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That Sly Paul Krugman

If you're looking for reason to become very worried about the state of the economy, read Paul Krugman's column today about ominous developments in the financial markets. (I know, I know, he's predicted nine of the last zero recessions or whatever, but that doesn't mean he's wrong this time!) Gloomy though the column is, I was at least pleased that Krugman seemed to be back to doing what he does best--make economic developments intelligible to us normal folks--and that he managed to make it through an entire column without bashing Barack Obama. Then I reached the last paragraph:

Nobody wants to put taxpayers on the hook for the financial industry’s follies; we can all hope that, in the end, a bailout won’t be necessary. But hope is not a plan.

An impressive pivot.

--Josh Patashnik