(Newser)
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Paul Krugman has some choice words today for the titans of Wall Street, who can't seem to take a little criticism from the president. "It has, in a way, been funny to see how childish and thin-skinned the Masters of the Universe turn out to be," he writes in the New York Times. But given the mess that these bailed-out "spoiled brats" have caused, it's actually "shameful" that they're more concerned about their reputations than solutions.
On that track, Krugman debunks what he calls a modern "fairy tale"—that private equity firms such as Mitt Romney's Bain Capital swooped in, provided tough love to a lazy American workforce, and saved the economy. It's all bunk, he writes. "The alleged productivity surge never actually happened. In fact, overall business productivity in America grew faster in the postwar generation, an era in which banks were tightly regulated and private equity barely existed, than it has since our political system decided that greed was good." Read his full column here.
