Krugman: Govt Spending Helped Avoid Second Great Depression

[daniel green]

http://www.huffingtonpost.com/2009/08/10/krugman-world-avoided-sec_n_255361.html

AP story

[Susan43]

Gee, a Twofer!!!

Paul Krugman quoted by the Huffington Post!!

Kinda like the musings of Daffy Duck as transcribed by Dell Comics!!!

The world sits on the edge of its seat! LOL

:laugh:

:tonguewag: And once again you go after the website rather then the thoughts.

The fact is that Krugman was right and has been for years. He called it years ago when the housing bubble was still ballooning. Of course all the people on the right said how wrong he was. It would be funny if it weren't so darn sad.

Krugman from 2005

http://www.pkarchive.org/column/052705.html

[Susan43]

http://www.huffingtonpost.com/2009/08/10/krugman-world-avoided-sec_n_255361.html

AP story

Thanks for posting this Daniel. This is the most positive thing that Krugman has said in quite awhile and it's a relief that he finally thinks something positive is happening.

[Hey Paula]

If Krugman is right:

Inasmuch as only 10% of the Obama stimulus has thus far been expended, I believe the credit for the "Second Great Depression", having been thus far avoided, is attributable to GWB, who explained that he was forced to sacrifice free market principles to save the economy from collapsing when he approved the $726 billion bailout.

However, I believe we haven't seen the worst of this. BO's massive spending will ultimately result in massive inflation.

IMO

[Hey Paula]

Why would anyone on Planet Earth even entertain the notion that "Krugman" could be right?

I mean except for that Statistics and Probability Thing where even a Blind Hog is right every once in a while?

Has anyone seen this guy?

Do you really think he wouldn't fail miserably in a battle with a Wet Paper Towel or - more specifically - would you trust him to remember where your Car Keys are???

Jeeeesh!!

:laugh::laugh::laugh:

LOL! I trust Krugman's opinion as far as I can throw an elephant. However, if he's right about the economy being saved, I attribute it to GWB.

If this economy survives, it will be in spite of BO, not because of his ingenuity.

IMO

[IaNsSyAlNuE]

Why would anyone on Planet Earth even entertain the notion that "Krugman" could be right?

I mean except for that Statistics and Probability Thing where even a Blind Hog is right every once in a while?

Has anyone seen this guy?

Do you really think he wouldn't fail miserably in a battle with a Wet Paper Towel or - more specifically - would you trust him to remember where your Car Keys are???

Jeeeesh!!

:laugh::laugh:

His Statistics and Probability were a bit off at this event:


Krugman Canadian Health Care Poll youtube

http://www.youtube.com/watch?v=3EPd2i4Jshs

“Bad move on my part” ~~ Krugman :blushing:

[Susan43]

Yup, Krugman, just another Noble Prize winner for those of you on the right to mock and make fun of. But he called it years ago that the housing bubble would get the country in trouble, and he was right. While all those smart economist on the right were wrong.

GWB doubled the national debt and we have nothing to show for it except a sick country. And you guys blame a guy who's been in office not even 7 months.

Let's see...8 years...7 months. Oh sure, blame the guy who's been in office months not years. 8 years and 3 million jobs. The least number of job of any president EVER.

Bush On Jobs: The Worst Track Record On Record

http://blogs.wsj.com/economics/2009/01/09/bush-on-jobs-the-worst-track-record-on-record/

Now you can have a good laugh at the Wall St. Journal.

[Hey Paula]

Plus 9/11 and the loss of life, not to mention the loss of jobs.

http://books.google.com/books?id=GL6vOpKbFygC&pg=PA196&lpg=PA196&dq=wall+st+job+losses+due+to+9/11&source=bl&ots=Bc8cTsQtl9&sig=wbzlsiHS0Jv8OhO3YRJMn8KIZzI&hl=en&ei=8PiASsTnNMa_tge2zsHXCg&sa=X&oi=book_result&ct=result&resnum=3#v=onepage&q=&f=false



EXCERPT:

President George W. Bush entered office in 2001 just as a recession was starting, and is preparing to leave in the middle of a long one. That’s almost 22 months of recession during his 96 months in office.

http://blogs.wsj.com/economics/2009/01/09/bush-on-jobs-the-worst-track-record-on-record/

[daniel green]

Yup, Krugman, just another Noble Prize winner for those of you on the right to mock and make fun of. snipped.

I find that really pathetic. Sad and pathetic.

[IaNsSyAlNuE]

Yup, Krugman, just another Noble Prize winner for those of you on the right to mock and make fun of. But he called it years ago that the housing bubble would get the country in trouble, and he was right. While all those smart economist on the right were wrong.

GWB doubled the national debt and we have nothing to show for it except a sick country. And you guys blame a guy who's been in office not even 7 months.

Let's see...8 years...7 months. Oh sure, blame the guy who's been in office months not years. 8 years and 3 million jobs. The least number of job of any president EVER.

Bush On Jobs: The Worst Track Record On Record

http://blogs.wsj.com/economics/2009/01/09/bush-on-jobs-the-worst-track-record-on-record/

Now you can have a good laugh at the Wall St. Journal.


Touchy, touchy.

Supposedly Dean Baker and Christopher Thornberg called it first, before Krugman.

Seems it is YOU laying blame. LOL

[Susan43]

I find that really pathetic. Sad and pathetic.

I don't find it at all sad and pathetic. People make choices. I prefer my experts to be well educated. Other people prefer their experts not to be, after all Hannity, Rove, Beck and Limbaugh are all college dropouts. I have to admit that it puzzles me that some people prefer them, but I don't find it at all sad. It is their choice. It's the American way isn't it?

[Susan43]

Touchy, touchy.

Supposedly Dean Baker and Christopher Thornberg called it first, before Krugman.

Seems it is YOU laying blame. LOL

Of course I'm laying blame. I don't deny that for a moment. And you may be right about Dean Baker being first to question the housing bubble. So what?

And you might want to rethink your opinion of Thornberg.

Dr. Thornberg has established a reputation as one of the state’s leading economic forecasters. In December 2007, he was appointed to California State Controller John Chiang’s Council of Economic Advisors – the body that advises the state’s chief fiscal officer about critical economic issues facing California.
http://www.beaconeconomics.com/people/c_thornberg.html

But that really isn't the point is it? The point is that for 8 years the congress went wild spending and doubled the debt and we have nothing to show for it. And during all that time the president didn't veto one spending bill. And now we have a mess that the right is trying like crazy to blame on Obama who has been in office less then 7 months.

8 years...7 months...yeah sure, it's all Obama's fault.

[IaNsSyAlNuE]

Of course I'm laying blame. I don't deny that for a moment. And you may be right about Dean Baker being first to question the housing bubble. So what?

And you might want to rethink your opinion of Thornberg.


http://www.beaconeconomics.com/people/c_thornberg.html

But that really isn't the point is it? The point is that for 8 years the congress went wild spending and doubled the debt and we have nothing to show for it. And during all that time the president didn't veto one spending bill. And now we have a mess that the right is trying like crazy to blame on Obama who has been in office less then 7 months.

8 years...7 months...yeah sure, it's all Obama's fault.

"Rethink my opinion of Thornberg?"

Why do you assume I have an opinion on Thornberg? I just stated the FACT they called it years, YEARS before Krugman. Krugman is not a god-- he is a man who regurgitated Thornberg and Baker's call on the "bubble". So I see no reason to deify Krugman.

As far as blame I reread this thread and still see no one blaming Obama. :confused: