But draw near hither, ye sons of the sorceress, the seed of the adulterer and the whore.
Against whom do ye sport yourselves? against whom make ye a wide mouth, and draw out the tongue? are ye not children of transgression, a seed of falsehood,
Enflaming yourselves with idols under every green tree, slaying the children in the valleys under the clifts of the rocks?,
And Jesus went into the temple of God, and cast out all them that sold and bought in the temple, and overthrew the tables of the moneychangers, and the seats of them that sold doves,
And said unto them, It is written, My house shall be called the house of prayer; but ye have made it a den of thieves,
Anyway, Cardinal Law isn't going to face a court, now. He has fled the jurisdiction and lives in Rome, where a sinecure at the Vatican has been found for him. (Actually not that much of a sinecure: As archpriest of the Rome Basilica of St. Mary Major, he also sits on two boards supervising priestly discipline—yes!—and the appointment of diocesan bishops.) Even before this, he visited Rome on at least one occasion to discuss whether or not the church should obey American law. And it has been conclusively established that the Vatican itself—including his holiness—was a part of the coverup and obstruction of justice that allowed the child-rape scandal to continue for so long.
I would guess that, in their hearts, the authors of this paper agree with me about this. To see if I am right, I would like them to answer the following question: Suppose that next week, the stock market falls by 50 percent, so dividend and earnings yields double. Would Baker, DeLong, and Krugman suddenly be in favor of President Bush’s proposal for Social Security reform? I suspect they would not. If I am right, this suggests that while the paper raises some interesting questions about the future of asset returns, as far as the debate over Social Security goes, it is largely a non sequitur.