Saturday, May 21, 2005


It Was The Best of Times, It Was The Worst of Times

The best? Why, Krugman, of course:

Here's what I think will happen if and when China changes its currency policy, and those cheap loans are no longer available. U.S. interest rates will rise; the housing bubble will probably burst; construction employment and consumer spending will both fall; falling home prices may lead to a wave of bankruptcies. And we'll suddenly wonder why anyone thought financing the budget deficit was easy. In other words, we've developed an addiction to Chinese dollar purchases, and will suffer painful withdrawal symptoms when they come to an end.
The worst? Well, it used to be David Brooks. But John Tierney, scarily enough, makes David Brooks look good:
[Anakin-soon-to-be-Vader] says he could never betray the Jedi because they're his family, but then the chancellor puts the family question in perspective: "Learn to know the dark side of the Force, Anakin, and you will be able to save your wife from certain death." Anakin promptly recognizes the limits of altruism, just as Adam Smith did in the 18th century.
Note that while Krugman's column is grounded in fact, Tierney's column is grounded in pop-culture psychobabble that would embarrass Thomas Friedman. 'Nuff said.

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