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  • musketeernumberone musketeernumberone May 25, 2012 3:08 PM Flag

    Straight-talk from Paul Krugman

    ...So, no, financial wheeling and dealing did not do wonders for the American economy, and there are real questions about why, exactly, the wheeler-dealers have made so much money while generating such dubious results.

    Those are, however, questions that the wheeler-dealers don’t want asked — ...

    ... in a way Wall Street’s self-centered, self-absorbed behavior has been kind of funny. But while this behavior may be funny, it is also deeply immoral....

    In the fifth year of a slump brought on by irresponsible bankers, the bankers themselves have been bailed out, but the rest of the nation continues to suffer ...

    And in the midst of this national nightmare ... the economic elite seem mainly concerned with the way the president apparently hurt their feelings. That isn’t funny. It’s shameful.

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    • Musk, I know this is off your topic but.....

      All I can say about Krugman is that I now believe he is right about spending. He has said in the past that we could have been done with this whole thing in 18 months if we had spent enough. One thing I know is that during a recovery, you can not cut the spending, especially if green shoots are just appearing.

      I think Europe should take a lesson from the US. I'm sure everyone is going to think I'm crazy for suggesting this. Look at Japan.....they didn't spend enough up front when they should have.

      • 1 Reply to jaquecroissant
      • Agree, been saying the same thing for 3 years. Its the small-government group -- the folks that do not understand the financial system, central banking and international economics -- that think we should let the banks crash, balance the budget and starve the economy of fuel.

        For the record, in the context of a financial shock and prolonged recession:

        Bailing out systemically important banks = good, letting the traders and CEOs walk away with millions tax free = bad.

        Low interest rates, monetary expansion and other forms of stimulus = good, balanced budget amendments, gold-standards and other foolish ideas for creating deflation = bad.

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