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Title: DAVID FRUM: It's Time We Republicans Finally Admitted That Paul Krugman Has Been Right
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URL Source: http://www.businessinsider.com/david-frum-paul-krugman-right-2011-10
Published: Oct 23, 2011
Author: http://www.businessinsider.com/david-fru
Post Date: 2011-10-23 18:47:06 by tom007
Keywords: None
Views: 306
Comments: 40
DAVID FRUM: It's Time We Republicans Finally Admitted That Paul Krugman Has Been Right Henry Blodget | Oct. 23, 2011, 12:51 PM | 8,313 | 84 A A A inShare65 unemployment line great depression Image: Library of Congress, Prints & Photographs Division, FSA-OWI Collection See Also: krugman KRUGMAN: Austerity Has Failed -- It's Time For Debt Restructuring In Europe chart PAUL KRUGMAN: This Chart Disproves The GOP Fantasy About Reagan Tax Cuts Hitler KRUGMAN: I'm Terrified About This Europe Situation (And Bored) Few economists have been more correct about the economic crisis of the last several years than the proudly liberal Paul Krugman. Krugman spotted the "liquidity trap" early on (since the problem with the economy was too much debt, cutting rates and creating easier money would not get us out of it). Krugman shot down the hyperventilation about a coming hyper-inflation, arguing that the global labor glut would prevent easy credit from inflating wages. Krugman quickly pronounced the Obama Administration's stimulus as far too small and said it would not get the job done. Krugman scoffed at the idea that interest rates were about to skyrocket as our creditors decided en masse that we were so fiscally irresponsible that they couldn't possibly lend us any more money. He has been right on all counts. Recently, Krugman has denounced the "austerity" push of the GOP, arguing that tackling our debt and deficit problem right now with spending cuts is the worst move we can make. Such cuts, Krugman argues, will put more people out of work and shrink the economy. And this, in turn, will increase, not decrease, the deficit. Krugman thinks we should tackle the debt and deficit problem later, when the economy is on more solid footing. He points to record-low interest rates as a sign that the world is still willing to lend us as much money as we want, practically for nothing. And he argues that, instead of cutting back, we should be using that money to build infrastructure, strengthen the economy, and put more Americans back to work. And some Republicans, it seems, are starting to notice. A couple of months back, Republican commentator David Frum made a startling observation: Imagine, if you will, someone who read only the Wall Street Journal editorial page between 2000 and 2011, and someone in the same period who read only the collected columns of Paul Krugman. Which reader would have been better informed about the realities of the current economic crisis? The answer, I think, should give us pause. Can it be that our enemies were right? Will Frum be ostracized for that remark? After all, Paul Krugman is supposed to be Public Enemy No. 1. Or will more Republicans begin to agree that, although government spending does indeed need to be cut eventually, and the debt problem does need to be addressed, suddenly chopping, say, $1 trillion of government spending next year is not the best way to get ourselves out of this mess? SEE ALSO: Here's What's Wrong With The Economy (And Here's How To Fix It) Please follow Business Insider on Twitter and Facebook. Follow Henry Blodget on Twitter. Read more: www.businessinsider.com/d...ght-2011-10#ixzz1beBuFYve
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#1. To: tom007 (#0)
Krugman is nuts. We must cut now. More debt is just insane. Break the Conventions - Keep the Commandments - G.K.Chesterson we must, at all costs, refuse to acknowledge the basic problem.
End the FED as we know it excepting the clearinghouse for commercial paper. Put the internal economy on copper/silver/gold backed currency or coinage. We "must" have manufacturing/production that creates jobs and middle class wealth. There should be a moratorium on foreclosures until unemployment hits 5%. All derivative related debt should be wiped from the books. (You play - you pay). "the man who puts all the guns and all the decision-making power into the hands of the central government and then says, “Limit yourself”; it is he who is truly the impractical utopian." Murray Rothbard
Go Iceland and just erase the fake debt. It's all a fiction. Break the Conventions - Keep the Commandments - G.K.Chesterson it's fiction until you have to pay the gardener.
Many "landscapers" (and other associated crafts) were left unemployed as new housing construction came to a halt - I suppose the Wall Street "gardeners" are probably still busy. "the man who puts all the guns and all the decision-making power into the hands of the central government and then says, “Limit yourself”; it is he who is truly the impractical utopian." Murray Rothbard
Tell that to the Grocery Store. I have seen grocery prices increase by as much as a third or more on some items over the last 3 years and particularly over the last 18 months. I went to Trader Joe's yesterday for the first time in about 4 months and the change in prices of some items was noticeable. A 2 lb bag of Organic Sugar had gone from $2.79 to $3.49. Grass Fed Ground Beef from 5.99 to 6.99 a pound and coffee, depending on variety, had increased a buck to a buck and a half a can. Some items had remained unchanged flour for one. However, Parmesano Reggiano which I began buy from TJ's at 7.49 a pound in the mid to late 90's is now 14.49 a pound - it has almost doubled in that time. Butter is another one I notice because I bake a lot in the winter. Two years ago I could find it for 1.99 a pound and occasionally less (In the late 90's I was complaining when it hit .99 per pound - so from about 1998 until now butter has roughly tripled in price). It is now pretty uniformly 2.99 a pound - up a third in about 18 months (and at times I have seen it up to 3.29 a pound where I shop). The fastest stimulus that one could give to the economy is to cut ALL taxes across the board in half. Consumers are much more intelligent in squeezing every ounce of value out of a dollar spent for their own benefit rather government funneling it to their cronies. Any government spending should go toward refurbishing infrastructure such as roads and bridges. Freaking Keynesians have NO CLUE as they are in love with the Robber Baron State where their version is that government takes from everybody and then gives back a few crumbs after taking a cut for the service of vacuuming your wallet. The problem is not that the stimulus was too small so much as how it was apportioned - to crooks, criminals, con artists, and gangsters who had inside connections to the money spigot. Most of the stimulus went to foreign banks who had gotten robbed by fraud by American banksters (who in turn are controlled by the Rothschilds in London). Anyone want to buy some Syngenta Stock? i'm assuming, from lod's diet of lobster-stuffed salmon, that he hires gardeners. wall street gardeners will get what's coming to them, because that's what makes the system work. if you got to be persecuted, you will do stuff that gurarantees you'll be persectued. simple
I don't know who would not agree with the latter statement. Paul argued that the 800B was woefully insufficent to, and as, you pointed out, a lot of that was basically soaked up by corruption. He was shooting for something like 1.2 T to have the effect needed. That said, I do believe the repubs would actually burn down the middle class to make them more powerful. deleted
The relationship between morality and liberty is a directly proportional one.
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The relationship between morality and liberty is a directly proportional one.
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The relationship between morality and liberty is a directly proportional one.
I didn't know we were bashing trust fund babies and/or slum lods ! "the man who puts all the guns and all the decision-making power into the hands of the central government and then says, “Limit yourself”; it is he who is truly the impractical utopian." Murray Rothbard
well, i got to say that anyone that brags about feeding his dogs lobster- stuffed salmon is in deep trouble with someone who has to think twice about buying a can of tuna.
Ha !!! That Lod is such a kidder ! "the man who puts all the guns and all the decision-making power into the hands of the central government and then says, “Limit yourself”; it is he who is truly the impractical utopian." Murray Rothbard
yeah... poor ol' lod, living out on the texas prairie in a shitty little trailer, pretneding he is rich enough to feed his dogs lobster and salmon.
They are just the other half of the scam - Yin and Yang - "Thesis and Anti-thesis". Oh'bummer's largest source of campaign funds was Wall Street. Both parties are, at this point in time, controlled by the same people and the only difference is "Branding" so that their mouthings appeal to different segments and they are used to forward different agenda items. Bush was put in to start the ball rolling on endless wars in the Middle East and Oh'bummer has mouthed one thing while continuing about 80% of the Bush Foreign Policy. We just saw that with the hunting down and whacking of Ghadaffi by Al Qaeda Mercenaries working for NATO. It is all a big con job - a PsyOp to forward a completely different agenda. I think it has been about 3 months since I last saw it at 2.79 - that was for the "Challenge" 1 pound bricks. TJ's had cubes yesterday for 2.99. Let it go already. No, that's me (actually a small house) ! And, I feed my farm cats "dog food" cause it's cheaper and they can't read the can ! "the man who puts all the guns and all the decision-making power into the hands of the central government and then says, “Limit yourself”; it is he who is truly the impractical utopian." Murray Rothbard
Brillant. Butter here has been a steady $2.98 for at least a year ... and it was almost $4.00 for awhile. "the man who puts all the guns and all the decision-making power into the hands of the central government and then says, “Limit yourself”; it is he who is truly the impractical utopian." Murray Rothbard
DONT EAT BUTTER!! Spread it around. deleted
The relationship between morality and liberty is a directly proportional one.
WK Black was the overseer of the RTC. He knows the system inside out: William K. Black says: There has been no honest examination of the crisis because it would embarrass C.E.O.s and politicians . . . Instead, the Treasury and the Fed are urging us not to examine the crisis and to believe that all will soon be well. There have been no prosecutions of the chief executives of the large nonprime lenders that would expose the “epidemic” of fraudulent mortgage lending that drove the crisis. There has been no accountability… The Obama administration and Fed Chairman Ben Bernanke have refused to investigate the nature and causes of the crisis. And the administration selected Timothy Geithner, who with then Treasury Secretary Paulson bungled the bailout of A.I.G. and other favored “too big to fail” institutions, to head up Treasury. Now Lawrence Summers, head of the White House National Economic Council, and Mr. Geithner argue that no fundamental change in finance is needed. They want to recreate a secondary market in the subprime mortgages that caused trillions of dollars of losses. Traditional neo-classical economic theory, particularly “modern finance theory,” has been proven false but economists have failed to replace it. No fundamental reform can be passed when the proponents are pretending that there really is no crisis or need for change. Interestingly Aldi is owned by the same German family that owns TJ's. However, they are operated under a different motif. TJ's is a specialty store that sells gourmet goods while undercutting gourmet stores and Aldi is a volume operation that purchases in huge volume, negotiating razor thin margins, pays cash, on time, and then moves it all through as fast as they can while maintaining an acceptable margin. I wish we had an Aldi here. However, their strategy seems to have been moving TJ's West to East and Aldi East to West. Aldi has barely moved into the Midwest, and TJ's the same coming from the other direction. While strictly speaking I am not a Neo-Classist, rather somewhere between a Monetarist and Austrian, calling the Bush Junta's and Neobankster economics of Oh'bummer "classical" is a gas. They are pure and simple both "Crony Captitalists" and are following a Kleptocratic model of Neo-Feudalistic Mercantilism.
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The relationship between morality and liberty is a directly proportional one.
Camping is great in Mexico.
It's all a fiction. That's the solution! Yes, but our pols are too indebted to the banksters to ever consider this real option. Break the Conventions - Keep the Commandments - G.K.Chesterson deleted
The relationship between morality and liberty is a directly proportional one.
Funny - thanks. If we're full, and don't need any more grub, it goes towards the dogs' next meal. Waste not, want not. It works here. Break the Conventions - Keep the Commandments - G.K.Chesterson Yes, if the OWS would get this message out there, we might see some real r3loveution going on here, and elsewhere. The debt is fake - renounce and deny it. Break the Conventions - Keep the Commandments - G.K.Chesterson Problem with that is that they have different nutritional requirements for optimum health. Also some of the ingredients in dog food are not good for cats - from what I"ve read. Don't have any specifics off the top of my head though. However, dogs are more omnivorous than cats which are pretty much strictly carnivores. Here are some references on cat and dog food. The consensus is that it is not a good idea and can cause organ damage: I've heard the same thing from some other folks that don't really know why. So far, the cats have been doing fine. (Couple of years). Raccoons were really deadly ! "the man who puts all the guns and all the decision-making power into the hands of the central government and then says, “Limit yourself”; it is he who is truly the impractical utopian." Murray Rothbard
Damn coons will eat cats. I had to rescue one of my Toms, whose name was Tom, from a couple of coons who were stalking him and closing in on him. The only thing those damn critters are good for is hats and coats.
I can't keep the cat out of it or vice versa. skunks and jays like cat food too.
I imagine a little won't hurt as long the cat is getting its own food too. That way it is at least getting some balanced nutrition so that the "junk food" raids on the Dog's dish ain't quite as bad. ;-)
Frum is always wrong and so is Krugman.
"The smallest deed is better than the grandest intention" --Roger Baldwin
#2. To: Lod (#1)
#3. To: tom007 (#0)
#4. To: noone222, 4 (#3)
#5. To: Lod (#4)
#6. To: lead.and.lag, Lod (#5)
it's fiction until you have to pay the gardener.
#7. To: tom007 (#0)
(Edited)
Krugman shot down the hyperventilation about a coming hyper-inflation, arguing that the global labor glut would prevent easy credit from inflating wages.
Krugman quickly pronounced the Obama Administration's stimulus as far too small and said it would not get the job done.
#8. To: noone222 (#6)
(Edited)
Many "landscapers" (and other associated crafts) were left unemployed
#9. To: Original_Intent (#7)
The problem is not that the stimulus was too small so much as how it was apportioned - to crooks, criminals, con artists, and gangsters who had inside connections to the money spigot.
"Satan / Cheney in "08" 
#10. To: Lod (#4)
#11. To: Original_Intent (#7)
#12. To: Original_Intent (#7)
#13. To: lead.and.lag, Lod (#8)
i'm assuming, from lod's diet of lobster-stuffed salmon, that he hires gardeners.
#14. To: noone222 (#13)
I didn't know we were bashing trust fund babies and/or slum lods !
#15. To: lead.and.lag, Lod (#14)
well, i got to say that anyone that brags about feeding his dogs lobster- stuffed salmon is in deep trouble with someone who has to think twice about buying a can of tuna.
#16. To: noone222 (#15)
(Edited)
That Lod is such a kidder !
#17. To: tom007 (#9)
That said, I do believe the repubs would actually burn down the middle class to make them more powerful.
#18. To: Eric Stratton (#12)
Butter, where I shop, has gone from ~ $1.79 to $2.79 currently since Spring.
#19. To: lead.and.lag, Lod, 4um (#14)
well, i got to say that anyone that brags about feeding his dogs lobster- stuffed salmon is in deep trouble with someone who has to think twice about buying a can of tuna.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936 2011)
#20. To: lead.and.lag (#16)
(Edited)
yeah... poor ol' lod, living out on the texas prairie in a shitty little trailer,
#21. To: noone222 (#20)
! And, I feed my farm cats "dog food" cause it's cheaper and they can't read the can !
"Satan / Cheney in "08"
#22. To: Eric Stratton (#12)
Butter, where I shop, has gone from ~ $1.79 to $2.79 currently since Spring.
#23. To: noone222 (#22)
"Satan / Cheney in "08"
#24. To: Original_Intent (#18)
#25. To: All (#23)
"Satan / Cheney in "08"
#26. To: Eric Stratton (#24)
Aldi was selling Butter for I believe 1.79 back in May/June. It's been $2.79 recently. Aldi has better prices than TJ's.
#27. To: tom007 (#25)
#28. To: Original_Intent (#26)
#29. To: Original_Intent (#27)
"Satan / Cheney in "08"
#30. To: Eric Stratton (#10)
Go Iceland and just erase the fake debt.
#31. To: Lod (#30)
#32. To: noone222 (#20)
And, I feed my farm cats "dog food" cause it's cheaper and they can't read the can !
#33. To: Eric Stratton, 4 (#31)
#34. To: noone222 (#20)
No, that's me (actually a small house) ! And, I feed my farm cats "dog food" cause it's cheaper and they can't read the can !
#35. To: noone222 (#20)
The Dangers of Feeding a Cat Dog Food - VetInfo
Feeding Dog Food to Cats and Cat Food to Dogs
Is it OK to feed cat food to dogs?
Can you feed dog food to a cat? - Yahoo! Answers
ASPCA | Feeding Dogs Cat Food
#36. To: Original_Intent (#34)
Problem with that is that they have different nutritional requirements for optimum health. Also some of the ingredients in dog food are not good for cats
#37. To: noone222 (#36)
#38. To: Original_Intent (#35)
(Edited)
The consensus is that it is not a good idea and can cause organ damage:
#39. To: farmfriend (#38)
#40. To: tom007 (#0)
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