Old Dogs, Old Tricks

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Matt Yglesias says it’s puzzling that Ben Bernanke isn’t adopting a more expansionary monetary policy in order to jumpstart the job market.  Brad DeLong says, “I am puzzled too.”  A bunch of other liberally inclined economists have said similar things recently.

I dunno.  I guess I wish we could stop pretending to be surprised by this.  Ben Bernanke may be a specialist in economic contractions, but he’s also a mainstream conservative economist.  And mainstream conservatives have always been more concerned with inflation than with unemployment.  Likewise, they tend to be opposed to entitlement spending, opposed to serious financial regulation, and opposed to expanded consumer protections.  And guess what?  Bernanke is more concerned with inflation than with unemployment and he’s opposed to entitlement spending, serious financial regulation, and expanded consumer protections.

This was all pretty plain several months ago, when virtually every liberally-minded economist supported Bernanke’s reappointment.  So what’s the point of bellyaching about it now?

For what it’s worth, I’m surprisingly bitter about this and I keep stewing over it.  Maybe I’m just being an asshole.  But I’ve been reading liberal economists yammer on for years about liberal economic policies, so when an actual opportunity came along to appoint a liberal economist to an important position it was really disappointing to see them all circle the wagons around Bernanke almost instantly.  It felt like the worst kind of professional backscratching.

I guess I should get over it.  But we all have our dumb little pet peeves to be bitter about, don’t we?

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

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Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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