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A call-to-arms from Nobel Prize–winning economist and best-selling author Paul Krugman. The Great Recession is more than four years old—and counting. Click here. cover image of End This Depression Now! (Summary). Read A Sample. End This Depression Now! (Summary). by Paul Krugman. ebook. End This Depression Now! book. Read reviews from the world's largest community for readers. A call-to-arms from Nobel Prize?winning economist and bes.
Now, Republican types will go ballistic right about now. Having been brought up on the kinds of nonsense pedalled under Reagan and Bush and Bush they will believe there is never a time when there is a lack of demand and that what is called for is more money to be taken from government less taxes and for more money to be given to the rich. This book demolishes the excuses on the right for stopping fiscal stimulus. It calls for an increase, if we can even manage it, to inflation and for stimulus to be done in a way comparable to how it was done here in Australia — by directing money to the poor, AKA, those likely to spend the stimulus money and thereby actually stimulate the economy.
It explains why our obsession with debt is misplaced and why printing lots of money right now simply will not debase the currency nor cause a repeat of the Weimar Republic.
I can now say my mind has been completely changed on this and much more money needs to be printed and pumped into the American economy immediately. What Klugman is seeking to do here is worthy, noble and clearly urgently needed.
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And equally, it is doomed to failure. Not for any of the reasons he mentions in his book — but because I think he has quite misread the political situation that is emerging in the world. He assumes that given the economic truth of his arguments these will, eventually and possibly after painful argument, win out in the end. Truth is meant to do that, right?
Except, that would only work on the assumption that the right of politics actually cares about any of this. And if they have to destroy democracy to keep what they already have, so be it. Instead, they prefer to watch rich and beautiful young people running about and having gold medals placed around their necks while saluting their national flags and mouthing the words to some national anthem or other.
We live in a world where the belief that unemployment is a kind of holiday people occasionally take when they get tired of working is standard economic theory — rather than, say, that unemployment is a crime against humanity and a gross structural deficiency in our market based economy. As this book makes abundantly clear that there are simple things we can do right now to end this depression and to thereby improve the lot of millions and millions of our fellow humans, and of most of ourselves.
That we choose not to do these things says infinitely more about us than it does about them. But nothing will be done until we can somehow reclaim our democracy.
I'm Irish and so a natural pessimist - I won't be holding my breath. View all 34 comments. Jun 20, Will Byrnes rated it it was amazing Shelves: Is what we are living through in the USA at present a recession, or something worse?
And if so what can be done about it? In his latest outstanding book, Paul Krugman argues persuasively that we are indeed in another depression. He examines how we got to this state, what might be done to get the nation out of this depression, and considers the difficulties entailed with getting that done. I cannot promise that after reading this b Is what we are living through in the USA at present a recession, or something worse?
I cannot promise that after reading this book, the world of economics will become entirely clear, but you will definitely have a better big-picture handle on where we stand, economically, what should be considered to alleviate the problem, where resistance to sanity resides and why.
You will learn about liquidity traps, Minsky moments, repos nothing to do, unfortunately, with one of my favorite films, Repo Man , expenditure cascades, bond vigilantes and why it sucks to be on the euro when your economy is in the crapper.
He makes it all very understandable.
Likewise the few charts that are included here are pretty simple, clear and illustrative. No arcane, Greek-symbol math to contend with. Krugman is econ-Moses, trying his best to lead us all out of this mindless economic desert and into the promised land of prosperity.
Bottom line is that we are suffering from a crisis of low demand. Businesses are sitting on their assets. Yet, in order to get some forward momentum some actor needs to get out there and spend. The only entity capable of doing this is the federal government. Krugman does the math, explains it all, and offers recommendations for how we can fix it. However depressing the state of our economy might be, Krugman offers a map to get us to the Promised Land, if only leaders who count can get their heads out of the sand.
View all 19 comments. Aug 17, Dan Raymo rated it it was amazing. It offers a relatively simple solution to alleviate the financial crisis that we're currently in. Before offering this solution however, he provides a fairly concise, yet comprehensive overview of economic theory excellent for those of us that spent Macroeconomics in a hangover induced stupor and a complete history of how we came to this point.
Spoiler alert! Once he detailed how the economy could be turned around with increased stimulus and mortgage debt forgiveness, I was convinced he was correct, not because that's what I always believed, or it matched my political leanings, but because he backed it up with extensive research, facts and reason.
Once I began to ponder this solution, I wondered, based on what I'd read, why anyone wouldn't agree with this solution I wanted to hear the opposing view, but I wasn't quite sure what to read. Supposedly modern supply-side economics was born during a lunch between economist Arthur Laffer, Dick Cheney, and Donald Rumsfeld, where Laffer famously drew a bell curve on a napkin, demonstrating that as taxes were raised beyond a certain point, tax revenues actually fell, as people were discouraged from working.
Well I eagerly read the napkin, and still found myself feeling unfulfilled. I know the right's solution is to lower taxes and remove more regulation, but taxes haven't been this low since before the Great Depression. It seemed counter-intuitive And doing further reading on the Laffer Curve, by almost all estimates, our taxes were already below the point of optimum revenue. As far as regulation, it seems very apparent that the removal of regulations were the catalyst of this financial crisis.
The dismantling of the Glass-Steagal Act, which had been in place since , most certainly opened the door for the melt-down of the financial sector. Former Citigroup CEO, who was instrumental in lobbying for Glass-Steagal's repeal, has admitted that it was a mistake.
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When you're running a company, you do what you think is right for the stockholders. Right now I'm looking at this as a citizen. I recalled an argument I was having with someone about supply-side economics, where he countered, "You need to read Ayn Rand.
At this writing, I am only about half way through I was horrified to find that it's 1, pages. The writing is clumsy in the kind of way a James Bond villain outlines his whole evil plan in a long monologue, as a laser heads towards 's nuts.
The characters are cartoonish in their exaggerated stereotypes That being said; I'm quite enjoying it and can't put it down. Rand is a master storyteller. Her message seems quite simple and straightforward: I think people of almost any political persuasion would agree with her on most of this, with the exception of compassion and selfishness there'd probably be a split on those. In this novel, government is the tool of corruption, not the cause of it.
The incompetent industrialists are the real villains. So I guess the conservative take away is, if we can minimize the size of government, we can minimize corruption. A classic case of throwing out the baby with the bath water. I honestly don't think Rand would have anything to do with today's Republican party. The only things they seem to agree with her on is that compassion is bad and selfishness is good.
Not that she'd have anything to do with the Democratic party the party formally known as the Republican party. It's been said that the simple solution is usually the best solution. But a simple solution isn't effective and elegant because it is easily arrived at or comprehended, but because it's been carefully thought out and researched.
Dec 09, Peter Mcloughlin rated it it was amazing Shelves: Krugman is a Keynesian economist who explains that we need to apply the solutions of the thirties to the Great Recession.
Namely large and well-directed stimulus to solve the recession in the wake of the housing bubble and in addition bring back a lot more banking regulation to keep crisis like the housing bubble from causing the chaos it did. The stimulus in by Obama and co.
Forgetting the lessons of the thirties has returned us to a second gilded age of robber barons and boom-bust cycles that wipe out the middle class and have mostly benefited people at the top. The Laissez-faire conventional wisdom we have increasingly adopted at least since Reagan and our fear of Keynesian intervention has lead to this predicament.
With a political class that looks at any intervention like stimulus or regulation as the road the road to socialism.
It is about time we remembered the lessons of our grandparents about regulating banks and intervening in the economy. The market isn't an end but merely a means to an end. They own Washington and the government and won't do anything for the larger economy if it goes against their bottom line. They are the ultimate and only special interest and they would sooner do away with Democracy than their lavish riches. Like fish, the rot starts from the top. Oct 16, Clare O'Beara rated it liked it Shelves: Paul Krugman has won a Nobel Prize in economics.
Reading this book, which is a plea for governments to pour money into their economies to generate spending, I became convinced that this man may be an expert at accounting and high finance but knows little about world geopolitics.
I'm no economist; I'm a small business owner in Ireland. A canary in a coal mine in a marginal economy. So I apologise for sounding in any way disrespectful. Krugman states that he started to see problems developing in t Paul Krugman has won a Nobel Prize in economics.
Krugman states that he started to see problems developing in the American economy in I noticed that September twelfth was considered by some major American firms to be a good day to bury bad news. Even more of them buried their bad news on September thirteenth At that point I knew the American economy was sliding to a crash, which had nothing to do with the events of September eleventh. Since major companies in Ireland, from Waterford Glass to Philips, were already sending manufacturing to Eastern Europe or China and computer work to India, where labour, rent and electricity were cheaper, I knew the boom was essentially over.
I made arrangements to repay part of my mortgage early, clear credit cards and take on no debts. From then on, I was telling pollsters that the economy had already crashed, but was being held up by house prices. This meant that householders were no better off, because what they gained in higher wages they spent on higher mortgages. The Irish government was raking in money from every house built. Polls continued to radiate confidence. Then the banks crashed.
Krugman makes many visits to the s and sees how the Depression was lifted by war spending. He wants the American government to do this again, saying that it has increased spending on social supports, food and medical aid for out of work people, but not on schemes that will give them jobs or improve transport.
He wants a return to a profitable spending consumer driven economy, saying that when people have money they borrow and spend. Without money they practise thrift. The economist doesn't seem to understand that manufacturing has shifted to Asia, mainly China, where clothes are put on hangers before shipping to America because this means Wal-Mart doesn't have to pay Americans to do it.
In China, coal mines and power plants are next door to manufacturing and nobody in charge cares about workers' lungs or polluted rivers. In China, health and safety standards as we know them do not exist or are ignored.
This is why Rare Earth Elements which make the components of smartphones, jet engines and any other appliance that has been getting lighter and smarter, are almost all mined and refined - filthily - in China.
Consumption has screeched to a halt. Most consumers now understand the disastrous consequences of industrial and domestic pollution and waste. Even those who don't want to know about the already-present climate change can see contaminated water tables, mountains of tide-borne garbage and plumes of escaping methane.
And if your house is in danger of foreclosure, haven't you learnt a lesson about how many handbags you need? Krugman barely glances at small businesses, except to say that they should take out loans to boost the economy. Small businesses are the first to suffer from a crash and the first to boost the economy out of it. A staff member at a local newspaper told me shortly after the crash that he could no longer sell advertising.
This staff person had already taken three pay cuts, each of ten percent. I said, people have no jobs. They are now time rich and cash poor. They can walk their own dogs, tend their own garden, iron their own clothes, mind their own children. They can't eat out. Krugman admits that rich people are becoming richer while the middle class are shrinking down to the poorer end of the scale.
Yet he likes rich people because they spend. Actually, they don't. The newly rich hedge fund managers he mentions, downloading mansions to tear them down and build bigger mansions, may be so insecure as to splurge. But the really rich do not have money by spending it. They download property and resources. Property to rent and to push up the cost of property for home and business owners. Resources which they corner, like land, mines, water, forests, industries so that poorer people are pushed off and cannot make a living.
Rich people cling to money which they will never need, downloading four homes around the world so as to avoid being domiciled anywhere long enough to pay tax, leaving entire mansions and apartment blocks empty as a hedge against the end of oil.
Rich people spend on luxury goods which gives money back to other rich people who get the goods made by immigrant factory workers. They employ people as cheaply as possible, because they need a distance to reassure themselves that they are rich and stop others getting to be rich. Krugman bemoans that in America printing money is done by the state downloading bank bonds to give banks cash, but then banks still do not lend as interest rates are low.
In Britain, their quantitative easing which he doesn't mention, is done by paying civil servants with imaginary money, topping up their bank accounts with wages that have no gold behind them. Getting it to people who will spend in other words. A lot of this goes straight to banks of course in mortgages, credit card payments, school fees when many schools and colleges have taken out major loans for renovations so are essentially owned by banks.
But it's an alternative that Krugman doesn't consider. Krugman doesn't say what infrastructure he would recommend - in a world of rising seas, governments are having to consider sea barriers and shore evacuations.
Why renovate a city you may have to abandon? Krugman also doesn't realise that everyone now hates the banks, so they are not taking out loans. As I write the European Central Bank has reduced its base interest rate to zero.
I recommend these books to anyone interested in the new reality of the world's economy. Most of them are written by journalists. Nickel And Dimed Glaciers: Apr 30, Hadrian rated it really liked it Shelves: This is a very incisive summary of the current economic crisis.
Oh, if only Krug or Robert Reich were in the Cabinet! It's hard for me to summarize Krugman's already tight lines of reasoning even further, but here goes. Many of the disaffected youth who are only barely surviving because of welfare will be forced under far worse conditions if their lifelines run out. What does he advocate? A newer, stronger, stimulus, one which provided the early recovery of , but with better applications and stronger backing, in addition to a last gasp of unemployment insurance.
See the New Deal, and compare that to Hoover. See the multiple economic crises of the Gilded Age of the 19th century. There are a few nitpicks - his ideas on structural unemployment, and the role of technology in vastly altering the economy, particularly. This is a book clearly and emphatically written, with the hope that it will spread and affect the policies of this new election season and beyond.
I only beg that it does. View 1 comment. Sep 09, Doris rated it it was ok. I am very mad with this book. View 2 comments. Mar 21, Daniel Taylor rated it it was ok Shelves: What if we already knew what works to end the depression and return the world to a state of prosperity?
For Nobel Prize-winner in economics, Paul Krguman, the answer to our current economic problems lies in the works of economists who thought their way through the Great Depression. Krugman starts with how bad things are now, considers the appropriate Depression Economics — his term for learning economists wh What if we already knew what works to end the depression and return the world to a state of prosperity?
Krugman starts with how bad things are now, considers the appropriate Depression Economics — his term for learning economists who have the requisite experience — and finishes with what it will take to fix the economy and restore prosperity. This book is well-written and well-researched, and his premise makes sense: But he believes in economic growth, as measured by GDP, for its own sake.
Andrew Simms in Cancel the Apocalypse: The New Path to Prosperity argues persuasively that GDP is an inaccurate measure of economic growth, and that pursuit of growth without reason is dangerous for the economy and society.
A sustainable return to prosperity lies elsewhere. Despite this, anyone affected by the current economic situation should read this book to gain better understanding of the context.
Jun 13, Thomas Edmund rated it really liked it. End This Depression is an objective, positive yet realistic book about how America and the rest of the struggling world can work to end the recession that has lasted since Krugman is non-partisan, and doesn't hesitate to pull punches where punches are due in discussing political and 'expert' opinion on economics and the recession.
Where End This Depression is refreshing is the novel is very much focussed on solving the problem, something which appears to be missing from the publishing envi End This Depression is an objective, positive yet realistic book about how America and the rest of the struggling world can work to end the recession that has lasted since Where End This Depression is refreshing is the novel is very much focussed on solving the problem, something which appears to be missing from the publishing environment on this subject except the typical polemics - which generally propose solutions of vote for the right people and everything will be fixed.
My only criticism which is perhaps a slight on myself is that I didn't find End This Depression particularly accessible. In truth I struggle with most economic analysis, and when reading non-fiction I do judge on how well non-experts will follow them.
Thats just my response though. Otherwise Krugman is much required reading for any who are sick of the fear-mongering and rhetoric on the economy and are interested in some real solutions. May 24, Aaron Arnold rated it it was amazing Shelves: That the developed world has been caught in a perfectly foreseeable, avoidable, solvable slump for four years now is so stupid it would be funny if it weren't so sad. Millions of man-years have been thrown away as the result of economic policies that shouldn't have passed the laugh test in an age where anyone can pick up a book on the Great Depression and read about what went wrong.
Yet here we are, trillions of dollars poorer than we should be, standing by as elected leaders make decisions on f That the developed world has been caught in a perfectly foreseeable, avoidable, solvable slump for four years now is so stupid it would be funny if it weren't so sad. Yet here we are, trillions of dollars poorer than we should be, standing by as elected leaders make decisions on faulty, imagined, or no evidence at all.
Krugman is a lot more calm when he discusses these things and those people than I would be, and even though his perfectly reasonable prescriptions for economic recovery have an uphill climb to the lofty heights of discourse where real decisions get made, the fact that they are so straightforward and sensible gives me some hope for the future.
This book is largely a synthesis of material from the past few years on his blog cleaned up, re-ordered, and organized, which would be somewhat disappointing if the material were not so strong. It reminds me of his earlier The Return of Depression Economics in its subject-hopping structure, but with a somewhat stronger central narrative in the vein of The Conscience of a Liberal. The book tackles many subjects familiar to frequent blog readers: Its prescriptions are those that have been tested by history: As he discusses and refutes objections to his analyses, the Republican Party is a frequent object of criticism, as are clueless European leaders, the finance-industrial complex, economists who have been either misinformed or unhelpful, and fatuous pundits.
Krugman has been criticized for his dismissive tone towards people he disagrees with, and while he doesn't ever call someone an idiot outright here, he certainly doesn't spare feelings.
Since I happen to agree with his analysis I don't mind when he calls someone out, but I would hope that readers of other political persuasions could concentrate rebuttals on disagreements over any of the facts he talks about and not get hung up over a dismissive tone or academic nerd burns. One of the things that should be obvious to everyone is that no one is helped by this recession-verging-on-depression, and we should all be looking for ways to solve this crisis without regard to the affiliation of who's proposed the solutions.
Everyone has a stake in future prosperity, because a rising tide might lift all boats, but an ebbing tide will surely sink many. Krugman doesn't have quite the soaring rhetoric of his hero Keynes, but in clarity and rigor he should certainly be considered on the same plane. Here's hoping that important people check this book out, and that they will have the "Rooseveltian resolve" to take the courageous steps we need to get people back to work.
Not only could I not see the multiple charts Krugman cites, but my mind also wanders more easily during the dry segments. I figured I listen to enough political podcasts that I could trust myself to pay attention, but nope. Half way through an explanation on the dangerous economic side effects transferring to the Euro caused Greece and Spain, my stupid brain starts wondering about the last movie Angelina Jolie showed her boobs in Original Sin? Taking Lives maybe It's like my brain doesn't realize how imperative it is that I pay attention to this stuff; because any second of the day my conservative friends and cousins could be posting unfunny tea-party memes on facebook, and the fate of our nation's future lies in the quality of my response posts debunking them.
But that was more because BUST was so jaw dropping in its up-is-down conservative claims, I couldn't help but pay attention. Krugman's latest is more a repeated call for Keynesian stimulus, and repeated critiques of the ineffective and harmful results of austerity.
Sep 11, Brian rated it liked it Shelves: This isn't really a three-star book, but I gave it three stars because I've been a reader of Paul Krugman 's columns for the last few years now, and basically all the points made in End This Depression Now! The book is all in one place, and it's a continuous narrative with an index, so for people who haven't read Krugman's output, there's plenty of information here.
The basic argument of End This Depression Now! They could easily be solved if people were willing to take the proper Keynesian actions to fix them. Aim for increased inflation, since we're in a liquidity trap where rates want to go lower than they are now, but they can't, because after a certain point you can always just stash money in the mattress. Embark on a program of government stimulus, because the arguments about crowding out private spending would require private spending to crowd out, and anyway it would be easy "easy" to just put the stimulus in the form of making up state budget shortfalls, allowing them to rehire public servants and put over a million people back to work.
Provide mortgage relief, because a bunch of underwater homeowners and a glut of unsold homes doesn't help anyone at all. Reading this at the end of , of course, we can tell that none of this happened. The economy kind of just continued along and is approaching something more like normal, though the statistics mask how bad things are because the labor force participation rate is the lowest it's been since The pressure is still on at the Fed to raise rates, though Krugman has since said that he thinks it's unlikely.
And Europe and Japan are still mired in the doldrums, in Europe due to lack of much action and in Japan due to a tax increase offsetting the increase of inflation. Most people see large-scale economics in one of two frames. The first is as just a scaled up version of household economics, where spending money that you don't have on hand is a bad idea and going into debt is always a scary thing that should be carefully considered.
And this is reasonable, if your family is immortal and can legally print money. Though I guess the latter isn't universally applicable, considering the Euro area. The second is as a morality play, where recessions and depressions are punishments from G-d Almighty The Invisible Hand for profligacy and free spending, and so countries have to expunge their sins through austerian repentance and any attempt to get around their proper chastising is immoral.
Somewhat related to this is the fear of doing any kind of stimulus because somewhere, somehow, someone who doesn't "deserve" the money will get free money. It's the same attitude that leads to drug testing for welfare recipients even though it wastes more money than it saves and treating drug addiction as a criminal problem instead of a public health problem is in itself immoral.
Both of these viewpoints have little or nothing to do with how economics works.
End This Depression Now!
As Krugman points out, Greece the usual our-economy-will-implode example was running high budget deficits before the troubles, but Spain and Ireland both had low debt and budget surpluses before they fell into recession, because the market has the same relation to human morality that Cthulhu does.
At this point, with the incoming Congress likely to spend most of its time trying to impeach Obama or repeal Obamacare, it's obvious that none of Krugman's suggestions in this book will ever be implemented, so End This Depression Now!
It actually left me with the impression that Keynesianism might be fatally flawed. Not because its conclusions are wrong, but because it's seemingly so difficult for people to follow them. At this point, I think the only hope we have is to look forward to a political change in , but even then the Washington Consensus is strong enough that I doubt anything major will change. And based on the conclusions in Capital in the 21st Century , then future growth is almost certain to be small throughout the developed world, and what we have now is the new normal.
A cheery thought. Nov 25, Ernest rated it really liked it. Dec 26, Stan Murai rated it really liked it. He has written an engaging book on how to end the unemployment crisis which still includes some 24 million Americans without jobs or underemployed at depression era rates, even though the Great Recession technically ended years ago. The nature of the disaster should not be mysterious at all; he writes " Today's leaders don't have that excuse. We have both the knowledge and the tools to end this suffering.
And he asserts that it is really that simple, but instead of delivering stimulus packages to restart the economy and reduce unemployment, the government has been prone to austerity, which simply prolongs and deepens the state of a depressed job market.
Large scale unemployment leads to poor consumption of goods and services, which results in a insufficient spending to spur growth in the economy. The anti-recession spending from the Obama administration was insufficient to produce adequate recovery and resulted in undermining the political case for more similar action.
But there is historical precedence for government spending as a creator of jobs and family incomes that leads to enhanced business activity and renewed economic growth. The economy is basically stuck in a 'liquidity trap' where low interest rates fail to consumption and stimulate the economy, situation not uncommon immediately after an economic downturn. In such cases, the government's public spending can save the economy since the private sector has failed to provide the spending for consumption and economic activity.
He also points out that since America has its own currency unlike the countries of the European Union , it is able to print money to service its own debt, thus preventing the possibility of bankruptcy.
Another fear is inflation, but Krugman contends that inflation simply cannot rise in a depressed economy as the current situation attests , and that when it is triggered during an economic upturn the government can always reverse its policy to keep it in check. Krugman's book is non-technical, written in layman's terms. But it covers important macroeconomic concepts that are pertinent to understanding the current discourse about the economic situation.
Newspaper Headlines keep appearing about increased levels of employment, but they are far from adequate to describe a normal prosperous economy. This book could be an important work in any discussion about a possible solutions for unemployment in this economy. May 12, Bryan rated it really liked it.
After reading this book I have more motivation to write my crazy right-wing junior tea party congressman than I've ever had before, and to let him know how unhappy I am with his votes. This motivation has come from the clear reasoning of Krugman. This is not because Krugman is anti-Right, or ultra-Left, but because of how Krugman clearly lays out the intellectual deficiency among politicians as it relates to macroeconomic principles.
These leaders are out of their league, and if I were them, I'd After reading this book I have more motivation to write my crazy right-wing junior tea party congressman than I've ever had before, and to let him know how unhappy I am with his votes.
These leaders are out of their league, and if I were them, I'd consult as many experts as I could, and at least read a good book now and again, like this book. I highly recommend this book. In End This Depression Now! Paul Krugman lays out the steps that must be taken to turn around the world economy. His is a powerful message: This is Krugman at his best-direct, clear, never afraid to apportion blame at any level. Produkt empfehlen. Leider schon ausverkauft Bestellnummer: Auf meinen Merkzettel.
Versandkostenfrei Bestellungen mit diesem Artikel sind versandkostenfrei! He is a best-selling author, columnist, and blogger for the New York Times, and is a professor of economics and international affairs at Princeton University. Krugman divides opinion like no other. To his followers, he's a saint; to his detractors, he's a false prophet with satanic intent.
His plea for immediate, universal demand expansion is unanswerable. Right on the money.This book reads like an opinion piece in which the argument sounds intuitively like it might be true so the reader should download it. Truth is meant to do that, right? The Death of Expertise. At Kobo, we try to ensure that published reviews do not contain rude or profane language, spoilers, or any of our reviewer's personal information. I know the right's solution is to lower taxes and remove more regulation, but taxes haven't been this low since before the Great Depression.
Perhaps that is one of the reasons he is often right about big issues--like depression and world-wide financial crises-- when so many others are wrong.