Daily Archives: December 6, 2010

Quote of the Day – from Paul Krugman

“Mr. Obama should draw a line in the sand, right here, right now. If Republicans hold out, and taxes go up, he should tell the nation the truth, and denounce the blackmail attempt for what it is.

“Yes, letting taxes go up would be politically risky. But giving in would be risky, too — especially for a president whom voters are starting to write off as a man too timid to take a stand.”

 

– Paul Krugman in the NY Times article: Let’s Not Make a Deal.

Ben Bernanke interviewed on 60 Minutes: Income Inequality Is ‘Creating Two Societies’

Gosh… Has Bernanke just figured this stuff out after helping to make the inequality himself?

Here’s a snip they had on HuffPo this morning:

clipped from www.huffingtonpost.com
Federal Reserve Chairman Ben Bernanke believes the growing income gap is “creating two societies” in America.
The central bank chief weighed in on income inequality during an interview Sunday with “60 Minutes” reporter Scott Pelley:

Pelley: The gap between rich and poor in this country has never been greater. In fact we have the biggest income disparity gap of any industrialized country in the world. And I wonder where you think that’s taking America.

Bernanke: It’s a very bad development. It’s creating two societies. And it’s based very much, I think, on educational differences. The unemployment rate we’ve been talking about. If you’re a college graduate, unemployment is 5 percent. If you’re a high school graduate, it’s 10 percent or more. It’s a very big difference. It leads to an unequal society, and a society which doesn’t have the cohesion that we’d like to see.”

blog it

You notice he’s not saying what happens if you are a college graduate over 55 who became unemployed at the end of the Bush Debacle. I’ll bet our unemployment rate is at about 15%.

A Frank Zappa great Live Broadcast… Montana:

From a live MTV Halloween show in 1981… Zappa at his greatest.

Happy third day of Zappadan… get out your dental floss.