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Editorial
See other Editorial Articles

Title: DAVID FRUM: It's Time We Republicans Finally Admitted That Paul Krugman Has Been Right
Source: [None]
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: 1105
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

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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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Begin Trace Mode for Comment # 39.

#3. To: tom007 (#0)

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).

noone222  posted on  2011-10-23   19:14:49 ET  Reply   Untrace   Trace   Private Reply  


#4. To: noone222, 4 (#3)

Go Iceland and just erase the fake debt.

It's all a fiction.

Lod  posted on  2011-10-23   19:18:45 ET  Reply   Untrace   Trace   Private Reply  


#5. To: Lod (#4)

it's fiction until you have to pay the gardener.

lead.and.lag  posted on  2011-10-23   19:20:30 ET  Reply   Untrace   Trace   Private Reply  


#6. To: lead.and.lag, Lod (#5)

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.

noone222  posted on  2011-10-23   19:27:33 ET  Reply   Untrace   Trace   Private Reply  


#8. To: noone222 (#6) (Edited)

Many "landscapers" (and other associated crafts) were left unemployed

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

lead.and.lag  posted on  2011-10-23   19:32:45 ET  Reply   Untrace   Trace   Private Reply  


#13. To: lead.and.lag, Lod (#8)

i'm assuming, from lod's diet of lobster-stuffed salmon, that he hires gardeners.

I didn't know we were bashing trust fund babies and/or slum lods !

noone222  posted on  2011-10-23   20:02:18 ET  Reply   Untrace   Trace   Private Reply  


#14. To: noone222 (#13)

I didn't know we were bashing trust fund babies and/or slum lods !

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.

lead.and.lag  posted on  2011-10-23   20:05:30 ET  Reply   Untrace   Trace   Private Reply  


#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.

Ha !!!

That Lod is such a kidder !

noone222  posted on  2011-10-23   20:08:28 ET  Reply   Untrace   Trace   Private Reply  


#16. To: noone222 (#15) (Edited)

That Lod is such a kidder !

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.

lead.and.lag  posted on  2011-10-23   20:11:39 ET  Reply   Untrace   Trace   Private Reply  


#20. To: lead.and.lag (#16) (Edited)

yeah... poor ol' lod, living out on the texas prairie in a shitty little trailer,

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 !

noone222  posted on  2011-10-23   20:41:43 ET  Reply   Untrace   Trace   Private Reply  


#35. To: noone222 (#20)

Here are some references on cat and dog food. The consensus is that it is not a good idea and can cause organ damage:

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

Original_Intent  posted on  2011-10-23   23:02:42 ET  Reply   Untrace   Trace   Private Reply  


#38. To: Original_Intent (#35) (Edited)

The consensus is that it is not a good idea and can cause organ damage:

I can't keep the cat out of it or vice versa. skunks and jays like cat food too.

farmfriend  posted on  2011-10-24   0:58:30 ET  Reply   Untrace   Trace   Private Reply  


#39. To: farmfriend (#38)

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. ;-)

Original_Intent  posted on  2011-10-24   2:28:59 ET  Reply   Untrace   Trace   Private Reply  


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