ISG 0412 Paul Krugman: Financial Policy Despair

[Sherry Liao]

Hello,

Weeks ago, a friend suggested that I stick to materials on a certain subject for at least a couple of weeks in a row, when choosing topics for our study group. Her idea is, by discussing topics in a certain field repeatedly over a certain period of time, it could help my study partners and I build up vocabulary and usages in this field.

Therefore, after two weeks' discussion on Obama's address and press conference (most of the content involves economic issues), I would like to introduce some articles by Paul Krugman, an American economist and a columnist on the Op-Ed Page of the New York Times.

Paul Krugman may not be a stranger to most of the readers in Taiwan. To my knowledge, his column is also published on both China times (中國時報) and United Daily News (聯合報) weekly, in a Chinese version. In addition to his role as a New York Times columnist and an outspoken critic of the US government, he is also famous for his academic achievement and is well-known as the winner of 2008 Nobel Prize in economics. You will find a bunch of articles discussing this guy over the internet, so let's just skip the superfluous details. However, there is a song I would like to introduce to you here, as an entertainment:



The lyrics:

Hey Paul Krugman,
Why aren’t you in the administration?
Is there some kind of politicking that I don’t understand?
I mean, Timothy Geithner is like some little weasel.
Wasn’t he in a position of power
when all this sh*t went down in the first place?

When I listen to you, things seem to make sense
When I listen to him, all I hear is blah, blah, blah.

Hey Paul Krugman,
where the hell are ya, man?
'Cause we need you on the front lines
not just writing for The New York Times.
I'd feel better if you were calling some shots
instead of writing your blog and probably thinking a lot.

I mean, don't you have some influence?
Why aren't you secretary of the Treasury?

For God's sake, man, you won the Nobel Prize.
Timothy Geithner uses TurboTax.

When I listen to you, things seem to make sense.
When I listen to him, all I hear is blah, blah, blah.

Hey Paul Krugman, where the hell are ya, man?
(Obama Breakdown)

Sing it with me!

When I listen to you, things seem to make sense.
When I listen to him, all I hear is blah, blah, blah.

Hey Paul Krugman, where the hell are ya, man?
Your country needs you now.

[Sherry Liao]

Good god, recently I was keeping doing something off the point. Let me specify the subject here: I plan to choose one or two articles from Paul Krugman's column on The New York Times for discussion in the coming weeks when I am in charge. Next week let's do this one:

Financial Policy Despair
By Paul Krugman
Published: March 22, 2009
http://www.nytimes.com/2009/03/23/opini ... .html?_r=1

The assignment:
Please read the article, make a summary and write down your opinion about the issue. Any criticism to the subject article is welcome as well (FYI, Geithner responded the next day: “We are the United States of America. We are not Sweden.”)

There will be no audio material for this subject. Let's just do it as a test run. If it runs well, I plan to use this subject for at least a couple of times, until all of us get tired of this guy (by that time we might switch the target to another columnist, say, Thomas L. Friedman –- just kidding). I would like to receive your feedback, if any. For instance, how many articles a week do you think is adequate? Is a subject containing no audio material acceptable to you? Any comments are welcomed.

I have no idea if Paul Krugman's column will inspire us or do us any good in terms of the intelligence of economic issues; however, hopefully we could all benefit from his articles in terms of building up English vocabulary and usage in this field. Let's go for it.

Supplement:
Analysis: Geithner, market get much-needed boost
http://news.yahoo.com/s/ap/geithner_hotseat_analysis

[Kooper]

My proposal is to put a little more emphasis on vocabulary learning as of this week. We did it during the first few assignments but somehow it is no longer part of the assignments or discussion topics. My idea is each time every one should pick one to two words, phrases or expressions which you think is worth learning for yourself or for the rest people, showing their definitions, usages, and examples. When applicable, we could even compare it with other similar words or synonyms.

[Kooper]

I picked one expression: Something aside, ...

Definitions:
[Collins]use aside to indicate that you've finished talking about sth, or that you are leaving it out of your discussion, and that you're about to talk about sth else
[Longman]used to show that sth you've just said is not as important as what you're going to say next
[Dictionary.com]in spite of

Sentences in the dictionaries:
1. These problems aside, we think the plan should go ahead.
2. Money worries aside, things are going well.
3.Budget constraints aside, is the deadline feasible?
4.Emotional arguments aside, here are the facts.

Sentences in the news:
1.Global diplomacy aside, Obama gets to work back home
2.Votatility aside, dollar to stay at 80 cents by year-end: RBC
3. Heavy weather aside, investment continues

[Just JJ]

Therefore, after two weeks' discussion on Obama's address and press conference (most of the content involves economic issues), I would like to introduce some articles by Paul Krugman, an American economist and a columnist on the Op-Ed Page of the New York Times.

I like the positioning of "economic issues."
Maybe, I need to position the theme of my week is "social humanity issues."

Chiron, do you want to go with "novel reading" ??

[Sherry Liao]

My proposal is to put a little more emphasis on vocabulary learning as of this week. We did it during the first few assignments but somehow it is no longer part of the assignments or discussion topics. My idea is each time every one should pick one to two words, phrases or expressions which you think is worth learning for yourself or for the rest people, showing their definitions, usages, and examples. When applicable, we could even compare it with other similar words or synonyms.

I second the motion. What about adding some quizzes to make it even more exciting? And I can think of a few punishments for those who flunk the tests...

just kidding. Pals, let's go do it this week.

[Sherry Liao]

I like the positioning of "economic issues."
Maybe, I need to position the theme of my week is "social humanity issues."

Chiron, do you want to go with "novel reading" ??

Anyone wants to go with "poem reading"? I am interested in this part, if someone can guide us.

[Kooper]

I like the positioning of "economic issues."
Maybe, I need to position the theme of my week is "social humanity issues."

Chiron, do you want to go with "novel reading" ??

Anyone wants to go with "poem reading"? I am interested in this part, if someone can guide us.

It's not a high priority for me at the moment.

[Kooper]

Krugam, in essential, criticized Obama administration‘s bank rescue plan from two perspectives - fairness and feasibility. If what Krugman accused is true that private investors will profit from the plan while unsuspecting taxpayers will bear the risks, the plan is truly unjust. Sadly, when it comes to feasibility, Krugam only scratched its surface; he didn’t detail the reasons why he thought the rescue plan won’t work and why what were done by Sweden in 1990s and by Reagan government during the savings and loan crisis are applicable to current financial crisis. Simply dismissing the plan as financial hocus-pocus did little to convince me of the gloomy future of the plan.

[Sherry Liao]

I picked one expression: Something aside, ...

Definitions:
[Collins]use aside to indicate that you've finished talking about sth, or that you are leaving it out of your discussion, and that you're about to talk about sth else
[Longman]used to show that sth you've just said is not as important as what you're going to say next
[Dictionary.com]in spite of

Sentences in the dictionaries:
1. These problems aside, we think the plan should go ahead.
2. Money worries aside, things are going well.
3.Budget constraints aside, is the deadline feasible?
4.Emotional arguments aside, here are the facts.

Sentences in the news:
1.Global diplomacy aside, Obama gets to work back home
2.Votatility aside, dollar to stay at 80 cents by year-end: RBC
3. Heavy weather aside, investment continues

Here's a sentence from an article I read earlier today (slightly different from the usage above, it starts with a verb):

… Putting all that aside, what, in the end, is wrong with having food elites in this country?
http://roomfordebate.blogs.nytimes.com/ ... ood-myths/

put aside something also put something aside
1. to decide not to deal with something: Let's put aside our differences and enjoy the evening.
2. to save something for later use, esp. money: We're putting aside $50 a week for our vacation. He puts some time aside each evening to read to his children.
(Related vocabulary: set aside something)
http://idioms.thefreedictionary.com/put+aside

[Sherry Liao]

Due to a sudden decision, I will be in Hsinchu this weekend. I will try to make sure everything with regard to the internet is smooth in advance. However, if I do not show up in time... I would like to apologize herewith.

[technobabel]

Due to a sudden decision, I will be in Hsinchu this weekend. I will try to make sure everything with regard to the internet is smooth in advance. However, if I do not show up in time... I would like to apologize herewith.

I too have encountered a few problems with Wifi connections. The laptop built-in cards just refuse to make a connection, even after updating the most recent device drivers. If you can successfully uninstall the device driver and reinstall... unless it is truly a hardware problem. In that case, just go get a USB wifi adapter, which usually has a very good receptions. Hopefully that helps.

[Just JJ]

My summary:

Mr. Krugman is using “political capital is gone” to describe Obama is losing his credibility on financial polity to let USA get out of economic crisis. He believes Obama’s political policy is pan-wall street but not looking at the whole picture instead.
This expert also claims that Obama’s financial is like “An old dog will learn no new tricks”, proposing similar policy again and again. He, moreover, also points out that USA can’t affort to keep trying a new way out due to the on going great job loss.


I don’t know much about how financial system work, but I think I will get there sooner or later.

The info about "Cash for Trash":
http://abcnews.go.com/WN/story?id=6274975

[chiron]

I like the positioning of "economic issues."
Maybe, I need to position the theme of my week is "social humanity issues."

Chiron, do you want to go with "novel reading" ??

Anyone wants to go with "poem reading"? I am interested in this part, if someone can guide us.

It's not a high priority for me at the moment.

Hello, guys:
I find two websites providing free ebooks. So, I want to ask your opinion. What book do you like to read. Pick one. Kooper prefers novels, and I have the same idea.
http://www.getfreeebooks.com/
http://www.cnshare.org/

[Sherry Liao]

time-honoured: [Longman] [only before noun] a time-honoured method or custom is one that has existed for a long time:
Ex. Sharon became involved with music in the time-honoured fashion - through her family.

bells and whistles: Nonessential features or enhancements intended especially to add commercial appeal.
http://www.answers.com/topic/bells-and-whistles

hocus-pocus: [Oxford] language or behaviour that is nonsense and is intended to hide the truth from people
Ex.: I still think that horoscopes are a load of hocus-pocus.