Digby: It's not personal, it's strictly business

Yesterday I linked to a post by Jonathan Schwartz featuring a loony quote from a misanthropic billionaire and which fatured a quote from David Frum pointing out that one of the reasons billionaires are loony is because they watch Fox News too.

They also hear from the financial and banking industry. Here's an email I received from a friend in the upper 1%:

I just received a 12-page analysis from my bank recounting the prevailing anti-Keynesian analysis of the 'Great Recession'. It directly states that wages have to go down in the USA, that it's inevitable, so draw your own political conclusions. It's a long 'apology' (in the sense of explanation) for Mitt Romney and Bain Capital. It ends with the conclusion that the November election is a crucial tipping point.

First, the big lie:

Despite massive fiscal and monetary stimulus, the global economy failed to rebound briskly from the “great recession.” Growth in the major developed economies remains mired at a pace that is insufficient to absorb excess labor.

This sums up their economic analysis: "Krugman is wrong."