11 Feb 2009

"Nationalization Is…As American as Apple Pie"

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So says Paul Krugman. Here’s the context:

And the argument that our culture won’t stand for nationalization — well, our culture isn’t too friendly towards bank bailouts of any kind. Yet those bailouts are necessary; and even in America they may be more palatable if taxpayers at least get to throw the bums out.

Oh, and not a week goes by without the FDIC taking several smaller banks into receivership. Nationalization is actually as American as apple pie.

Now, here we’re on terrain that all Americans can understand. You get what Krugman is saying, but at the same time, he is totally wrong and borderline lying with this absurd claim.

Well, that’s exactly what he does with his glib pop statements about economics, only you wouldn’t be sure unless you’ve got a PhD in the subject.

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