In today's New York Times, David Leonhardt writes, of a sixteen-year-old economics paper:

In the paper, they argued that several financial crises in the 1980s, like the Texas real estate bust, had been the result of private investors taking advantage of the government. The investors had borrowed huge amounts of money, made big profits when times were good and then left the government holding the bag for their eventual (and pre­dictable) losses.

In a word, the investors looted. Someone trying to make an honest profit, Professors Akerlof and Romer said, would have operated in a completely different manner. The investors displayed a “total disregard for even the most basic principles of lending,” failing to verify …continue.

Frank Rich in Sunday's paper on the Re­pub­li­cans who've run out of ideas:

The crisis is at least as grave as the one that confronted us — and, for a time, united us — after 9/11. Which is why the antics among Re­pub­li­cans on Capitol Hill seem so surreal. These are the same politi­cians who only yesterday smeared the patriotism of any dissenters from Bush’s “war on terror.” Where is their own patriotism now that economic terror is inflicting far more harm on their con­stituents than Saddam Hussein’s nonex­is­tent W.M.D.?

…

The current G.O.P. acts as if it — and we — have all the time in the world. It …continue.

There's a little-known special election coming up on February 3rd for the new elective position of Director of Elections for King County.

I recommend that you vote for Sherril Huff, and so do the Seattle Times and the Stranger. Everyone else in the race is un­qual­i­fied.

The Pope has reinstated four ex­com­mu­ni­cat­ed bishops:

Pope Benedict XVI, reaching out to the far-right of the Roman Catholic Church, revoked the ex­com­mu­ni­ca­tions of four schismatic bishops on Saturday, including one whose comments denying the Holocaust have provoked outrage.

Pam has more. Newsweek has context.

Last month, the Pope said:

that saving humanity from homosexual or trans­sex­u­al behaviour was just as important as saving the rainforest from de­struc­tion.

Shit like this reminds me of why I am no longer a Catholic.

I was raised Catholic in Ireland and spent eleven years at a priest-run school. It didn't take; I had lost my faith by my mid-teens.

But even if I still believed in …continue.

Eight years ago, the Onion published a supposed speech by then President-elect George Bush, called ‘Our Long National Nightmare Of Peace And Prosperity Is Finally Over’. How prophetic!

Finally, the long national nightmare of the George W. Bush presidency is over.

Barack Obama took the oath of office today. His inaugural speech was somber, reasoned, cautionary, and in­spi­ra­tional—of a piece with the man.

He faces enormous dif­fi­cul­ties. There are enormous op­por­tu­ni­ties too, if he can but seize them. The polls say that the American people do not expect overnight miracles. I hope we will all remember that a year from now.

Here's to Obama and his presidency.

Twenty years ago tomorrow, I attended Bush Senior's In­au­gu­ra­tion. By accident.

I was on my first solo trip to the United States, having arrived in New York the previous week. There I had purchased a 30-day unlimited standby ticket with Delta. It cost me only $400, as I could produce my round-the-world ticket.

For no par­tic­u­lar­ly good reason, I decided to start the 30 days with a trip to Washington DC. There were museums there and it was nearby.

I hadn't been paying close attention to the news, and it was only when I got to Washington that I realized that George H.W. Bush's in­au­gu­ra­tion was to be be held the …continue.

Paul Krugman:

Last Sunday President-elect Barack Obama was asked whether he would seek an in­ves­ti­ga­tion of possible crimes by the Bush ad­min­is­tra­tion. “I don’t believe that anybody is above the law,” he responded, but “we need to look forward as opposed to looking backwards.”

I’m sorry, but if we don’t have an inquest into what happened during the Bush years — and nearly everyone has taken Mr. Obama’s remarks to mean that we won’t — this means that those who hold power are indeed above the law because they don’t face any con­se­quences if they abuse their power.

…

There’s much, much more. By my count, at least six important …continue.