Posted on June 1, 2009

Paul Krugman, like many other Democratic partisans, wants to blame Republicans and right-wingers for causing the financial disaster by deregulating the system.  This may be comforting to Dems but, alas, it requires them to falsify the history, as Krugman does in this morning's column. Krugman flogs the notorious Garn-St. Germain Depository Institutions Act of 1982 and quotes Ronald Reagan's extravagant praise for the measure. [http://www.nytimes.com/2009/06/01/opinion/01krugman.html?_r=1&hpw]