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Matthew Yglesias

Matthew Yglesias - Matthew Yglesias is a fellow at the Center for American Progress Action Fund.
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Matthew Yglesias is a fellow at the Center for American Progress. His first book, with the working title Heads in the Sand: Iraq and the Strange Death of Liberal Internationalism, scheduled to be published next spring by John Wiley and co., deals with the Democratic Party's struggle to find a post-9/11 foreign policy, focusing primarily on the rise and (hopefully) fall of the liberal hawk movement.

Previously, he was a staff writer at The American Prospect and an Associate Editor at TPM Media, where he contributed to the group blogs Tapped and TPMCafe. His main blog, now at The Atlantic, has existed in various forms since the dark ages of the blogosphere in January 2002.

His writing has appeared in The Guardian, Slate, The New Republic, and The Washington Monthly, and he is a regular on BloggingHeads.tv and makes the occasional radio or television appearance.

Desperately out of touch with the American mainstream, Yglesias was born and raised in Manhattan and studied philosophy at Harvard where he was editor in chief of The Harvard Independent, a campus alternative weekly.

His latest writings can be found on the Matthew Yglesias blog.

All Thanks to Taxi Driver?

By Matthew Yglesias
May 19 2008, 5:30 PM ET Comment

Robert Mundell says Taxi Driver was the most important film in the history of wealth creation:

John Hinckley, the deranged would-be assassin who attempted to kill US president Ronald Reagan in 1981, claimed that he was inspired by it. He said that his action was an attempt to impress Foster. (The movie features a scene in which a mohawked De Niro attempts to assassinate a politician.)

According to Mundell, the wave of sympathy for Reagan that was engendered by the assassination attempt deterred Democrats in Congress from voting against his proposed tax cuts. Because of this accident of history, the US administered a big fiscal stimulus at the same time that Paul Volcker at the Federal Reserve was administering tight money. This, for Mundell, was vital in creating the era of prosperity that followed.


Frankly, all the evidence used in this argument strikes me as suspect. John Hinckley was a crazy person, and I see little clear reason to believe that in a Taxi Driver-less world he wouldn't have seized on some other putative reason to shoot the president. Nor do I see clear reason to believe that the Hinkley shooting was essential to getting the tax cuts passed (Reagan's large electoral win plus the fact that tax cuts are popular seem like an adequate explanation), or that the tax cuts had such a large positive impact on economic growth (after all, within a couple of years even Reagan was agreeing to start rolling them back).

But apparently Mundell has a Nobel prize, so what do I know?

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