Victoria Brownworth

I like it when Nobel Laureates agree with me.

No, I’m not talking about President Obama. If he agreed with me, there would be an executive order allowing gays and lesbians to serve without issue in the military and he would be supporting marriage equality.

But I digress.

The Nobel Laureate I am referring to is Paul Krugman. In his column “Bubbles and the Banks,” Krugman gives as precisely delineated an example of clarity in economic writing as anyone could hope for describing the difference between the housing bubble of the Bush years and the financial bubble of, uh, the Bush years. He calls out for reforms in the financial industry, as he has been for, well, ever. Then he ends with political clarity as well, noting:

Let me conclude with a political note. The main reason for reform is to serve the nation. If we don’t get major financial reform now, we’re laying the foundations for the next crisis. But there are also political reasons to act.

For there’s a populist rage building in this country, and President Obama’s kid-gloves treatment of the bankers has put Democrats on the wrong side of this rage. If Congressional Democrats don’t take a tough line with the banks in the months ahead, they will pay a big price in November.

Thank you, Mr. Nobel Laureate. That’s what I’ve been saying. Without the Nobel imprimatur, of course. Just with my own populist rage response to real life in real America.

If one Nobel Laureate can see clearly from his ivory tower, then perhaps another one can as well. Maybe things can get better in the new year.—VAB