Comments for "Newsweek Cover Story on Krugman"

"Krugman is making the establishment nervous! Probably because they all missed the housing bubble - and Krugman called it correctly.”

How about those who not only called the bubble correctly but also identified the perpetrators and victims in advance? They should give the establishment sleepless nights (they are asleep during the day when on duty!).

Jas

Parent Post

Jas Sun Mar 29 13:08:14 2009 CDT #

Other well-known critics of Krugman are Lawrence
Kudlow and James Cramer of CNBC, who have
criticized Krugman for his views against
supply-side economics. On his TV program Mad
Money, Cramer also voodooed Krugman as a
"bobblehead doll|bubble head" by bursting a
helium-inflated bubble marked "KRUGMAN", for
complaining about a possible "housing bubble
(economics)|bubble". Kudlow (who, like Donald
Luskin, also works for National Review Online), on
his side, has debated Krugman on the former CNBC
TV show Kudlow & Cramer and on the last episode of
Dylan Ratigan's Bullseye (CNBC)|Bullseye on March
11, 2005, and has frequently criticized him on his
program Kudlow & Company. Also on CNBC on August
7, 2004 on Tim Russert's eponymous program, Bill
O'Reilly (commentator)|Bill O'Reilly confronted
Krugman in a heated discussion, calling Krugman a
"quasi-socialist". Krugman replied "And you take a
look at anything I've written about economics, and
I'm not a socialist. You know, that's a slander." 
When O'Reilly responded "I said quasi", Krugman
retorted "Well, that's a wonderful, then you're a
quasi-murderer...quasi is a pretty open thing."

by Simon Johnson


nazdagg Sun Mar 29 14:08:35 2009 CDT #

"But sometimes, beneath the pleasant murmur and tinkle of cocktails, the old guard cannot hear the sound of ice cracking."

Can't help but think of the scene in "Doctor Zhivago" where the fat cats are having a fancy dinner inside a beautiful palace while the masses are marching down the street just outside their window.


AnonEMoose Sun Mar 29 14:28:43 2009 CDT #

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Broward Horne Sun Mar 29 14:44:54 2009 CDT #

In December 1972, Economists were befuddled with Nixon's Wage & Price Boards & Controls, the de-coupling of the dollar from the Gold Std, and stubborn Vietnam-fueled inflation. If only that was the limit of the challenges.

Now, in hindsight, we know what came next from 1973-1984:the 73-74 S&P Bear, Yom Kippur War & Energy Shock, 73-75 recession, double-digit inflation & unemployment, destruction of the rust belt industrial core, the slow rise of Sunbelt, post-Shah Iran energy shock of 1979, double-digit i-rates, 79-80 recession, collapse of Chrysler, 81-82 recession, and the 1984 rise of the Service Economy model and a GDP model that was 70% driven by consumer spending, and the 1982 start of the 25-yr secular bull run.

Of all that, how much did establishment economics see in December 1972: only the likelihood of inflation & unemployment. Basically no mainstream economist could peer from 1972-1984 and none foresaw the destruction of manufacturing and the rust belt, or the rise of a service sector economy.

We need to accept that in 2009, we have no clue how challenging the next 9-11 years may be. Or how many presidents we will crunch through. 1973-82 went thru 4.

avl dao Sun Mar 29 21:00:19 2009 CDT #

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