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« Goldman Sachs Goes PE On China, EU Says Greece Needs More Austerity, Ron Paul Makes It Official For 2012 (LINKS) | Main | Paul Krugman: Huckster, Liar & Debt Apologist: "We Have 5 Or 6 Trillion To Play With Here" »
Friday
May132011

Paul Krugman Kicks Elite Ass, Faceplants Into Keynes

Strange bedfellows.  I've said it since day 1.  Krugman was right about the bailouts and wrong about everything else.  In his latest column, he's right again. And then horribly, horribly wrong.

Read it yourself...

Krug nicely delineates the issue then loses all credibility with his call for more stimulus and huge deficits to spur job growth.  That part won't work.  We've had nothing but stimulus since 2007 and nothing to show for it.  Extend and pretend can't work if you don't have the dough, and even then the odds are stacked against you.  Deleveraging from 40-1 is a bitch, even when the Fed is buying, and Brian Sack is drunk on the trading floor.

The problem as we've written many times is political.  Politicians can't handle truth or recessions.  The corporate and state solution should involve cutting back, regrouping, paring un-needed expenses and preparing for future growth not based on insanely cheap and flippant credit.  Our corporations have perfected it; our governments (local, state, federal) -- not so much.

What we get from Washington instead are endless attempts to re-blow an unsustainable, unrealistic, debt-laced, bubble economy.  It popped and there's a big fu^king hole in the side.  It will not inflate.  Look at Japan and stop.  Just stop.  Force banks to deal with the crap assets.  Do not ignore the problem or we'll be talking about stimulus #30 in 2017, still wondering why the economy is sputtering, and debating which leg of the WWW economic curve might be right around the corner.

 

 

 

 

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Reader Comments (4)

"The problem as we've written many times is political. Politicians can't handle truth or recessions."
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Hear, hear! Yup, this is at the heart of all of it -- both the "stimulus" and the bailouts.
May 13, 2011 at 2:27 PM | Registered CommenterDr. Pitchfork
this isn't good news...

Court: No right to resist illegal cop entry into home

http://www.nwitimes.com/news/local/govt-and-politics/article_ec169697-a19e-525f-a532-81b3df229697.html
May 13, 2011 at 3:19 PM | Registered CommenterDailyBail
Yep, saw the unlawful entry story. How bizarre. The quote from the dissent pointed out the obvious -- that a particularly narrow case (a domestic violence call) had been decided in extremely broad terms. Does the decision mean you have to let police inside always -- no matter what?

All I can say is "Get a brain, morans!"
http://www.flickr.com/photos/eexlebots/513709851/
May 13, 2011 at 5:21 PM | Registered CommenterDr. Pitchfork

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