Nobel
Prize winning Princeton economist and New York Times columnist Paul Krugman slammed
Senate Minority Leader Mitch McConnell for saying that the financial regulation
reform bill now before the Senate would institutionalize bank bailouts. Krugman said the top-ranking Senate Republican's
rhetoric was possibly the most dishonest argument ever made in the history of
politics.
On Fox
News Sunday, McConnell threatened a Republican filibuster this week
because of what he called "the partisan bill." He insisted that Democrats
are unwilling to work with Republicans on reforms of Wall Street.
Pointing
to McConnell's distortions of what Democrats intend to do with their bill,
Krugman shredded McConnell's political posturing on ABC Sunday morning.
"Anyone
who says we need to be bipartisan should bear in mind that for the last several
weeks, Mitch McConnell has been trying to stop reform with possibly the most
dishonest argument ever made in the history of politics, which is the claim
that having regulation of the banks is actually bailing out the banks,"
Krugman declared. "Basically the argument boiled down to saying that what
we really need to do to deal with fires is abolish the fire department, because
then people will know that they can't let their building burn."
Watch Krugman discuss Wall Street
reform on ABC Sunday here:
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