Sunday, November 1, 2009

Krugman Brought Down to Earth

As an econ nerd, it greatly pains me to see total hacks like Krugman not only get prestigious prizes that used to go to real economists, but also get praise from other economists that I sort of respect.  The man is a total fraud!  Why can't more people see that?  He's the John Kenneth Galbraith of his generation, a famous phony economist who has a lot of people taking him seriously purely for political reasons, but who falls on his face by constantly contradicting himself, making bogus predictions, advocating bad policy, and clashing with economic logic and facts.  I'm really hoping he'll be a distant memory twenty or thirty years from now, regarded as a nobody.  Some Nobel laureates are like that.  "Arthur who?"

So I was happy to see somebody use the powers of the internet (and a Krugman fan site!) to show that Krugman was indeed advocating a Fed-created housing bubble after 9/11 as a way of boosting the economy.  He's as guilty as any other political figure or hack economist who championed the housing bubble and subsequent burst.  Notice in these quotes that he admits that the bubble burst could lead to a recession if the government doesn't react fast enough, which he doesn't think it will do.  Hacks like him always think that "with the right people in charge," i.e. people like them, then bad economic policy can be made good economic policy.

Enjoy the discrediting.

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