Society Magazine

A Fairy Tale from Paul Krugman…

Posted on the 28 May 2012 by Btchakir

Settle down kiddies and listen to this, before you nod off to passive sleep and let those Republicans walk all over us…

A Fairy Tale from Paul Krugman…Once upon a time, …America was a land of lazy managers and slacker workers. Productivity languished, and American industry was fading away in the face of foreign competition.

Then square-jawed, tough-minded buyout kings like Mitt Romney and the fictional Gordon Gekko came to the rescue, imposing financial and work discipline. Sure, some people didn’t like it, and, sure, they made a lot of money for themselves along the way. But the result was a great economic revival, whose benefits trickled down to everyone.

You can see why Wall Street likes this story. But none of it — except the bit about the Gekkos and the Romneys making lots of money — is true.

- Paul Krugman, NY Times

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