Here's an article by Pam Martens on Paul Krugman's failure to study recent banking history, let alone read the news, let alone go to the movies. 

Paul Krugman Just Made the Worst Call of His Career

Guest author Pam Martens

New York Times Columnist, Paul Krugman

For years now, Paul Krugman, the esteemed Professor of Economics and International Affairs at Princeton University, has been using his columns at the New York Times to defend President Obama on multiple fronts. Until yesterday’s column, Krugman, who is typically spot on in the arena of monetary and economic issues, could be forgiven for his self-imposed myopia of a President who ran not once, but twice, on a populist message and then enabled the greatest wealth inequality in our nation’s history through his obsequious servility to Wall Street.

Krugman cannot be forgiven for his latest missive, however. There is simply too much at stake for our nation to allow Krugman’s misguided musings to stand. Krugman starts off with the subtitle “Dodd-Frank Financial Reform Is Working” and ends with this stunning pronouncement: “For all its limitations, financial reform is a success story.”

Judging by the comments section to Krugman’s column, that last leap of fantasy brought a gasp from readers of the Times business section who are greeted daily with one or another Wall Street crime cartel looting the country through some new derivative scheme or appropriately named “dark pool,” or “fixing.”

One commenter, Gary Henscheid wrote “…investment bankers will run amok until Congress restores Glass-Steagall.” (Glass-Steagall is the depression era legislation put in place after the 1929 stock market crash which bans firms speculating in stocks from merging with banks holding insured deposits. It was repealed under another ill-advised President, Bill Clinton, in 1999. The market proceeded to do a 1929-style crash just nine years after its repeal.)

Another reader, Mark Thomason, wrote in the comments section: “Financial reform …did not go anywhere near far enough. It is not just the Republicans. The Democrats too, Obama insiders too, they all want to feed on the money they need in politics. None of them have a taste for real reform…They did nothing that displeased the bankers. They just papered it over and pretended.”

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