Posted on 04/27/2012 9:21:26 AM PDT by Kaslin
Paul Krugman is now so far into outer space with ridiculous economic proposals that even Helicopter Ben Bernanke recognizes Krugman's proposals as "reckless".
Bloomberg reports Bernanke Takes On Krugman’s Criticism Ignoring Own Advice
(Excerpt) Read more at finance.townhall.com ...
Bless their cold little hearts. It just keeps getting better with every passing day.
Bernanke Calls Krugman “Reckless”
“Psychotic” is a more apt description of that vile, disturbing Socialist-loving creature...
Good article. There is a solution that would work today. Just publish real inflation numbers based on the old calculation. They would show inflation above what it is today when you consider the right data points (energy, food, etc.)
They have been fudging numbers for political points regardless of the financial or credibility damage that is done.
One certainly can disagree with Bernanke, but he has always been — and remains — a thoughtful man. His views deserve respectful consideration, even when they might be mistaken.
Krugman, on the other hand, has in recent years become a raving lunatic — in spite of his having once-upon-a-time done some worthwhile economics. Nothing reflects more poorly on the NYT than their continuing to publish Krugman’s abysmally crazy drivel, and it’s hard to imagine that any competent economist can take him seriously.
Have his original positions been gradually pretzeled by developments and his progressive modifications and exceptions, and attempts to "account" for this and that, until the defenses he's left with now are basically bull-butter bouillabaise?
He has criticized the Fed at that time for doing nothing while banks and business went under. He is now doing the opposite...the Fed is actively involved and he comes under a lot of criticism for it from left, right and center.
>> Have his original positions been gradually pretzeled . . . ? <<
Krugman you mean? I don’t know, and I can’t really care. As far as I’m concerned, it’s a total waste of time to try rationalizing or understanding the ravings of a lunatic.
Krugman: Bernanke Has Been 'Assimilated By The Borg'
It's quite amusing reading the comments over there...
A few posts are actually intelligent...
Actually, I intend to enjoy it. He’s puffed out his chest and tapped his awards and PhD’s and stuff for years. Now, reality is closing in on his favorite economic theories, and he’s about out of room to maneuver and make exceptions and claim exceptional circumstances. He’s being shown to be flat wrong, and in his own lifetime.
In the 19th century, guys like him wound up dying in a walkup unfurnished garret.
Well, IMHO the logical foundation for Keynesian economics was thoroughly undermined more than fifty years ago by the empirical work of scholars like Friedman and Modigliani. Real-world "experiments" like Japan during the 1990's, and econmetric studies of the "multiplier" by Christina Romer et al. have merely been icing on the cake.
In other words, it's not just that Krugman is "being shown" today as wrong, even while he continues to rave endlessly about the virtues of the most naive of Keynesian models. No, any competent economist should have and would have known all along -- right from the initiation of Obama's "stimulus" program in early 2009 -- that the whole enterprise was built on an intellectual foundation of dry sand. They sould have been fully informed that failure was nigh inevitable.
Still, if you want to "enjoy" Krugman's lunatic-like rants, it's OK by me. Everybody is entitled to a few laughs now and then. But as for yours truly, I prefer to get my jollies elsewhere!
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