Why is Paul Krugman on the cover of the latest issue of Newsweek?
The legacy media is enamored with the story about Krugman’s criticism of the Obama/Geithner bank plan and remedy for the recession. Not to be lost amid the loud noise surrounding Krugman’s criticisms of Obama administration policy is the fact that the New York Times editorailist is right about one element of White House policy (the doomed Geithner bank bailout plan) and monstrously wrong (not to mention hypocritical) about another aspect of Obama policy: deficit spending.
It is more than a little suspicious when mainstream press outlets and liberal pundits start to champion a well known liberal for his criticism of a President they famously refused to vet during the campaign. So what’s going on here? I suspect that there is some subterfuge at work, namely, to push the agenda of increased deficit spending under the guise of a bank bailout critic whose words on that issue have a soothing effect conservative minds.
Fiscal and monetary conservatives would be wise to ask this question: why do liberal pundits roar (on the front of major news weeklies) about Krugman’s new found liberation from socialist group think on bank bailout policy and simply whisper about his call to create even larger structural deficits?