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Tue Dec 11, 2012, 04:31 PM

Krugman: Delusions of Wisdom

Delusions of Wisdom

Both Jonathan Chait and Charles Pierce have a field day with a Politico piece titled, without a hint of irony, Crafting a boom economy. In said piece they talk to various Very Serious People, and divine the insider consensus on What Must Be Done — which mainly seems to involve, naturally, cutting Social Security and Medicare while reducing corporate tax rates.

What I find remarkable about this piece is that after everything that has happened these past five years or so, Jim VandeHei and Mike Allen still take it for granted that these people actually know what they’re talking about; the whole premise of the article is that the insiders really do have the key, not just to good policy, but to achieving a dramatic rise in the growth rate.

Now, they don’t tell us everyone they talked to; but I think we can safely assume that, with few exceptions, the insiders in question:

- Believed that financial deregulation was a great idea, because bankers had really learned to manage risk
- Did not believe that there was a housing bubble
- Insisted that budget deficits, even in a depressed economy, would send interest rates soaring any day now
- Insisted that austerity measures would promote recovery, not hurt it, because of the confidence fairy

And on and on.

There are some remarkable economic assertions in here. That great economist Jeb Bush — yes, Jeb Bush — is quoted as declaring that ending structural deficits would boost the growth rate hugely; this would come as news to any economist I know. And, um, aren’t our structural deficits largely the result of his brother’s policies?

- more -

http://krugman.blogs.nytimes.com/2012/12/11/delusions-of-wisdom/

"That great economist Jeb Bush "



Bump in the Road for Jeb?
http://www.democraticunderground.com/10021960054


11 replies, 1957 views

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Reply Krugman: Delusions of Wisdom (Original post)
ProSense Dec 2012 OP
CTyankee Dec 2012 #1
1StrongBlackMan Dec 2012 #2
Jackpine Radical Dec 2012 #3
JackHughes Dec 2012 #4
JDPriestly Dec 2012 #5
byeya Dec 2012 #6
Orrex Dec 2012 #8
byeya Dec 2012 #10
wilt the stilt Dec 2012 #7
ProSense Dec 2012 #11
John2 Dec 2012 #9

Response to ProSense (Original post)

Tue Dec 11, 2012, 04:37 PM

1. I wish I could kiss Paul Krugman! He is such a blessing to this country.

It is wonderful to have his voice...

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Response to ProSense (Original post)

Tue Dec 11, 2012, 04:42 PM

2. Krugman ...

You nailed it in one sentence:

The whole theme of the Politico piece is that great things would happen if only the insiders could override all this messy democracy stuff.


It was the REAL fight of the 2012 Presidential election and proves that the fight is not over.

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Response to ProSense (Original post)

Tue Dec 11, 2012, 04:50 PM

3. How can you tell a confidence fairy from a confidence man?

Confidence fairies sell imaginary bridges.

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Response to ProSense (Original post)

Tue Dec 11, 2012, 05:37 PM

4. Idiocy

It's like bank robbers advising that removing money from the safety of the locked vaults would really help the economy.

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Response to ProSense (Original post)

Tue Dec 11, 2012, 06:02 PM

5. Krugman -- a good writer and brilliant! K&R

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Response to ProSense (Original post)

Tue Dec 11, 2012, 06:15 PM

6. Krugman may or may not be the best but he is by far the best Econ with media exposure.

 

I find him sound and a standard Keynesian - which this capitalist country needs badly now if it's to remain capitalist - but I really admire him for speaking bluntly to the inane insiders of DC. He started out trying to see both sides but quickly found out the other side had no serious "side" and were vituperative to boot.
He learned from experience and has been on the offensive since. So...Bravo.

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Response to byeya (Reply #6)

Tue Dec 11, 2012, 06:21 PM

8. And he's gotten so much better over the years!

I recall a decade or so ago that I used to dread his media appearances, because he invariably seemed scared and uncertain, which was a real shame considering that his message was typically spot-on. His delivery and screen presence, however, made it seem like he didn't know what he was talking about.

Fast forward to today, when he can mop the floor with his rhetorical opponents. A great improvement!

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Response to Orrex (Reply #8)

Tue Dec 11, 2012, 07:22 PM

10. Krugman is at the top of the heap in both knowledge and influence in his sphere

 

of economics.
I don't have a tv but I can say his writing has become more focused and timely as the ignorant attacks on him have intensified. He's smart, knowledgable and brave.

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Response to ProSense (Original post)

Tue Dec 11, 2012, 06:15 PM

7. loved his sarcasm on Jeb- the great economist

hey he took macro and micro in college at the 200 level. He knows what he is talking about.

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Response to wilt the stilt (Reply #7)

Tue Dec 11, 2012, 11:08 PM

11. It's becoming classic Krugman.



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Response to ProSense (Original post)

Tue Dec 11, 2012, 06:52 PM

9. I think

 

any educated and intelligent person can see his logic is sound. You don't have to be an economist to see that. The other side is just pandering to wealth. None of the proposals they pander to, affect them at all. It makes you cringe, every time you listen to their nonsense. It is really insulting to our intelligence. Especially with those in the media, lecturing to the rest of the country, as if we are morons.

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