spending the next seven months explaining how it will be implemented over the next couple decades will be the ticket. Good luck with that.
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