Tuesday, August 3, 2010

The new Republican economic catechism

"Republicans used to believe that prosperity depended upon the regular balancing of accounts -- in government, in international trade, on the ledgers of central banks and in the financial affairs of private households and businesses, too. But the new catechism, as practiced by Republican policymakers for decades now, has amounted to little more than money printing and deficit finance -- vulgar Keynesianism robed in the ideological vestments of the prosperous classes."

"This approach has not simply made a mockery of traditional party ideals. It has also led to the serial financial bubbles and Wall Street depredations that have crippled our economy. More specifically, the new policy doctrines have caused four great deformations of the national economy, and modern Republicans have turned a blind eye to each one."

-- Reagan budget director David Stockman, The New York Times, July 31

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