Hertiage report forecasts that Paul Ryan's budget* if enacted would lower the unemployment rate to a miraculous 2.8 percent in 2021.

-----------------------
* tax cuts for the rich  / the elderly would end up spending most of their income on health care.

(via Krugman)

The Achilles Heel Of The Path To Prosperity by Jonathan Chait

And certainly some level of cutting is necessary. But Ryan's level of cutting goes far beyond what's needed to preserve those programs, and it does so in order to clear room for a very large, regressive tax cut. He is making a choice -- not just cut Medicare to save Medicare, but also to cut Medicare in order to cut taxes for the rich.

Ryan does not want to debate that choice, but he ought to be forced to do so. That is exactly what Bill Clinton did to defeat the Republicans in 1995. Indeed, the debate was virtually identical. Republicans insisted the debt constituted an existential threat. They proposed to "save" Medicare by privatizing it. And Clinton pointed out that their plan cut Medicare in order to finance a regressive tax cut. He won the argument because Medicare is highly popular and tax cuts for the rich aren't. 

Indeed, the divide on this issue is so overwhelming that Republicans simply refuse to acknowledge their position.

(via DeLong)

Ryan to 32M Americans: No Insurance for You by Jonathan Cohn

David Brooks Is Excited: Paul Ryans Kicks the Elderly While Protecting the Wealthy by Dean Baker

Krugman on the transmission mechanism for Quantitative Easing

Alessandra Stanley reviews The Killing

Sergio Leone gave cinema the spaghetti western, but there isn’t yet an equivalent term for Scandinavian riffs on the classic hard-boiled detective yarn. "The Killing," a fantastic new AMC adaptation of a popular Danish television series, certainly qualifies as a smorgasbord thriller. It’s unnerving how well the Nordic sensibility fits a genre that for a long time seemed indisputably and inimitably violent and American, particularly given that Sweden, Norway and Denmark have homicide rates that suggest that they have more mystery writers per capita than murders.

There are so many Scandinavian crime solvers besides Henning Mankell’s gloomy detective, Kurt Wallander, or Steig Larsson’s hacker heroine, Lisbeth Salander. Yet even among all those popular imports, "The Killing" stands out -- it is as scary and suspenseful, but in a subdued, meditative way that is somehow all the more chilling. 

 AMC and FX have really progressed.

Why Obama Had to Act in Libya by Marc Lynch

Answer to Glenn Greenwald by Juan Cole

Whit Stillman's Barcelona. He has a new movie with Greta Gerwig titled "Violet Wister's Damsels and Distress" coming out later this year. I like that scene in the movie Greenberg where Gerwig sings along to "Uncle Albert/Admiral Halsey" while drunk on champagne.

Article on Samantha Power

Calculated Risk: ADP: Private Employment increased by 201,000 in March

Private-sector employment increased by 201,000 from February to March on a seasonally adjusted basis, according to the latest ADP National Employment Report® released today. The estimated change of employment from January 2011 to February 2011 was revised down to 208,000 from the previously reported increase of 217,000.
...
The average monthly increase in employment over the last four months --December through March -- has been 211,000, consistent with a gradual if uneven decline in the unemployment rate...

(via DeLong)

Still the Fed has failed, as writes David Leonhardt.

One group of Fed officials and watchers worries constantly about the prospect of rising inflation, no matter what the economy is doing. Some of them are haunted by the inflation of the 1970s and worry it may return at any time. Others spend much of their time with bank executives or big investors, who generally have more to lose from high inflation than from high unemployment.

There is no equivalent group -- at least not one as influential -- that obsesses over unemployment. Instead, the other side of the debate tends to be dominated by moderates, like Ben Bernanke, the Fed chairman, and Mr. Meyer, who sometimes worry about inflation and sometimes about unemployment.

The result is a bias that can distort the Fed’s decision-making. Just look at the last 18 months. Again and again, the inflation worriers, who are known as hawks, warned of an overheated economy. In one speech, a regional Fed president even raised the specter of Weimar Germany.

The Iraq Effect: If Saddam Hussein were still in power, this year's Arab uprisings could never have happened. by Hitchens

American Thought Police by Krugman

Eyes Open, WaMu Still Failed by Floyd Norris

I’ll let the courts sort out whether Mr. Killinger will become the rare banker to be penalized for making disastrously bad loans. But I am fascinated by how his bank came to make those loans despite his foresight.

Answers are available, or at least suggested, in the mass of documents collected and released by the Senate Permanent Subcommittee on Investigations, which held hearings on WaMu last year. Mr. Killinger wanted both the loan book and profits to rise rapidly, and saw risky loans as a means to those ends.

Moreover, this was a market in which a bank that did not reduce lending standards would lose a lot of business. A decision to publicly decry the spread of high-risk lending and walk away from it -- something Mr. Vanasek proposed before he retired at the end of 2005 -- might have saved the bank in the long run. In the short run, it would have devastated profits.

Washington’s New Brat Pack Masters Media by Sridhar Pappu

Inflated Worries by Laurence Meyer


The Austerity Delusion by Krugman

Steampunk online series Riese: Kingdom Falling

Wikipedia entry

Hitchens on Egypt

Owsley Stanley, Steely Dan's "Kid Charlemagne" is dead at 76

Mr. Stanley, the [Grateful] Dead’s former financial backer, pharmaceutical supplier and sound engineer, was in recent decades a reclusive, almost mythically enigmatic figure. He moved to Australia in the 1980s, as he explained in his rare interviews, so he might survive what he believed to be a coming Ice Age that would annihilate the Northern Hemisphere.

Once renowned as an artisan of acid, Mr. Stanley turned out LSD said to be purer and finer than any other. He was also among the first individuals (in many accounts, the very first) to mass-produce the drug; its resulting wide availability provided the chemical underpinnings of an era of love, music, grooviness and much else.

His was the acid behind the Acid Tests conducted by the novelist Ken Kesey and his Merry Pranksters, the group of psychedelic adherents whose exploits were chronicled by Tom Wolfe in his 1968 book "The Electric Kool-Aid Acid Test."
...
In 1965, he met Mr. Kesey, and through him the Dead. Enraptured, he became their sound man, early underwriter, principal acolyte, sometime housemate and frequent touring companion. With Bob Thomas, he designed the band’s highly recognizable skull-and-lightning-bolt logo. Mr. Stanley also made many recordings of the Dead in performance, now considered valuable documentary records of the band’s early years. Many have been released commercially.

Mr. Stanley remained with the band off and on through the early ’70s, when, according to Rolling Stone, his habits became too much even for the Grateful Dead and they parted company. (He had insisted, among other things, that the band eat meat -- nothing but meat -- a dietary regimen he followed until the end of his life.)

The First Liberal: How Montaigne made us modern. by Kwame Anthony Appiah


Montaigne's Moment by Anthony Gottlieb

Fiddling While Libya Burns by Anne-Marie Slaughter

Don't Let Qaddafi Win by Hitchens

Chicago Tribune strikes out in Wisconsin by Michael Miner

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