November 20, 2010
— Open Blogger Liberal economist Paul Krugman has outdone himself in his latest op ed for the New York Times – a piece entitled, ‘Axis of Depression.Â’ KrugmanÂ’s unyielding defense of Keynesian economics with his penchant for melding fact with fiction and a seething desire to be relevant, is sure to impress the uninformed and feeble minded. To the rest of us, Krugman is rightfully viewed as a progressive shill. A high functioning progressive shill but a shill nonetheless.
Krugman is always loaded for bear when it comes to those who donÂ’t tow his liberal line of politics and economics. And as you can well imagine, Krugman aims a lot at conservatives and occasionally at his fellow progressives if he perceives them not to be 1) yelling loudly enough for more government intervention or 2) loudly enough at conservatives. With Krugman, itÂ’s all in the yelling - in addition to the hyperbole and shoddy analysis.
In his NY Times’ Axis of Depression piece, Krugman bangs the drum for more intervention from the Federal Reserve and defends his old Princeton colleague Ben Bernanke by setting him up as our economic savior, if only we would all just listen to Bernanke and stop the whining about inflation, uncontrollable debt and insolvency; and on and on it goes. You see, when you are as smart as Bernanke, wrong seems right and right seems wrong . . . such is the foundation of Krugman’s thesis . . . a thesis that can be boiled down to hey, “we’re the government and we’re here to help.”
Krugman and his gang of overly educated brats of theory are long on theoretical analysis and short on practical application. The United States is in an economic maelstrom. We are in uncharted economic territory . . . and following conventional wisdom is not the reason we are in the economic mess we are in. Quite the opposite is true. Over the last 20 years, conventional wisdom was shunned for government intervention in the creation of easy credit by the Fed resulting in smoke and mirrored economic growth and the inevitable creation of asset bubbles.
Not quite a year ago, former Fed Chair, Alan Greenspan, the bubble master himself, testified before congress . . . and through all of his nice sounding words finally admitted that he made erroneous, “assumptions” about the “models” used when analyzing the risk of financial derivatives. Those with all of the so called “answers” (like Krugman, Greenspan and now Bernanke) are merely interventionists – each ready to intervene like some sort of rabid economic surgeon. That’s the point in all of this . . . economic interventionism . . . it’s the modern day leech that’s killing the patient, a patient called the United States of America.
If you are up for some amusement, read KrugmanÂ’s NY Times Axis of Depression. It really is quite a treat. We would love to be able to provide a link to it but given NY's bed bug thing and all, the last thing we want to be responsible for is giving you the scratch.
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Now, how to get out of this pickle? A combination of the VAT tax and death panels.
Posted by: Paul Krugman at November 20, 2010 10:31 PM (0IR+C)
wait,is that how it goes? No? Well, that's how it goes these days.........
We're being governed by total idiots mixed in with leftist fanatics bent on 'transforming' our economic system and social order.
If the Repub House doesn't stop / defund this catastrophe, it's time for Harper's Ferry
Posted by: SantaRosaStan at November 20, 2010 11:01 PM (UqKQV)
Posted by: parisparamus at November 20, 2010 11:04 PM (ZQxHi)
Posted by: parisparamus at November 20, 2010 11:06 PM (ZQxHi)
The Video right beneath that video better be the proverbial straw. I'm hoping the next video that comes out about the TSA is a mob attacking them. Where does it go from here? We're way past the point of infringing on civil liberties. This is obscene.
Posted by: Sock Puppet 5000 at November 20, 2010 11:24 PM (sWPjB)
Now, how to get out of this pickle? A combination of the VAT tax and death panels.
Posted by: Paul Krugman at November 21, 2010 02:31 AM (0IR+C)
LOL.
Posted by: rae4palin at November 20, 2010 11:46 PM (AdTyg)
I remember reading Krugman during the Bush years, and he was making a huge point of (the out of context, but stupid) comment by Cheney that 'deficits don't really matter'.. and how Bush was selling out our grandkids with that years ENORMOUS $250 billion deficit..
Now, Obama is running $1.4 TRILLION deficits year after year and he thinks Obama isn't spending nearly enough.. and that Tea partiers are racists for wanting to hold off on the insane spending.. OK. GOT IT. This dudes a piker. He'd be fishing for cans in the dumpster if his daddy didn't pay for his education. He also loved that old MOVE-ON video that ran during the superbowl ~ 2004 or so about Bush's reckless spending that showed little kids working on cars and stuff.. hehe oh the irony
Ya see, people pay attention to Krugman because he's got that 'economist' title after his name.. In the same way that wack-jobs pay attention to the idiot 'Nuclear Physicist' who seriously thinks aliens are being kept at area 51 and are designing our newest stealth fighter out of ufo technology.
Krugman has abused his title and other awards in favor of being an unhinged partisan. He's the tv commentator version of the guy who blew away his tv with a shotgun because Bristol Palin won some stupid reality show. (which btw Geraldo is having a special about how the teaparty is unfairly voting... or something.. no shit. I've never seen this jerk so concerned about voting before)
Posted by: John Frum at November 21, 2010 12:31 AM (qQG8/)
Posted by: Purple Avenger at November 21, 2010 12:46 AM (tnPDv)
9 In the same way that wack-jobs pay attention to the idiot 'Nuclear Physicist' who seriously thinks aliens are being kept at area 51 and are designing our newest stealth fighter out of ufo technology.
That would be Stanton Friedman.
Posted by: Concerned UFO-ologist at November 21, 2010 01:51 AM (98AOY)
Nobody believes a single word Krugman says about anything dealing with economics. In fact, nobody believes anything Krugman says about anything period. So why are we even talking about him?
Posted by: Vic at November 21, 2010 02:16 AM (e4sSD)
I like talking about him only as a cautionary tale. Krugman is intelligent, but his intelligence has morphed into what the late Michael Crichton would call "thinktelligence". That is, Krugman has this small little box that he contorts facts and observations into and then calls it "thinking broadly".
Didn't Krudman once claim to be stalked by Donald Luskin?
Posted by: Kratos (Ghost of Sparta) at November 21, 2010 02:39 AM (c0A3e)
Well Harry Reid and the Senate in one of their final acts approved more money for this crooked scheme hatched by the CBC.
The U.S. Senate yesterday approved spending $4.6 billion to settle two lawsuits: one by black farmers who alleged racial discrimination by government lenders and the other by 300,000 American Indians who said they had been cheated out of land royalties dating to 1887.
One wonders the outrage is a CWC dreamed up a phony scheme of whites who were discriminated against and a white DOJ refused to even fight the case in court and settled.
Hey, I covered my swimming pool and planted grass on top of it. The government refused to give me a farming loan. Where is my $40,000 settlement?
Link via Drudge, Tiny URL appears to be down this morning.
Posted by: Vic at November 21, 2010 02:46 AM (e4sSD)
I have never understood his thesis that government spending lots and lots and lots and lots of bucks it doesn't have is somehow a cure for the problems created by people spending lots and lots and lots and lots of bucks they don't have.
This is what passes for Nobel-level economic analysis.
Posted by: Steve S at November 21, 2010 03:10 AM (IG5KL)
Posted by: ThePaganTemple at November 21, 2010 03:17 AM (VdsOY)
Krugman is also the creator of what I call the O.A.R.S.B. - the Obligatory Anti-Republican Snark Bark. It used to occur as a line within the first three paragraphs of every column, regardless of what he was writing about. Every column. Always left me wondering "what the hell did THAT have to do with your topic?" But there it was. I figure it was either in his contract, or that he suffers from some sort of arcane Tourette's Syndrome.
Of late, though, the OARSB has overtaken his entire column. It's scary. I don't know what he'll do if Bristol Palin wins.
Posted by: Steve S at November 21, 2010 03:18 AM (IG5KL)
I would say Krugman doesn't know beans about Keynes. Keynes suggested that an economy run a surplus in good times and bank that surplus to use for deficit spending during hard times. Keynes does NOT suggest that a country should go into debt for the sake of deficit spending. The disconnect between the liberals and Keynes is that they (the liberals) tend to support Keynesian policy when it suits them and ignore it when it doesn't. The liberals only support the "deficit spending" portion of Keynesian economics and not the "banking the surplus" portion.
Posted by: crosspatch at November 21, 2010 03:21 AM (ZbLJZ)
Posted by: CoolCzech at November 21, 2010 03:31 AM (tJjm/)
1. Stuff is always worth what people are willing to pay for it.
2. Any nation's economy is always inversely proportional to the government interference in that economy.
Posted by: Vic at November 21, 2010 03:33 AM (e4sSD)
Posted by: CoolCzech at November 21, 2010 03:43 AM (tJjm/)
Posted by: nickless© at November 21, 2010 03:44 AM (MMC8r)
Posted by: CoolCzech at November 21, 2010 03:59 AM (tJjm/)
Is there a prize for ALWAYS being wrong? I mean,even a person with a natural tendency to be wrong is right occasionally purely by accident; however, Krugman manages to get it wrong every single time.
Perhaps we'll call it the "Contrarian Award" since he is the best contrarian indicator going.
Posted by: Bill Mitchell at November 21, 2010 04:08 AM (Baf0e)
Posted by: Anniee451 at November 21, 2010 05:25 AM (kwojf)
Ya see, people pay attention to Krugman because he's got that 'economist' title after his name.
If you really want to know how to fix society, ask a linguist.
Posted by: Noam Chomsky at November 21, 2010 05:35 AM (sWynj)
Posted by: davenport at November 21, 2010 05:36 AM (06dKT)
Krugman's Nobel Prize doesn't mean that much unless he has an Oscar and a Grammy to go with it.
Posted by: Al Gore at November 21, 2010 05:39 AM (sWynj)
Posted by: Anniee451 at November 21, 2010 05:41 AM (kwojf)
Posted by: Moi at November 21, 2010 05:47 AM (Ez4Ql)
Posted by: Fresh Air at November 21, 2010 07:58 AM (k7PZH)
Hey, Paul, we heard you got the Nobel Prize in economics. So did several of us. Come join us! With three Nobel Laureates in economics, we won't fuck up this time, and we'll actually make the money our theories said we would! Yeah, baby!
Posted by: Long Term Capital Management at November 21, 2010 08:38 AM (T9+P7)
former Fed Chair, Alan Greenspan, the bubble master himself, testified before congress . . . and through all of his nice sounding words finally admitted that he made erroneous, “assumptions” about the “models” used when analyzing the risk of financial derivatives.
* * * * *
Tells you everything you need to know about so-called economic geniuses like Krugman and Bernanke. We should trust them to get us out of this mess, even though they were the same morons who created the very conditions that got us into this mess in the first place.
When the country is burning down and people need wheelbarrows full of dollars to buy a cup of water, Krugman and Bernanke will be telling us how they, too, made erroneous assumptions about the models they used when analyzing the risks of multi-trillion-dollar deficit spending and quantitative easing. (But hey, it wasn't their fault. Their basic underlying theory was sound, they'll assure us, it was just that some of the models needed tweaking! And don't worry, we'll get it right next time -- cause we're just that much smarter and better than you. Console yourselves with that thought while you scrounge for food and try to ward off the hordes approaching what used to be your property.)
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