Paul Krugman Is as Bad as You Thought

Remember some time ago, when people dug up old statements by Paul Krugman, from around 2001-2003, in which he said it would be good for the economy to blow up a housing bubble? Krugman and his supporters had all kinds of excuses for these statements. Why, I was only joking — this was one line Krugman tried to put forth, even though it was obviously a lie based on the context and the sheer number of times he called for artificial stimulus to housing.

Well, not long ago the great Danny Sanchez revisited the whole issue, and it turns out Krugman and his fans haven’t got a leg to stand on. You will find this interesting, I guarantee.

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  • devo

    “The man is willfully missing the point.” , sums up krugman pretty well

  • Anonymous

    Krugman’s comeuppance is long overdue. His theories are hazardous to our health.

  • Bill

    Krugman: often in error, never in doubt. As maddening as his foolishness can be, the arrogance with which he proclaims it is particularly so.

  • Gamble

    The Krugman deity bubble is about to bust, lol.

  • http://www.facebook.com/people/Robert-Roddis/707435410 Robert Roddis

    In 2002 Krugman said that,

    “Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.”

    http://www.nytimes.com/2002/08/02/opinion/dubya-s-double-dip.html

    In 2005, Krugman admitted that the Fed had created a housing bubble and that it wasn’t surprising because…

    “After all, the Fed’s ability to manage the economy mainly comes from its ability to create booms and busts in the housing market.”

    http://www.nytimes.com/2005/05/27/opinion/27krugman.html

    But by 2010 Krugman completely changed his story and tried to absolve the Fed by saying…

    “These considerations suggest that it would be wrong to attribute the real estate bubble wholly, or even in large part, to misguided monetary policy.”

    http://www.nybooks.com/articles/archives/2010/sep/30/slump-goes-why/?pagination=false

    And then by 2012 Krugman started flat-out lying about what he said in the past by claiming he “never bought the story” that the Fed was the cause of the Housing Bubble. I guess it was the other Paul Krugman at the NYT who wrote that column in 2005.

    http://www.youtube.com/watch?v=KrfRS07CAHc ( video: 32:40 mark )

    And most recently Krugman has said that the housing bubble was “just one of those things that happens” every once in a while.

    http://www.youtube.com/watch?v=PD-EWxl_s4o&feature=plcp

  • http://www.facebook.com/jeremy.r.hammond Jeremy R. Hammond

    I wrote book about it: http://www.amazon.com/Ron-Paul-vs-Krugman-Keynesian/dp/1470070723