Bizarro World.

Signs of Bizarro World: Using terms like “perverse” and “disingenuous,” Uber-liberal journalist Robert Scheer defends — yes defends — the economic record of Ronald Reagan against accusations from NYT’s uber-liberal Paul Krugman that the former president is most to blame for the credit crisis and mortgage meltdown:

It is disingenuous to ignore the fact that the derivatives scams at the heart of the economic meltdown didn’t exist in President Reagan’s time.

… Ronald Reagan’s signing off on legislation easing mortgage requirements back in 1982 pales in comparison to the damage wrought fifteen years later by a cabal of powerful Democrats and Republicans who enabled the wave of newfangled financial gimmicks that resulted in the economic collapse. Reagan didn’t do it, but Clinton-era Treasury Secretaries Robert Rubin and Lawrence Summers, now a top economic adviser in the Obama White House, did. They, along with then-Fed Chairman Alan Greenspan and Republican congressional leaders James Leach and Phil Gramm, blocked any effective regulation of the over-the-counter derivatives that turned into the toxic assets now being paid for with tax dollars.

Read the rest.