Paul Krugman - P.O.S.

Title: Paul Krugman - P.O.S.
TAEmove > General > General Discussion	Go to subcategory：

Author	Content

Rank：TAE Member
Score：19447
Posts：17177
From：USA
Register：12/03/2008 3:25 AM

Date Posted：06/30/2009 5:16 AMCopy HTML

My opinion of krugman is no secret. He is a bad economist and one of the major players in obamanations fascism. Thus I find no small consolation when others point out what a piece of crap he is.

Last month, Paul Krugman launched a campaign to pin the financial crisis on “Reagan and his circle of advisers.” It was “Reagan-era deregulation,” Krugman wrote, that led us to the “mess we’re in.” The substance of Krugman’s screed was so tissue-thin that even ultra-liberal columnist Robert Scheer responded to it with bafflement: “How could Paul Krugman, winner of the Nobel Prize in economics and author of generally excellent columns in the New York Times, get it so wrong?” So let’s not credit Krugman with making a serious argument, rather than throwing a partisan grenade.

Cont....

Blame Not the Deregulator

Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken

Rank：TAE Member
Score：26911
Posts：18393
From：USA
Register：07/16/2008 9:12 PM

Re：Paul Krugman - P.O.S.

Date Posted：01/11/2011 2:31 PMCopy HTML

Reply to skrumpie (01/11/2011 7:13 AM)

The ends justify the means.

   Seen on display everyday...

June 11, 2009: "No matter how we reform health care, I intend to keep this promise: If you like your doctor, you'll be able to keep your doctor; if you like your health care plan, you'll be able to keep your health care plan." Barack Obama.

Rank：
Score：0
Posts：0
From：USA
Register：01/27/2010 1:38 AM

Re：Paul Krugman - P.O.S.

Date Posted：01/12/2011 12:33 AMCopy HTML

I'm sure Krugman's credentials impress the heck out of DocJim.

Rank：TAE Member
Score：19447
Posts：17177
From：USA
Register：12/03/2008 3:25 AM

Re：Paul Krugman - P.O.S.

Date Posted：01/29/2011 10:28 PMCopy HTML

Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken

Rank：TAE Member
Score：19447
Posts：17177
From：USA
Register：12/03/2008 3:25 AM

Re：Paul Krugman - P.O.S.

Date Posted：01/30/2011 5:30 AMCopy HTML

If Paul Krugman is a legitimate Nobel level economist, I am a left handed, Chinese Astronaut.

Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken

Rank：TAE Member
Score：30103
Posts：28171
From：Argentina
Register：08/30/2008 6:26 PM

Re：Paul Krugman - P.O.S.

Date Posted：01/30/2011 1:06 PMCopy HTML

Reply to GoHawk (01/30/2011 12:30 AM)

If Paul Krugman is a legitimate Nobel level economist, I am a left handed, Chinese Astronaut.

May I have an autographed glossy?

Try to remember the kind of September when men weren't girls and girls weren't fellas..................

Rank：TAE Member
Score：19447
Posts：17177
From：USA
Register：12/03/2008 3:25 AM

Re：Paul Krugman - P.O.S.

Date Posted：11/16/2011 5:14 AMCopy HTML

Krugman, I'm told, was once a fair economist... but I have my doubts.  Today, he's just a lying sack o' cat turds... a lover of keynesian fascism and a hater of humanity.
New York Times columnist Paul Krugman is right about one thing, when he says: “now, with Italy falling off a cliff, it’s hard to see how the euro can survive at all”.
But the rest of his analysis of the crisis in Europe, as well as the causes, is in the realm of pure fantasy. In his recent piece entitled “Legends of the Fail”, Krugman rejects the idea that “Europe’s woes reflect the failure of welfare states in general, and that Europe’s crisis makes the case for immediate fiscal austerity in the United States”.

http://blogs.telegraph.co.uk/news/nilegardiner/100117124/paul-krugman-is-rewriting-history-now-that-the-eurozone-beloved-by-us-liberals-is-going-down-in-flames/

Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken

Rank：TAE Member
Score：2929
Posts：2527
From：USA
Register：12/17/2008 2:58 PM

Re：Paul Krugman - P.O.S.

Date Posted：11/16/2011 9:21 AMCopy HTML

Reply to alaskaone (09/20/2010 9:29 PM)

In a July 14, 2008, op-ed in the New York Times, Krugman explained why Fannie and Freddie were blameless thus:
Partly that’s because regulators, responding to accounting scandals at the companies, placed temporary restraints on both Fannie and Freddie that curtailed their lending just as housing prices were really taking off. Also, they didn’t do any subprime lending, because they can’t: the definition of a subprime loan is precisely a loan that doesn’t meet the requirement, imposed by law, that Fannie and Freddie buy only mortgages issued to borrowers who made substantial down payments and carefully documented their income. So whatever bad incentives the implicit federal guarantee creates have been offset by the fact that Fannie and Freddie were and are tightly regulated with regard to the risks they can take. You could say that the Fannie-Freddie experience shows that regulation works. [emphasis mine]
Critics were quick to point out that Krugman had his facts wrong.1 As Charles Calomiris and Peter Wallison of the American Enterprise Institute (Wallison is also a member of the financial crisis inquiry commission) explained, “Here Krugman demonstrates confusion about the law (which did not prohibit subprime lending by the GSEs), misunderstands the regulatory regime under which they operated (which did not have the capacity to control their risk-taking), and mismeasures their actual subprime exposures (which he wrongly states were zero).”

So, Krugman shifted his emphasis. In his blog critique of a Financial Times op-ed I wrote in June 2010, Krugman no longer argued that Fannie and Freddie could not buy subprime mortgages. Instead, he emphasized the slightly falling share of Fannie and Freddie’s residential mortgage securitizations in the years 2004 to 2006 as the reason they were not responsible. Here again he presents a misleading picture. Not only did Fannie and Freddie purchase whole subprime loans that were not securitized (and thus not counted in its share of securitizations), they also bought substantial amounts of private-label mortgage-backed securities issued by others.2 When taking these into account, Fannie and Freddie’s share of the subprime market financing did increase even in those years.
Of course, one could question this form of analysis. Asset prices and bubbles have momentum. Even if Fannie and Freddie had simply ignited the process, and not fueled it in the go-go years of 2004–2006, they would bear some responsibility. Krugman never considers this possibility.
In the current review piece, Krugman first quotes Crisis Economics: A Crash Course in the Future of Finance, by Nouriel Roubini and Stephen Mihm :
The huge growth in the subprime market was primarily underwritten not by Fannie Mae and Freddie Mac but by private mortgage lenders like Countrywide. Moreover, the Community Reinvestment Act long predates the housing bubble… Overblown claims that Fannie Mae and Freddie Mac single-handedly caused the subprime crisis are just plain wrong.3
Clearly, Fannie and Freddie did not originate subprime mortgages directly—they are not equipped to do so. But they fueled the boom by buying or guaranteeing them. Indeed, Countrywide was one of their largest originators of subprime mortgages, according to work by Ed Pinto, a former chief credit officer of Fannie Mae,4 and participated from very early on in Fannie Mae’s drive into affordable housing.
For instance, consider this press release from 1992:
Countrywide Funding Corporation and the Federal National Mortgage Association (Fannie Mae) announced today that they have signed a record commitment to finance $8 billion in home mortgages. Fannie Mae said the agreement is the single largest commitment in its history… The $8 billion agreement includes a previously announced $1.25 billion of a variety of Fannie Mae's affordable home mortgages, including reduced down payment loans…
"We are delighted to participate in this historic event, and we are particularly proud that a substantial portion of the $8 billion commitment will directly benefit lower income Americans," said Countrywide President Angelo Mozilo… "We look forward to the rapid fulfillment of this commitment so that Countrywide can sign another record-breaking agreement with Fannie Mae," Mozilo said.
"Countrywide's commitment will provide home financing for tens of thousands of home buyers, ranging from lower income Americans buying their first home to middle-income homeowners refinancing their mortgage at today's lower rates," said John H. Fulford, senior vice president in charge of Fannie Mae's Western Regional Office located here.
Of course, as Fannie and Freddie bought the garbage loans that lenders like Countrywide originated, they helped fuel the decline in lending standards. Also, while the Community Reinvestment Act was enacted in 1979, it was the more vigorous enforcement of the provisions of the Act in the early 1990s that gave the government a lever to push its low-income lending objectives, a fact the Department of Housing and Urban Development was once proud of (see the HUD press releases below).

cont...  Paul Krugman: Many Are the Errors - Raghuram Rajan, The American

Krugman is nothing if not consistant in his idiocy.  krugman is worse than merely a bad economist... he is a snake oil salesman.



First of all, bubbles last 10 years or less. The real estate boom ended in 2007-2008. So whatever reason Fannie and Freddie had doing business with Countrywide, it had no impact in the poping of the levage bubble, dealing with real estate, that popped in 2007-2008.
In 2000, as HUD revisited its affordable-housing goals, the housing market 
had shifted. With escalating home prices, subprime loans were more popular. 
Consumer advocates warned that lenders were trapping borrowers with low "teaser" 
interest rates and ignoring borrowers' qualifications. 

HUD restricted Freddie and Fannie, saying it would not credit them for loans 
they purchased that had abusively high costs or that were granted without regard 
to the borrower's ability to repay. Freddie and Fannie adopted policies not to 
buy some high-cost loans. 
IndyMac Bank was founded as Countrywide Mortgage Investment in 1985 by David S. Loeb and Angelo Mozilo[10][11] as a means of collateralizing Countrywide Financial loans too big to be sold to Freddie Mac and Fannie Mae.
 In 1997, Countrywide spun off IndyMac as an independent company run by 
Mike Perry, who remained its CEO until the downfall of the bank in July 
of 2008.[
The primary causes of IndyMac’s failure were largely associated with its business strategy of originating and securitizing Alt-A loans on a large scale. This strategy resulted in rapid growth and a high concentration of risky assets......................
 IndyMac often made loans without verification of the borrower’s income or
 assets, and to borrowers with poor credit histories. Appraisals 
obtained by IndyMac on underlying collateral were often questionable as 
well. As an Alt-A lender, IndyMac’s business model was to offer loan 
products to fit the borrower’s needs, using an extensive array of risky 
option-adjustable-rate-mortgages (option ARMs), subprime loans, 80/20 
loans, and other nontraditional products. Ultimately, loans were made to
 many borrowers who simply could not afford to make their payments.
http://en.wikipedia.org/wiki/IndyMac_Bank
In 2003, the two bought $81 billion in subprime securities. In 2004, they 
purchased $175 billion -- 44 percent of the market. In 2005, they bought $169 
billion, or 33 percent. In 2006, they cut back to $90 billion, or 20 percent. 
The question is who bought the mortages that F&F didn't buy and why. 

 

 

thinking is a dangerous thing

Rank：TAE Member
Score：19447
Posts：17177
From：USA
Register：12/03/2008 3:25 AM

Re：Paul Krugman - P.O.S.

Date Posted：05/28/2012 4:15 AMCopy HTML

When Paul Krugman dies, he’ll be primarily remembered for three things: He won the 2008 Nobel Prize in economics; he has been one of the world’s most-read and most-influential political pundits; and he said with total seriousness (watch the video) that a way to fix America’s economy would be for the government to spend a ton of money preparing for a nonexistent alien invasion because at least that would get people working. 
I’ll save you the trouble of writing in with the riposte, “Where’s your Nobel Prize?” The Nobel committee is not infallible (the guy who invented the lobotomy and declared it “always safe” got a Nobel), but even if it was, Krugman’s award was not for political philosophy but for an arcane point of technical analysis, and even if it were for political philosophy, many economists with the opposite philosophy (Milton Friedman, Gary Becker, Friedrich Hayek) have also won the Nobel.
http://www.nypost.com/p/news/opinion/opedcolumnists/krug_attacks_cv5ld2kSZ5DFnNMQcxt8aJ

This was a really excellent look at krugmanism... well worth the read.

Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken

Rank：TAE Member
Score：3625
Posts：3475
From：United Kingdom
Register：12/04/2008 10:50 PM

Re：Paul Krugman - P.O.S.

Date Posted：05/28/2012 8:20 AMCopy HTML

"Krugman’s award was not for political philosophy but for an arcane point of technical analysis"
Yes indeed, not for the management of an economy.  In that role he is just a layman.

Rank：TAE Member
Score：19447
Posts：17177
From：USA
Register：12/03/2008 3:25 AM

Re：Paul Krugman - P.O.S.

Date Posted：02/19/2013 7:39 AMCopy HTML

Still more on the general douchebaggery of paul krugman... but also quite a bit on the origins of the housing bubble, financial crisis and the myths of deregulation.
As always, whenever Krugman goes on a partisan political screed, truth is left behind, and his recent column is no exception. While I have no problem with his criticizing Republicans, nonetheless I actually would want for him to get his criticisms correct, especially his points that the Republican Party is dedicated to laissez-faire economics and actually cutting the size and scope of government.Unfortunately, he decides to make essentially this set of claims:
The financial meltdown was purely the fault of private enterprise except for one governmental error: it did not regulate enough; 
The GSEs, Freddie and Fannie, had absolutely nothing to do with the meltdown. 


http://lewrockwell.com/anderson/anderson358.html

Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken

Rank：TAE Member
Score：3625
Posts：3475
From：United Kingdom
Register：12/04/2008 10:50 PM

Re：Paul Krugman - P.O.S.

Date Posted：03/09/2013 7:40 PMCopy HTML

I am surprised that no-one else has posted this.  In these difficult times I would have thought that many would have sought to keep costs down by using this opportunity for a cheap laugh!
Paul Krugman Declares Personal Bankruptcyhttp://dailycurrant.com/2013/03/06/paul-krugman-declares-personal-bankruptcy/

Economist and columnist Paul Krugman declared  personal bankruptcy today following a failed attempt to spend his way out of debt.
In a Chapter 13 filing to the United States Bankruptcy Court in the 
Southern District of New York, lawyers for Krugman listed $7,346,000 in 
debts versus $33,000 in assets.

The majority of his debts are related to mortgage financing on a $8.7 million apartment in lower Manhattan, but the list also includes $621,537 in credit card debt and $33,642 in store financing at famed jeweler Tiffanys and Co.
The filing says that Krugman got into credit card trouble in 2004 
after racking up $84,000 in a single month on his American Express black
 card in pursuit of rare Portuguese wines and 19th century English cloth
Rather than tighten his belt and pay the sums back, the 
pseudo-Keynesian economist decided to "stimulate" his way to a personal 
recovery by investing in expenses he hoped would one day boost his 
income.
Between 2004 and 2007 Krugman splurged on expensive cars, clothes, 
and travel in hopes that the new lifestyle would convince his bosses at 
the New York Times to give him a giant raise.
Who is they?
"They
 say always dress for the job you want," Krugman explains. "So I thought
 maybe if I showed up in $70,000 Alexander Amosu suits they would give 
me ownership of part of the company. If I had only been granted a sliver of the New York Times Co., I could have paid everything back."
Even after he realized an equity stake was not going to happen, 
Krugman continued to spend wildly hoping his bling and media appearances
 would increase demand for his personal brand and lift his book sales.
His biggest mistake came in 2007, when at the height of the financial
 bubble he decided to invest in high-end real estate in New York City. 
His multi-million dollar apartment lost 40 percent of its value just 
months after its purchase, and has been underwater ever since.
"You'd think a Nobel Prize winning economist could recognize a 
housing bubble," says Herman Minsky, a retired television executive who 
purchased Krugman's home at a huge discount. "But hey, I'm not 
complaining."

									

http://www.shakesville.com/2011/11/wank-swap-s1-e5.html
								

Rank：TAE Member
Score：19447
Posts：17177
From：USA
Register：12/03/2008 3:25 AM

Re：Paul Krugman - P.O.S.

Date Posted：03/09/2013 9:40 PMCopy HTML

I believe the daily currant is an "onion" type site, is it not?

Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken

Rank：TAE Member
Score：3625
Posts：3475
From：United Kingdom
Register：12/04/2008 10:50 PM

Re：Paul Krugman - P.O.S.

Date Posted：03/09/2013 11:39 PMCopy HTML

I believe the daily currant is an "onion" type site, is it not?

Do you mean that they are pointing out that if he followed his own public policies in his private life he would fall flat on his face?  You coud be right!

Rank：TAE Member
Score：3843
Posts：3723
From：USA
Register：12/05/2008 3:35 AM

Re：Paul Krugman - P.O.S.

Date Posted：03/10/2013 12:26 PMCopy HTML

I am laughing at the piece - however, the reality of what the Federal Government is doing isn't funny at all.

Comment: Part of the present problem in Washington is the lack of compromise. Response: It's always better for the bully when the bullied does not resist, isn't it?

Rank：TAE Member
Score：19447
Posts：17177
From：USA
Register：12/03/2008 3:25 AM

Re：Paul Krugman - P.O.S.

Date Posted：07/18/2014 8:14 AMCopy HTML

It appears mr. krugman has finally gotten what he so richly deserves.
Professor Paul Krugman is leaving Princeton.  Is he leaving in disgrace?
Not long, as these things go, before his departure was announced Krugman thoroughly was indicted and publicly eviscerated for intellectual dishonesty by Harvard’s Niall Ferguson in a hard-hitting three-part series in the Huffington Post, beginning here, and with a coda in Project Syndicate, all summarized at Forbes.com.  Ferguson, on Krugman: 
Where I come from … we do not fear bullies. We despise them. And we do so because we understand that what motivates their bullying is a deep sense of insecurity. Unfortunately for Krugtron the Invincible, his ultimate nightmare has just become a reality. By applying the methods of the historian – by quoting and contextualizing his own published words – I believe I have now made him what he richly deserves to be: a figure of fun, whose predictions (and proscriptions) no one should ever again take seriously.
Move up http://i.forbesimg.com tMove down
Princeton, according to Bloomberg News, acknowledged Krugman’s departure with an extraordinarily tepid comment by a spokesperson. “He’s been a valued member of our faculty and we appreciate his 14 years at Princeton.”
http://www.forbes.com/sites/ralphbenko/2014/07/14/is-paul-krugman-leaving-princeton-in-quiet-disgrace/

Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken

Rank：TAE Member
Score：19447
Posts：17177
From：USA
Register：12/03/2008 3:25 AM

Re：Paul Krugman - P.O.S.

Date Posted：01/09/2020 1:58 AMCopy HTML

Krugman Says Hacker Downloaded 'Child Porn' Using His IP Address...

Why does this not surprise me?

Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken

alaskaone
Rank：TAE Member Score：19447 Posts：17177 From：USA Register：12/03/2008 3:25 AM	Date Posted：06/30/2009 5:16 AMCopy HTML My opinion of krugman is no secret. He is a bad economist and one of the major players in obamanations fascism. Thus I find no small consolation when others point out what a piece of crap he is. Last month, Paul Krugman launched a campaign to pin the financial crisis on “Reagan and his circle of advisers.” It was “Reagan-era deregulation,” Krugman wrote, that led us to the “mess we’re in.” The substance of Krugman’s screed was so tissue-thin that even ultra-liberal columnist Robert Scheer responded to it with bafflement: “How could Paul Krugman, winner of the Nobel Prize in economics and author of generally excellent columns in the New York Times, get it so wrong?” So let’s not credit Krugman with making a serious argument, rather than throwing a partisan grenade. Cont.... Blame Not the Deregulator Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken
StingFan	Share to: #31
Rank：TAE Member Score：26911 Posts：18393 From：USA Register：07/16/2008 9:12 PM	Re：Paul Krugman - P.O.S. Date Posted：01/11/2011 2:31 PMCopy HTML Reply to skrumpie (01/11/2011 7:13 AM) The ends justify the means. Seen on display everyday... June 11, 2009: "No matter how we reform health care, I intend to keep this promise: If you like your doctor, you'll be able to keep your doctor; if you like your health care plan, you'll be able to keep your health care plan." Barack Obama.
FactSmacker	Share to: #32
Rank： Score：0 Posts：0 From：USA Register：01/27/2010 1:38 AM	Re：Paul Krugman - P.O.S. Date Posted：01/12/2011 12:33 AMCopy HTML I'm sure Krugman's credentials impress the heck out of DocJim.
alaskaone	Share to: #33
Rank：TAE Member Score：19447 Posts：17177 From：USA Register：12/03/2008 3:25 AM	Re：Paul Krugman - P.O.S. Date Posted：01/29/2011 10:28 PMCopy HTML Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken
alaskaone	Share to: #34
Rank：TAE Member Score：19447 Posts：17177 From：USA Register：12/03/2008 3:25 AM	Re：Paul Krugman - P.O.S. Date Posted：01/30/2011 5:30 AMCopy HTML If Paul Krugman is a legitimate Nobel level economist, I am a left handed, Chinese Astronaut. Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken
skrumpie	Share to: #35
Rank：TAE Member Score：30103 Posts：28171 From：Argentina Register：08/30/2008 6:26 PM	Re：Paul Krugman - P.O.S. Date Posted：01/30/2011 1:06 PMCopy HTML Reply to GoHawk (01/30/2011 12:30 AM) If Paul Krugman is a legitimate Nobel level economist, I am a left handed, Chinese Astronaut. May I have an autographed glossy? Try to remember the kind of September when men weren't girls and girls weren't fellas..................
alaskaone	Share to: #36
Rank：TAE Member Score：19447 Posts：17177 From：USA Register：12/03/2008 3:25 AM	Re：Paul Krugman - P.O.S. Date Posted：11/16/2011 5:14 AMCopy HTML Krugman, I'm told, was once a fair economist... but I have my doubts. Today, he's just a lying sack o' cat turds... a lover of keynesian fascism and a hater of humanity. New York Times columnist Paul Krugman is right about one thing, when he says: “now, with Italy falling off a cliff, it’s hard to see how the euro can survive at all”. But the rest of his analysis of the crisis in Europe, as well as the causes, is in the realm of pure fantasy. In his recent piece entitled “Legends of the Fail”, Krugman rejects the idea that “Europe’s woes reflect the failure of welfare states in general, and that Europe’s crisis makes the case for immediate fiscal austerity in the United States”. http://blogs.telegraph.co.uk/news/nilegardiner/100117124/paul-krugman-is-rewriting-history-now-that-the-eurozone-beloved-by-us-liberals-is-going-down-in-flames/ Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken
Knightly	Share to: #37
Rank：TAE Member Score：2929 Posts：2527 From：USA Register：12/17/2008 2:58 PM	Re：Paul Krugman - P.O.S. Date Posted：11/16/2011 9:21 AMCopy HTML Reply to alaskaone (09/20/2010 9:29 PM) In a July 14, 2008, op-ed in the New York Times, Krugman explained why Fannie and Freddie were blameless thus: Partly that’s because regulators, responding to accounting scandals at the companies, placed temporary restraints on both Fannie and Freddie that curtailed their lending just as housing prices were really taking off. Also, they didn’t do any subprime lending, because they can’t: the definition of a subprime loan is precisely a loan that doesn’t meet the requirement, imposed by law, that Fannie and Freddie buy only mortgages issued to borrowers who made substantial down payments and carefully documented their income. So whatever bad incentives the implicit federal guarantee creates have been offset by the fact that Fannie and Freddie were and are tightly regulated with regard to the risks they can take. You could say that the Fannie-Freddie experience shows that regulation works. [emphasis mine] Critics were quick to point out that Krugman had his facts wrong.¹ As Charles Calomiris and Peter Wallison of the American Enterprise Institute (Wallison is also a member of the financial crisis inquiry commission) explained, “Here Krugman demonstrates confusion about the law (which did not prohibit subprime lending by the GSEs), misunderstands the regulatory regime under which they operated (which did not have the capacity to control their risk-taking), and mismeasures their actual subprime exposures (which he wrongly states were zero).” So, Krugman shifted his emphasis. In his blog critique of a Financial Times op-ed I wrote in June 2010, Krugman no longer argued that Fannie and Freddie could not buy subprime mortgages. Instead, he emphasized the slightly falling share of Fannie and Freddie’s residential mortgage securitizations in the years 2004 to 2006 as the reason they were not responsible. Here again he presents a misleading picture. Not only did Fannie and Freddie purchase whole subprime loans that were not securitized (and thus not counted in its share of securitizations), they also bought substantial amounts of private-label mortgage-backed securities issued by others.² When taking these into account, Fannie and Freddie’s share of the subprime market financing did increase even in those years. Of course, one could question this form of analysis. Asset prices and bubbles have momentum. Even if Fannie and Freddie had simply ignited the process, and not fueled it in the go-go years of 2004–2006, they would bear some responsibility. Krugman never considers this possibility. In the current review piece, Krugman first quotes Crisis Economics: A Crash Course in the Future of Finance, by Nouriel Roubini and Stephen Mihm : The huge growth in the subprime market was primarily underwritten not by Fannie Mae and Freddie Mac but by private mortgage lenders like Countrywide. Moreover, the Community Reinvestment Act long predates the housing bubble… Overblown claims that Fannie Mae and Freddie Mac single-handedly caused the subprime crisis are just plain wrong.³ Clearly, Fannie and Freddie did not originate subprime mortgages directly—they are not equipped to do so. But they fueled the boom by buying or guaranteeing them. Indeed, Countrywide was one of their largest originators of subprime mortgages, according to work by Ed Pinto, a former chief credit officer of Fannie Mae,⁴ and participated from very early on in Fannie Mae’s drive into affordable housing. For instance, consider this press release from 1992: Countrywide Funding Corporation and the Federal National Mortgage Association (Fannie Mae) announced today that they have signed a record commitment to finance $8 billion in home mortgages. Fannie Mae said the agreement is the single largest commitment in its history… The $8 billion agreement includes a previously announced $1.25 billion of a variety of Fannie Mae's affordable home mortgages, including reduced down payment loans… "We are delighted to participate in this historic event, and we are particularly proud that a substantial portion of the $8 billion commitment will directly benefit lower income Americans," said Countrywide President Angelo Mozilo… "We look forward to the rapid fulfillment of this commitment so that Countrywide can sign another record-breaking agreement with Fannie Mae," Mozilo said. "Countrywide's commitment will provide home financing for tens of thousands of home buyers, ranging from lower income Americans buying their first home to middle-income homeowners refinancing their mortgage at today's lower rates," said John H. Fulford, senior vice president in charge of Fannie Mae's Western Regional Office located here. Of course, as Fannie and Freddie bought the garbage loans that lenders like Countrywide originated, they helped fuel the decline in lending standards. Also, while the Community Reinvestment Act was enacted in 1979, it was the more vigorous enforcement of the provisions of the Act in the early 1990s that gave the government a lever to push its low-income lending objectives, a fact the Department of Housing and Urban Development was once proud of (see the HUD press releases below). cont... Paul Krugman: Many Are the Errors - Raghuram Rajan, The American Krugman is nothing if not consistant in his idiocy. krugman is worse than merely a bad economist... he is a snake oil salesman. First of all, bubbles last 10 years or less. The real estate boom ended in 2007-2008. So whatever reason Fannie and Freddie had doing business with Countrywide, it had no impact in the poping of the levage bubble, dealing with real estate, that popped in 2007-2008. In 2000, as HUD revisited its affordable-housing goals, the housing market had shifted. With escalating home prices, subprime loans were more popular. Consumer advocates warned that lenders were trapping borrowers with low "teaser" interest rates and ignoring borrowers' qualifications. HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay. Freddie and Fannie adopted policies not to buy some high-cost loans. IndyMac Bank was founded as Countrywide Mortgage Investment in 1985 by David S. Loeb and Angelo Mozilo^[10]^[11] as a means of collateralizing Countrywide Financial loans too big to be sold to Freddie Mac and Fannie Mae. In 1997, Countrywide spun off IndyMac as an independent company run by Mike Perry, who remained its CEO until the downfall of the bank in July of 2008.^[ The primary causes of IndyMac’s failure were largely associated with its business strategy of originating and securitizing Alt-A loans on a large scale. This strategy resulted in rapid growth and a high concentration of risky assets...................... IndyMac often made loans without verification of the borrower’s income or assets, and to borrowers with poor credit histories. Appraisals obtained by IndyMac on underlying collateral were often questionable as well. As an Alt-A lender, IndyMac’s business model was to offer loan products to fit the borrower’s needs, using an extensive array of risky option-adjustable-rate-mortgages (option ARMs), subprime loans, 80/20 loans, and other nontraditional products. Ultimately, loans were made to many borrowers who simply could not afford to make their payments. http://en.wikipedia.org/wiki/IndyMac_Bank In 2003, the two bought $81 billion in subprime securities. In 2004, they purchased $175 billion -- 44 percent of the market. In 2005, they bought $169 billion, or 33 percent. In 2006, they cut back to $90 billion, or 20 percent. The question is who bought the mortages that F&F didn't buy and why. thinking is a dangerous thing
alaskaone	Share to: #38
Rank：TAE Member Score：19447 Posts：17177 From：USA Register：12/03/2008 3:25 AM	Re：Paul Krugman - P.O.S. Date Posted：05/28/2012 4:15 AMCopy HTML When Paul Krugman dies, he’ll be primarily remembered for three things: He won the 2008 Nobel Prize in economics; he has been one of the world’s most-read and most-influential political pundits; and he said with total seriousness (watch the video) that a way to fix America’s economy would be for the government to spend a ton of money preparing for a nonexistent alien invasion because at least that would get people working. I’ll save you the trouble of writing in with the riposte, “Where’s your Nobel Prize?” The Nobel committee is not infallible (the guy who invented the lobotomy and declared it “always safe” got a Nobel), but even if it was, Krugman’s award was not for political philosophy but for an arcane point of technical analysis, and even if it were for political philosophy, many economists with the opposite philosophy (Milton Friedman, Gary Becker, Friedrich Hayek) have also won the Nobel. http://www.nypost.com/p/news/opinion/opedcolumnists/krug_attacks_cv5ld2kSZ5DFnNMQcxt8aJ This was a really excellent look at krugmanism... well worth the read. Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken
WRS10	Share to: #39
Rank：TAE Member Score：3625 Posts：3475 From：United Kingdom Register：12/04/2008 10:50 PM	Re：Paul Krugman - P.O.S. Date Posted：05/28/2012 8:20 AMCopy HTML "Krugman’s award was not for political philosophy but for an arcane point of technical analysis" Yes indeed, not for the management of an economy. In that role he is just a layman.
alaskaone	Share to: #40
Rank：TAE Member Score：19447 Posts：17177 From：USA Register：12/03/2008 3:25 AM	Re：Paul Krugman - P.O.S. Date Posted：02/19/2013 7:39 AMCopy HTML Still more on the general douchebaggery of paul krugman... but also quite a bit on the origins of the housing bubble, financial crisis and the myths of deregulation. As always, whenever Krugman goes on a partisan political screed, truth is left behind, and his recent column is no exception. While I have no problem with his criticizing Republicans, nonetheless I actually would want for him to get his criticisms correct, especially his points that the Republican Party is dedicated to laissez-faire economics and actually cutting the size and scope of government. Unfortunately, he decides to make essentially this set of claims: The financial meltdown was purely the fault of private enterprise except for one governmental error: it did not regulate enough; The GSEs, Freddie and Fannie, had absolutely nothing to do with the meltdown. http://lewrockwell.com/anderson/anderson358.html Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken
WRS10	Share to: #41
Rank：TAE Member Score：3625 Posts：3475 From：United Kingdom Register：12/04/2008 10:50 PM	Re：Paul Krugman - P.O.S. Date Posted：03/09/2013 7:40 PMCopy HTML I am surprised that no-one else has posted this. In these difficult times I would have thought that many would have sought to keep costs down by using this opportunity for a cheap laugh! Paul Krugman Declares Personal Bankruptcy http://dailycurrant.com/2013/03/06/paul-krugman-declares-personal-bankruptcy/ Economist and columnist Paul Krugman declared personal bankruptcy today following a failed attempt to spend his way out of debt. In a Chapter 13 filing to the United States Bankruptcy Court in the Southern District of New York, lawyers for Krugman listed $7,346,000 in debts versus $33,000 in assets. The majority of his debts are related to mortgage financing on a $8.7 million apartment in lower Manhattan, but the list also includes $621,537 in credit card debt and $33,642 in store financing at famed jeweler Tiffanys and Co. The filing says that Krugman got into credit card trouble in 2004 after racking up $84,000 in a single month on his American Express black card in pursuit of rare Portuguese wines and 19th century English cloth Rather than tighten his belt and pay the sums back, the pseudo-Keynesian economist decided to "stimulate" his way to a personal recovery by investing in expenses he hoped would one day boost his income. Between 2004 and 2007 Krugman splurged on expensive cars, clothes, and travel in hopes that the new lifestyle would convince his bosses at the New York Times to give him a giant raise. Who is they? "They say always dress for the job you want," Krugman explains. "So I thought maybe if I showed up in $70,000 Alexander Amosu suits they would give me ownership of part of the company. If I had only been granted a sliver of the New York Times Co., I could have paid everything back." Even after he realized an equity stake was not going to happen, Krugman continued to spend wildly hoping his bling and media appearances would increase demand for his personal brand and lift his book sales. His biggest mistake came in 2007, when at the height of the financial bubble he decided to invest in high-end real estate in New York City. His multi-million dollar apartment lost 40 percent of its value just months after its purchase, and has been underwater ever since. "You'd think a Nobel Prize winning economist could recognize a housing bubble," says Herman Minsky, a retired television executive who purchased Krugman's home at a huge discount. "But hey, I'm not complaining." http://www.shakesville.com/2011/11/wank-swap-s1-e5.html
alaskaone	Share to: #42
Rank：TAE Member Score：19447 Posts：17177 From：USA Register：12/03/2008 3:25 AM	Re：Paul Krugman - P.O.S. Date Posted：03/09/2013 9:40 PMCopy HTML I believe the daily currant is an "onion" type site, is it not? Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken
WRS10	Share to: #43
Rank：TAE Member Score：3625 Posts：3475 From：United Kingdom Register：12/04/2008 10:50 PM	Re：Paul Krugman - P.O.S. Date Posted：03/09/2013 11:39 PMCopy HTML I believe the daily currant is an "onion" type site, is it not? Do you mean that they are pointing out that if he followed his own public policies in his private life he would fall flat on his face? You coud be right!
Hayekian	Share to: #44
Rank：TAE Member Score：3843 Posts：3723 From：USA Register：12/05/2008 3:35 AM	Re：Paul Krugman - P.O.S. Date Posted：03/10/2013 12:26 PMCopy HTML I am laughing at the piece - however, the reality of what the Federal Government is doing isn't funny at all. Comment: Part of the present problem in Washington is the lack of compromise. Response: It's always better for the bully when the bullied does not resist, isn't it?
alaskaone	Share to: #45
Rank：TAE Member Score：19447 Posts：17177 From：USA Register：12/03/2008 3:25 AM	Re：Paul Krugman - P.O.S. Date Posted：07/18/2014 8:14 AMCopy HTML It appears mr. krugman has finally gotten what he so richly deserves. Professor Paul Krugman is leaving Princeton. Is he leaving in disgrace? Not long, as these things go, before his departure was announced Krugman thoroughly was indicted and publicly eviscerated for intellectual dishonesty by Harvard’s Niall Ferguson in a hard-hitting three-part series in the Huffington Post, beginning here, and with a coda in Project Syndicate, all summarized at Forbes.com. Ferguson, on Krugman: Where I come from … we do not fear bullies. We despise them. And we do so because we understand that what motivates their bullying is a deep sense of insecurity. Unfortunately for Krugtron the Invincible, his ultimate nightmare has just become a reality. By applying the methods of the historian – by quoting and contextualizing his own published words – I believe I have now made him what he richly deserves to be: a figure of fun, whose predictions (and proscriptions) no one should ever again take seriously. Move up http://i.forbesimg.com t Move down Princeton, according to Bloomberg News, acknowledged Krugman’s departure with an extraordinarily tepid comment by a spokesperson. “He’s been a valued member of our faculty and we appreciate his 14 years at Princeton.” http://www.forbes.com/sites/ralphbenko/2014/07/14/is-paul-krugman-leaving-princeton-in-quiet-disgrace/ Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken
alaskaone	Share to: #46
Rank：TAE Member Score：19447 Posts：17177 From：USA Register：12/03/2008 3:25 AM	Re：Paul Krugman - P.O.S. Date Posted：01/09/2020 1:58 AMCopy HTML Krugman Says Hacker Downloaded 'Child Porn' Using His IP Address... Why does this not surprise me? Come to the Dark Side. We have cookies. The advantage of insinuations over hard arguments is that they bypass critical thought. No one can respond precisely to a charge that is utterly vague or to accusers who will envelope any reply in a poisonous fog of further insinuations. ~ David Warren, The Guardian There was a time when there was enough freedom that it hardly mattered which brand of crooks ran government. That has not been true for a long time and that captures an important point. The more powerful the government becomes, the more people are willing to do in order to seize the prize, and the more afraid they become when someone else has control. ~ Glenn Harlan Reynolds “The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.” ― H.L. Mencken