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« BREAKING: Feds Open Criminal Investigation Into Bank Foreclosure Fraud | Main | Illinois $10 Billion Pension Spiking Timebomb »
Tuesday
Oct192010

Krugman Gives Up On Obama, Stiglitz Warns On QE2

Obamacare money

I can't tolerate Paul Krugman but it's important to keep track of his insanityI've said since day one that he and other Keynesians are political economists

Here's direct proof, from Krug's keyboard.

  • Stimulus, bank rescue, China, foreclosure; it applies all along. At each point there were arguments for not acting; but the cumulative effect has been drift, and a looming catastrophe in the midterms.
  • Or to put it another way, the administration has never missed an opportunity to miss an opportunity. And soon there won’t be any more opportunities to miss.

---

 

Also this morning, Joseph Stiglitz, a Keynesian, is warning about QE, again:

  • It should be obvious that monetary policy has not worked to get the economy out of its current doldrums. The best that can be said is that it prevented matters from getting worse. So monetary authorities have turned to quantitative easing. Even most advocates of monetary policy agree the impact of this is uncertain. What they seldom note, though, are the potential long-term costs. The Fed has bought more than a trillion dollars of mortgages and long-term bonds, the value of which will fall when the economy recovers – precisely the reason why no one in the private sector is interested. The government may pretend that it has not experienced a capital loss because, unlike banks, it does not have to use mark-to-market accounting. But no one should be fooled.

 

 

Further reading:

 

Paul Krugman: Huckster, Liar & Debt Apologist: "We Have 5 Or 6 Trillion To Play With Here"

 

Paul Krugman's Newest QE2 Fantasy (VIDEO)

 

And You Thought Bernanke Was Bad: Brad Delong Fantasizes About Replacing Him With A $6 Trillion Quantitative Easer

 

How Stimulus-Zilla Killed Japan, And Why We'll Probably Suffer A Similar Fate

 

Stiglitz: The FED's Flood Of Liquidity Is Throwing The World Into Currency Chaos (Ambrose Says $30 Trillion QE2)

 

WHAT WOULD KRUGMAN SAY -- A Fresh Look At New Zealand's Success SAVING Their Way Through Recession

 

Christina Romer Only Cares About Elections

 

 

 

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HONG KONG — The Chinese government plans a further reduction, of up to 30 percent, next year in its quotas for exports of rare earth minerals, in an attempt to conserve dwindling reserves of the materials, the official newspaper China Daily said Tuesday.

http://www.nytimes.com/2010/10/19/business/global/19mineral.html?_r=1&ref=business
Oct 19, 2010 at 9:57 AM | Registered CommenterDailyBail
Oct 19, 2010 at 10:00 AM | Registered CommenterDailyBail
State antiquated property registration cause of foreclosuregate? WAPO says yes?

http://www.angrybearblog.com/2010/10/state-antiquated-property-registration.html
Oct 19, 2010 at 10:01 AM | Registered CommenterDailyBail
Oct 19, 2010 at 10:08 AM | Registered CommenterDailyBail

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