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Old 04-30-2012, 10:50 PM
 
3,523 posts, read 3,908,024 times
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To suggest that the economy can't be influnced by people is crazy. To suggest that we shouldn't when things are crappy is even crazier...

When it comes to economics, I have yet to be convinced that anyone really knows what they're talking about...it's all a crapshoot for the most part.
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Old 04-30-2012, 11:09 PM
 
Location: Tianjin, China
3,113 posts, read 2,689,264 times
Reputation: 1712
Quote:
Originally Posted by txgolfer130 View Post
All you're pointing out is that he was ahead of the curve not behind as you assert. The stimulus Greenspan kept injecting into the system only inflated the bubble, many others kept warning about it's hazards.
To predict that an economic crisis will happen much earlier than it really happens, is not being ahead of the curve. It is just being wrong. A good economist would understand the economy well enough, to understand when things are going to go haywire.

Also, Krugman completly failed to predict the magnitude of the economic crisis in 2008, and the slowdown in 2002. He predicted them to be of the same magnitude. It shows that Krugman like many economists, has a limited understanding of the economy.

I think his failure was due to his reliance on just Keynesian economic theories, and his left wing bias. For instance Krugman never understood that the government was part of the rise in housing prices, by forcing banks to borrow to consumers who are not financially stable. I am no partisan hack, I believe Friedman and Hayek are just as bad. They are not really good economists, because good economists are not limited to one ideology. The reason they are famous, is because they are good at influencing people.

Quote:
You've pointed out Dr. Krugman's examples of how he was pulling the danger cord.

It appears...that quite possibly YOU don't understand the economy very well.
I am sorry, but this makes no sense.

Last edited by Camlon; 04-30-2012 at 11:19 PM..
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Old 05-01-2012, 12:04 AM
 
25,960 posts, read 28,355,008 times
Reputation: 24608
Quote:
Originally Posted by Ford Beebe View Post
Keynesian economics are sound.
They might be if they were actually practiced. But they almost never are. Keynes believed in running supluses in good times. That almost never happens in the U.S. and most other countries.

Keynesian economics is a failure because it refuses to recognize our typically weak human nature.

Last edited by mysticaltyger; 05-01-2012 at 12:39 AM..
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Old 05-01-2012, 07:38 AM
 
Location: Long Island, NY
19,715 posts, read 11,522,600 times
Reputation: 5606
Quote:
Originally Posted by Camlon View Post
The point is. He thought the slowdown in 2002 was as serious as the major recession in 2008. He also wasn't able to predict when it was going to happen, and thought in the beginning it would happen in 2006 or possibly earlier.

It shows that Krugman does not understand the economy very well.
1) Krugman never said 2002 was going to be the same as 2008.
2) As far as predicting, economists aren't fortune tellers. They use the best available data and plug them into models. The fact that Krugman was right on target, using these models (see: Stimulus arithmetic (wonkish but important)), to predict that the stimulus plan was too small, is a major credit.
3) Moreover. He correctly predicted the Housing Crisis in 2005:
Quote:
I used to live next door to a Russian émigré. One day he asked me to explain something that puzzled him about his new country. "This place seems very rich," he said, "but I never see anyone making anything. How does the country earn its money?"

The answer, these days, is that we make a living by selling each other houses.
...
I've written before about the reasons to believe that current house prices in much of the country represent a bubble. When that bubble begins to deflate, so will housing-related employment.
And so it was.

Regarding the Bloomberg video. Krugman never got to ask why the runaway inflation Ron Paul keeps predicting doesn't happening. One would think that fact would undercut his theories, nah.

Krugman's blog post this morning that if one fact-checked Ron Paul's video assertions, the facts were all wrong:

Quote:
Think about it: you approach what is, in the end, a somewhat technical subject in a format in which no data can be presented, in which there’s no opportunity to check facts (everything Paul said about growth after World War II was wrong, but who will ever call him on it?). So people react based on their prejudices. If Ron Paul got on TV and said “Gah gah goo goo debasement! theft!” — which is a rough summary of what he actually did say — his supporters would say that he won the debate hands down; I don’t think my supporters are quite the same, but opinions may differ.

Tales of historical debates in which one side supposedly won big — like the Huxley-Wilberforce debate on evolution — are, in general, after-the-fact storytelling; the reality is that that kind of smackdown, like Perry Mason-type confessions in court, almost never happens.
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Old 05-01-2012, 09:22 AM
 
3,337 posts, read 2,564,226 times
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Quote:
Originally Posted by txgolfer130 View Post
I guess so. So much so that he's provided peace in the sense to the world by taking out the #1 terrorist and dismantling most of his network.

O'bama provided Peace by killing Usama? What a joke.

Peace through Tomahawk missile attacks on Libya?
Peace through expansion of Terror Drones?
Peace through expansion of Afghanistan troops?
Peace through Iranian Sanctions?


This guy is a regular Ghandi.... He should win again next year.
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Old 05-01-2012, 10:04 AM
 
Location: Long Island, NY
19,715 posts, read 11,522,600 times
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Not that I'm the post police, but post number 65 seems off-topic.
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Old 05-01-2012, 04:42 PM
 
Location: The Republic of Texas
66,140 posts, read 33,571,533 times
Reputation: 14138
Post 35 & 55 too, if you are not picking winners and losers like the progressive way.
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Old 05-01-2012, 04:43 PM
 
3,271 posts, read 2,626,536 times
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Quote:
Originally Posted by lifelongMOgal View Post
Unfortunately for this country Krugman's devotion to extended Keynesian economic polices is toxic waste.
Like Ron Paul you're absolutely right but for completely wrong reasons.
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Old 05-01-2012, 05:48 PM
 
Location: Out West
22,559 posts, read 16,711,588 times
Reputation: 26118
Quote:
Originally Posted by txgolfer130 View Post
Agreed...you've got Wiesel, Begin, Peres, Rabin, Anann, Gorbachev. We really should question them...


And as far as the TSA...you'll have to ask Republican's and the Military Industrial Complex for that. It's BIG business now...and way to much money to phase out.
Arafat was responsible for hundreds of thousands of deaths...you actually believe the Nobel Peace Prize is legit after that b.s.? And Kofi Annan is a complete and utter waste of oxygen.
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Old 05-01-2012, 05:49 PM
 
Location: Long Island, NY
19,715 posts, read 11,522,600 times
Reputation: 5606
Quote:
Originally Posted by lifelongMOga
Unfortunately for this country Krugman's devotion to extended Keynesian economic polices is toxic waste.
You do realize that even Milton Friedman believed in Keynesian economics.
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