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I agree with basically everything in this article except its constant references to "conservatives" in general. I think he means to say conservative writers, pundits and politicians, because a grouping of conservatives all together would be a pretty wild generalization. This seems to play into the "ruling class" argument made by the authors we read last week.
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http://www.tnr.com/blog/jonathan-chait/87653/the-washington-bubble-and-the-forgotten-economic-crisis
More on ruling class.
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