Economics 101

Anyone who isn't interested in economics right now has ostrich DNA. We all are forced to pay attention to it. As I mentioned in the review for The Predator State by James K. Galbraith, I've come from not being interested in it and with little understanding to trying to find writers about the economy that I can (a) understand, and (b) trust for advice. My first is Paul Krugman, economist at Princeton and columnist for the New York Times. I was impressed, first of all, that he predicted the housing bubble. Therefore I read his column and blog assiduously and read his excellent history of politics and the economy since the Great Depression, Conscience of a Liberal.

Now I've read James Galbraith's The Predator State, and got some things out of it, including a respect for Galbraith's opinion. So I'm glad he is listed as one of Obama's advisors. At first I thought that Krugman was for the bailout bill and Galbraith was against it, but it seems they both don't like it at all but think it is necessary at this point to help stabilize the economy until a new Pesident takes office in January.

Today I watched a Bill Moyers Journal episode where he talked to Kevin Phillips, who has written on politics and the economy since the late 60s and has been quite prescient. He predicted, for example, the Republican ascendency that has remade politics since the 1970s. He also has a book I want to read, called Bad Money, that details how we got to our current economic situation. He is rather a "plague on both your houses" type, apportioning blame to both Republicans and Democrats. He highly dislikes Democrat Robert Rubin, for example, but dislikes even more the Republicans. As for the current election, he doesn't think well of Obama, who has Rubin as one of his advisers, but thinks McCain would be a disaster, and has a real hate on for Phil Gramm.

If you read this, please share where you get economic advice.