Kevin Phillips, whose Bad Money came out in a revised paperback edition last week, is doing the media rounds once again. God and publicist willing, I’m scheduled to talk with him late next week for a Q&A that should run a week from Monday. This week Phillips spoke to Reuters and wrote a couple of guest posts at TPM Cafe, the first on the explosive growth of the U.S. financial system since the 1980s and the second a rumination on the relative blame that’s due Republicans (about two-thirds, he reckons) and Democrats.
He’s roundly critical of the whole Bush/Obama bailout scheme, and pronounces Fed chairman Ben Bernanke a “disaster:” “What you’re seeing Bernanke do is he’s trying to create a bailout reflationary bubble, which he can’t describe as a bubble, just as Greenspan couldn’t describe the housing mortgage bubble as a bubble. What we’re seeing by Bernanke is a covert attempt to rebubble.”