Update Day: the unintelligible crisis update

UPDATE!!: The economy still sucks. Last week's employment numbers made me more anxious about a right wing populist resurgence than I had been in, well, little over a year. My previous posts on economic topics suggested that the initial decisions to save the economy (in Warren Buffett's analogy, the patient on the table) were not ideologically neutral, but in fact shaped considerably by political and ideological concerns. Turns out the most pragmatic and effective option would have been to pass through a much bigger stimulus, and a policy towards banks (nationalization, for example) that actually increased lending, stopped foreclosures, and discouraged risky activity (perhaps by forcibly modifying executive compensation schemes), and dealt with the 'too big to fail' dynamic that necessitated the bailouts in the first place. Of course none of this happened, evidently because the advice of many leading economists including former IMF chiefs was too left wing and anti-capitalist for a newly elected, supposedly progressive president with a strong democratic majority and a mandate to reimagine this country's economic structures. We'll see if the upcoming financial regulation bills do something close to this.

The one thing that hasn't changed between my initial post and now is that I still don't have a degree in economics. I'm just another libtard that agrees with everything Paul Krugman writes. That being said, I'd rather side with him than the technocratic, Goldman-Sachs "pragmatists" currently in office. For them, I'll direct you to another of my previous posts in saying that all of them must go.