LONG BEACH— I read another partisan rant from Mr. Paul Krugman today. This will probably be the last time I even click on his name.
I have read his work during this crisis in an attempt to see what a Nobel Laurette would encourage as the remedy. So far I have been thoroughly disappointed.
His latest attempt at curing the economy is to toss another “stimulus” on the fire. As American Missive has shown, the stimulus has resulted in even worse unemployment rates than originally projected. The stimulus has done exactly the opposite of what was expected. Even if one were to argue that the monetary policy was to be the real instigator of a sustainable economy, it too has failed and failed miserably.
Is Paul Krugman getting paid off with each Stimuli that is passed?
The most damning point of it all was Mr. Krugman’s “cure” for the NASDAQ bubble burst. Does anyone remember the dot-com boom and subsequent crash? Mr. Krugman had a novel idea for solving the early millenium recession brought on by the dot-com bust. Here’s a little snippet:
To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.
—Paul Krugman, Dubya’s Double Dip, August 2nd, 2002
Did you get that? To save the economy Mr. Krugman suggested Alan Greenspan’s best bet would be to create a housing bubble. Mr. Krugman didn’t think Alan Greenspan could pull it off. Turns out Mr. Greenspan was able to prove Mr. Krugman wrong by doing exactly as Mr. Krugman had prescribed.
And with that track record, the mass media and liberal left still champion Mr. Krugman as the keeper of great ideas for the economy.
His last idea gave us this collosal crap hole we’re all in now.
TennesseePaul
Stephen VanNuys
Brooklyn Daniel
The Freedom Thinker
HAHAHA!!! That is the best quote ever. You should send this to FoxNews so they can bludgeon the NY Times and Krugman. Heck, send that to every major media outlet. I find this so funny that I can’t quit laughing.
God bless the Nobel Prize and intelligencia!!!
Maybe Greenspan just did it all to prove a point to Krugman. I call your bluff nimrod – now watch what happens!!!
Isn’t it? That, in a nut shell, should disqualify Mr. Krugman from suggesting anything concerning the economy. His idea has already proven to be horrid. He is advocating policies which have been proven failures for over thirty years!
You’re not alone. Go here for some terrific Krugman satire.
http://thepeoplescube.com/red/viewforum.php?f=23
Fantastic quote from Krugman!! I had never heard that before. I definitely didn’t follow the discussion surrounding the last recession as closely at the time. I didn’t realize this was even brought up. Amazing.
But this goes to show you what limited tools the government has – inflating the currency (e.g. asset bubbles, etc.) or fiscal stimulus. Neither seems to have any good long-term impact. But those who believe in government over and against private industry are forced to trot them out time and time again. This is all he’s got.
I read that column and found this interesting as well:
>Bear in mind also that government officials have a stake in accentuating the positive. The administration needs a recovery because, with deficits exploding, the only way it can justify that tax cut is by pretending that it was just what the economy needed.
Is that a latent concern for deficits I hear from Captain Deficit Spending (Krugman)? Where is that concern nowadays?
Deficits “exploding” under GW Bush!?? If Bush’s deficits were an explosion (which I agree they were), then how in the world can we describe Obama’s deficits?
Justshowstogoya – funny link to the people’s cube! Very good observations about Krugman in there.
[...] all, he is the man who recommend inflating the housing bubble in the early part of this decade in order to jump-start the [...]