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Title: Krugman's Rightful Victory Lap - Mone Too...
Source:
The NY Times
URL Source: http://www.nytimes.com/2011/06/03/opinion/03krugman.html?_r=1
Published: Jun 3, 2011
Author: Paul Krugman
Post Date: 2011-06-03 12:10:35 by war
Keywords: None
Views: 140926
Comments: 159
Earlier this week, the Federal Reserve Bank of New York published a blog post about the “mistake of 1937,” the premature fiscal and monetary pullback that aborted an ongoing economic recovery and prolonged the Great Depression. As Gauti Eggertsson, the post’s author (with whom I have done research) points out, economic conditions today — with output growing, some prices rising, but unemployment still very high — bear a strong resemblance to those in 1936-37. So are modern policy makers going to make the same mistake? Mr. Eggertsson says no, that economists now know better. But I disagree. In fact, in important ways we have already repeated the mistake of 1937. Call it the mistake of 2010: a “pivot” away from jobs to other concerns, whose wrongheadedness has been highlighted by recent economic data. To be sure, things could be worse — and there’s a strong chance that they will, indeed, get worse. Back when the original 2009 Obama stimulus was enacted, some of us warned that it was both too small and too short-lived. In particular, the effects of the stimulus would start fading out in 2010 — and given the fact that financial crises are usually followed by prolonged slumps, it was unlikely that the economy would have a vigorous self-sustaining recovery under way by then. By the beginning of 2010, it was already obvious that these concerns had been justified. Yet somehow an overwhelming consensus emerged among policy makers and pundits that nothing more should be done to create jobs, that, on the contrary, there should be a turn toward fiscal austerity. This consensus was fed by scare stories about an imminent loss of market confidence in U.S. debt. Every uptick in interest rates was interpreted as a sign that the “bond vigilantes” were on the attack, and this interpretation was often reported as a fact, not as a dubious hypothesis. For example, in March 2010, The Wall Street Journal published an article titled “Debt Fears Send Rates Up,” reporting that long-term U.S. interest rates had risen and asserting — without offering any evidence — that this rise, to about 3.9 percent, reflected concerns about the budget deficit. In reality, it probably reflected several months of decent jobs numbers, which temporarily raised optimism about recovery. But never mind. Somehow it became conventional wisdom that the deficit, not unemployment, was Public Enemy No. 1 — a conventional wisdom both reflected in and reinforced by a dramatic shift in news coverage away from unemployment and toward deficit concerns. Job creation effectively dropped off the agenda. So, here we are, in the middle of 2011. How are things going? Well, the bond vigilantes continue to exist only in the deficit hawks’ imagination. Long-term interest rates have fluctuated with optimism or pessimism about the economy; a recent spate of bad news has sent them down to about 3 percent, not far from historic lows. And the news has, indeed, been bad. As the stimulus has faded out, so have hopes of strong economic recovery. Yes, there has been some job creation — but at a pace barely keeping up with population growth. The percentage of American adults with jobs, which plunged between 2007 and 2009, has barely budged since then. And the latest numbers suggest that even this modest, inadequate job growth is sputtering out. So, as I said, we have already repeated a version of the mistake of 1937, withdrawing fiscal support much too early and perpetuating high unemployment. Yet worse things may soon happen. On the fiscal side, Republicans are demanding immediate spending cuts as the price of raising the debt limit and avoiding a U.S. default. If this blackmail succeeds, it will put a further drag on an already weak economy. Meanwhile, a loud chorus is demanding that the Fed and its counterparts abroad raise interest rates to head off an alleged inflationary threat. As the New York Fed article points out, the rise in consumer price inflation over the past few months — which is already showing signs of tailing off — reflected temporary factors, and underlying inflation remains low. And smart economists like Mr. Eggerstsson understand this. But the European Central Bank is already raising rates, and the Fed is under pressure to do the same. Further attempts to help the economy expand seem out of the question. So the mistake of 2010 may yet be followed by an even bigger mistake. Even if that doesn’t happen, however, the fact is that the policy response to the crisis was and remains vastly inadequate. Those who refuse to learn from history are condemned to repeat it; we did, and we are. What we’re experiencing may not be a full replay of the Great Depression, but that’s little consolation for the millions of American families suffering from a slump that just goes on and on.
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#45. To: war (#43)
I think I'm going to see if you are telling the truth. If so you get a timeout.
A timeout for what? You seem to have a napoleon complex. Are you shorter than six feet tall?
Why would you give a timeout for telling the truth?
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
war received a 15 min timeout for bozoing the host.
See 48.
You're a petty little tyrant.
Which is an enabled function and does you no harm. You can always email someone, bonehead. "He's ignoring me." Shit Stone, you sound like the Tammy Faye Bakker of forum owners.
rotflmao.
Proxy IP's are amusing.....lmao
I worked for a Japanese company for 9 years. You can't stimulate an economy without giving incentive to spend money. All of their "stimulus" was to give incentive for foreign investments [capital outflow] and exports. But the point is their stimulus plans didn't work either!!!!! They are so far in debt it isn't funny and have publically said they were a waste of time.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Challenge. So you want me to go take pictures of where the signs "WERE" at one time and post them for you?????? LOL......
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Did you take away his milk and cookies too????
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
I'm pretty harsh. 15 min. But I let him keep the cookies.
That may be your point that supports your agenda however that doesn't make it "the" point.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
We had one of those projects a few blocks from my house; the intersection was torn up, the work was done, and the street repaved. Now the signs are gone.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
That may be your point that supports your agenda however that doesn't make it "the" point And the original point was..... "Back when the original 2009 Obama stimulus was enacted, some of us warned that it was both too small and too short-lived". In essence do the same thing the Japanese did and failed at......
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Well goody for you.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
You should have done him a favor and took them away, permanently... that way he wouldn't have to keep wearing spandex
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
The 2009 stim worked. No matter by what measure you care to apply it worked. Just because the US is experiencing what is actually near the long term trend growth as opposed to above trend growth it does not mean that the stim was a failure.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." The Japanese did - and have done - nothing to stimulate domestic consumption.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." What's so funny Boofer? That you're an idiot or that Stone is?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." All projects in Ohio were completed or are near completion. Google it if you don;t believe me.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." So their population is growing but they're not buying anything made in their own country???? Sounds familiar doesn't it!!!!!
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
All projects in Ohio were completed or are near completion. Google it if you don;t believe me. So why don't you just send me the link.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Ask Boofer...I'm not your file clerk.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Japan raised the consumption tax, what effect do you think that would have on domestic buying?
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
He's not your file clerk.
Ha...beat you by 34 seconds... By Goldi's definition he's trying to "censor" me...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." I'm starting to get a little bit tired of spoon feeding these grossly under-informed people. All that they do is regurgitate talk radio and Fox News lies or believe some Moonbat website - as in Capitaine Erica.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." What gets me is when theory meets real life and fails, they seem to think reapplying the failed theory will yield a different result.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
You are still acting like a coward. What are you afraid of little boy? Grow up.
Title: Krugman's Rightful Victory Lap - Mone Too... ROFLMAO! They don't get any more moon-batty, than the NY Times.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
Dumbass, you're a legend in your own mind. All you do is take whatever situation exists and use whatever convenient, available left wing talking points that exist to credit moonbats if it's good news or blame conservatives if it's bad news. That's it. That's all you are, and it's pretty fucking transparent. You say we should have had more stimulus? 800 fucking billion was not enough? How much would have been enough? 900 billion? 2 trillion? 100 trillion? Ask just about any small business owner right now what the problem is and they will tell you that they are content not to expand because they don't want to stick their necks out to wait for Obama's left wing Sword of Damacles to chop their head off.
Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??
Not even half that amount has been spent.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Cutting spending will slow the economy. Economics 101 - See U.S. 1937, UK 2011 Increasing spending when you're broke will do what? What brought us to this point? Keynesians Gone Wild! Film at 11:00.
Tag lines are gay.
Let's not forget about Bush's $700 billion bailout.
Tag lines are gay.
Wasn't that the size of the tax cut that you just claimed would get jobs going again? Wasn't that also around what your hero spent on wars that a) he borrowed and b) fucked up? The tax credits in the stim and the demand side incentives should have remained open ended. Ask just about any small business owner right now what the problem is and they will tell you that they are content not to expand because they don't want to stick their necks out to wait for Obama's left wing Sword of Damacles [sic] to chop their head off. You're asking one now, nutjob. I've received more "incentives" in the last two years than I had during the previous 8.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Bankers stole the treasury by lending it out according to policies they lobbied for?
You believe that Obama's BC was forged. They don't get any more moon-batty than YOU.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." I didn't like that and all I can say is that Bernanke and Paulson told Bush that if it wasn't passed, a collapse of the Nation's banking system was imminent. Evaluations of the results have been mixed.
Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??
Feel free to link us to your bitching about it, fifty yard line...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Best summary yet!
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Comments (86 - 159) not displayed.
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#46. To: A K A Stone (#45)
#47. To: A K A Stone (#45)
I think I'm going to see if you are telling the truth. If so you get a timeout.
#48. To: Fred Mertz (#46)
#49. To: lucysmom (#47)
#50. To: A K A Stone (#48)
#51. To: A K A Stone (#48)
"war received a 15 min timeout for bozoing the host."
#52. To: A K A Stone (#48)
#53. To: war (#44)
Ask the Japanese about stimulus plans
#54. To: war (#40)
"EXCEPT" the signs are gone, guess that's what the money was for to put up and take down signs..... phucking brilliant!!!!
#55. To: A K A Stone (#48)
war received a 15 min timeout for bozoing the host.
#56. To: CZ82 (#55)
#57. To: CZ82 (#53)
But the point is their stimulus plans didn't work either!!!!!
#58. To: CZ82 (#54)
So you want me to go take pictures of where the signs "WERE" at one time and post them for you?????? LOL......
#59. To: lucysmom (#57)
But the point is their stimulus plans didn't work either!!!!!
#60. To: lucysmom (#58)
We had one of those projects a few blocks from my house; the intersection was torn up, the work was done, and the street repaved. Now the signs are gone.
#61. To: A K A Stone (#56)
I'm pretty harsh. 15 min. But I let him keep the cookies.
#62. To: CZ82 (#53)
But the point is their stimulus plans didn't work either!!!!!
--GW Bush
#63. To: CZ82 (#59)
In essence do the same thing the Japanese did and failed at......
--GW Bush
#64. To: Badeye (#52)
--GW Bush
#65. To: CZ82 (#54)
So you want me to go take pictures of where the signs "WERE" at one time and post them for you?????? LOL......
--GW Bush
#66. To: war (#63)
The Japanese did - and have done - nothing to stimulate domestic consumption.
#67. To: war (#65)
So you want me to go take pictures of where the signs "WERE" at one time and post them for you?????? LOL......
#68. To: CZ82 (#67)
--GW Bush
#69. To: CZ82 (#66)
So their population is growing but they're not buying anything made in their own country????
#70. To: CZ82 (#67)
#71. To: Fred Mertz (#70)
--GW Bush
#72. To: lucysmom (#69)
--GW Bush
#73. To: war (#72)
All that they do is regurgitate talk radio and Fox News lies or believe some Moonbat website - as in Capitaine Erica.
#74. To: A K A Stone (#49)
See 48.
#75. To: war, Capitalist Eric (#72)
believe some Moonbat website - as in Capitaine Erica
Source: The NY Times
Post Date: 2011-06-03 12:10:35 by war 
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#76. To: war (#72)
I'm starting to get a little bit tired of spoon feeding these grossly under-informed people.
#77. To: no gnu taxes (#76)
800 fucking billion was not enough?
#78. To: go65 (#26)
You're blaming falling job growth on spending cuts?
#79. To: no gnu taxes, war (#76)
You say we should have had more stimulus? 800 fucking billion was not enough?
#80. To: no gnu taxes (#76)
You say we should have had more stimulus? 800 fucking billion was not enough?
--GW Bush
#81. To: We The People (#78)
(Edited)
What brought us to this point?
#82. To: hondo68 (#75)
They don't get any more moon-batty, than the NY Times.
--GW Bush
#83. To: We The People (#79)
Let's not forget about Bush's $700 billion bailout.
#84. To: no gnu taxes (#83)
I didn't like that
--GW Bush
#85. To: mininggold (#81)
Bankers stole the treasury by lending it out according to policies they lobbied for?
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