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1 Bob Dillon  Tue, May 1, 2012 10:39:12am

Excellent post.

This Time Is Different: Eight Centuries of Financial Folly

[Link: www.amazon.com…]

2 Romantic Heretic  Tue, May 1, 2012 11:19:46am

Watching the first 40 seconds was painful. That talking head reminded me of someone on Soviet TV, unable to speak save in talking points.

And since when has Ron Paul been a ‘pillar of economics’? When was the last time he won a Nobel Prize for economics? Or even had a peer reviewed economics paper released? He’s a politician, lady?

On to the next.

3 aagcobb  Tue, May 1, 2012 12:35:54pm

You may not like Krugman, but he has been saying all along that slashing government spending while in an economic downturn is bad policy, and the events in Europe, from the depression level unemployment in the South to the double-dip recession in the U.K., have been proving him right. Unfortunately we may get the opportunity to prove him right again next year if the GOP gains control of the Senate and the White House this November.

4 (I Stand By What I Said Whatever It Was)  Tue, May 1, 2012 12:45:38pm
5 (I Stand By What I Said Whatever It Was)  Tue, May 1, 2012 1:10:08pm

My question: [Link: www.reddit.com…]

6 SpaceJesus  Tue, May 1, 2012 1:23:02pm

the host really liked paul. also, not much of an organized debate by any means

7 Dark_Falcon  Tue, May 1, 2012 5:00:57pm

re: #6 SpaceJesus

the host really liked paul. also, not much of an organized debate by any means

Ron Paul doesn’t act nasty. Crazy, yes, but not mean or unpleasant and that can carry weight with a host sometimes. They are happy to have a polite guest who doesn’t throw their weight around.

8 (I Stand By What I Said Whatever It Was)  Tue, May 1, 2012 11:28:16pm

re: #7 Dark_Falcon

That’s a pretty elaborate way to say that Krugman’s nasty.

9 (I Stand By What I Said Whatever It Was)  Wed, May 2, 2012 2:11:15am

re: #3 aagcobb

You may not like Krugman, but he has been saying all along that slashing government spending while in an economic downturn is bad policy, and the events in Europe, from the depression level unemployment in the South to the double-dip recession in the U.K., have been proving him right.

I think this is hooey. In the same way you could say that Ron Paul has been predicting the crash of 07/08 all along. If some guy says the tide will go out because of unicorns and some other guy says the tide will go in because of leprechauns, neither guy is proven right by the tide going in and out.

What’s true is that both Paul and Krugman rely on ideological assumptions that place absolute values on either the private sector or the government – an ideological divide made popular between World War I and the Cold War –, and they use these assumptions to explain the business cycle. But the business cycle is not the economy, and it is not even the fundamental dynamic shape or nature of the economy.


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