That was necessary because some readers of Robert Shiller's column in today's NYT might have been misled into believing that the head of President Obama's National Economic Council was one of those warning of the current crisis. In fact, the opposite was the case.
Mr. Summers, along with Alan Greenspan, was one of the high priests of the everything is just fine school. If he did see the housing bubble and recognized the disaster that would result from its collapse, he was extremely effective in keeping this insight to himself.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
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–David Dayen, Executive Editor
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