New York Times columnist Paul Krugmen, forever expanding the horizons of stupid

by editor on July 21, 2011

Just when you thought the zenith of moronic had been reached. Just when you believed the ultimate levels of idiocy had been established. Just when it seemed that the final frontiers of daftness had been forever claimed. That’s when Paul Krugman goes off and writes another op-ed and the zenith of stupidity once again gets redefined.

paul-krugman

New York Times columnist Paul Krugman stifles a chortle caused by his latest inanity

The Times features the latest inanities of this economic nincompoop:

Ever since the current economic crisis began, it has seemed that five words sum up the central principle of United States financial policy: go easy on the bankers.

This principle was on display during the final months of the Bush administration, when a huge lifeline for the banks was made available with few strings attached. It was equally on display in the early months of the Obama administration, when President Obama reneged on his campaign pledge to “change our bankruptcy laws to make it easier for families to stay in their homes.” And the principle is still operating right now, as federal officials press state attorneys general to accept a very modest settlement from banks that engaged in abusive mortgage practices.

Not so fast, Krugman.

If we’d had our way – if conservatives had had their way – there would have been no bailouts, capitalism would have been free to work its wisdom and those bankers would be out of jobs, in line at soup kitchens or mowing our lawns right about now.

But we didn’t get our way. Krugman got his. And the taxpayer got stuck with the bill.

– Written by Kip Hooker at TheVitaminPress.com

Source: New York Times

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32 Comments on "New York Times columnist Paul Krugmen, forever expanding the horizons of stupid"

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KimmyQueen
Guest

Question: Who gives a flying finger as to what this fool has to say about whatever and the next?

The man has an everlasting “I am scared of living” look on his face. He is a joke.

perlcat
Member

Maybe what he *meant* was “go easy on the wankers” — like himself.

Buck O'Fama
Guest

Maybe someone should inform Krugman that many banks are bankrupt because Federal officials like Barney the Weiner Frank forced them to make home loans to unqualified borrowers. Rumor has it this is documented in a book entitled “Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon” which was co-written by someone named Gretchen Morgenson who happens to also work at the POS NYT which publishes Krugman’s crap.

Black Sabbath
Guest

Off with his head!

Diego
Guest

I’d link to this article and the IHTM headline but I’m waiting for Krugmen to become Krugman

Jim Stewart
Member

But gee whiz, Paul Krugman won the Nobel Prize in Economics. He just gots to be smart, right? RIGHT???

poppajoe49
Member

SURPRISE!!!
Obama, the smartest economist in the country, has finally achieved success!

Egan-Jones Cuts U.S. Rating to AA+ on Spending-Cut Concern
http://www.bloomberg.com/news/2011-07-18/egan-jones-cuts-u-s-rating-to-aa-on-spending-cut-concern-1-.html

Egan Jones cuts US rating, cites high debt load
http://www.reuters.com/article/2011/07/18/rating-bonds-eganjones-idUSN1E76H0ZH20110718

WAY TO GO EL PRESIDENTE! YOU MANAGED TO ACCOMPLISH WHAT GWB COULDN’T

MGAP
Member

I love the hoopla about the credit ratings. I have no problem buying investments that are less than AAA. BBB doesn’t scare me nor does buying bonds that aren’t Moody’s rated! Haven’t had one default regardless of the rating Moody’s attaches to it. Dropping from AAA to AA+ isn’t going to make a difference to the Chinese when they buy our debt either.

Sidekick
Member

That isn’t the question. Downgrading our creditworthiness makes it more expensive for the government to borrow money (which it has to do even in the best of times for cash flow reasons), which leads to higher interest rates to make the risk more attractive to US debt buyers. This in turn causes the government to borrow or print more money to cover the higher debt service. Additionally, the Fed will have to use more expensive money to refinance or pay off lower cost older debt. That is the dreaded debt spiral that we hear about.

MGAP
Member

I agree, but has anyone said exactly how much that will be? I think the left is using this to try and scare us into thinking it is more than it actually will be. My guess is we’re looking at leaving the presses running for another 2 minutes to make up the difference. What, maybe another half pallet of $100s? Dick boy can piss that much away by sending Michelle to Europe for another shopping trip.

Sidekick
Member

I read in the WSJ that it would be 100 basis points. That means at current debt levels an ADDITIONAL $143 Billion dollars per year in just interest.

MGAP
Member

That’s a lot of money, thanks for the reference, I hadn’t heard the actual number before. I think the market would react with a couple of “red” days, correct itself and then carry on. It would give our candidate a pretty strong weapon to bear against the “O” in 2012. Think “failed Obama administration economic policies”, sounds familiar? Unfu** that mess and bring back AAA status and our people are golden for another term! I’m thinking long term, not short term here.

Sidekick
Member

Maybe. I have very little faith that the GOP has the political guts to do what is necessary and actually, and I mean actually, shrink the government down to something manageable. While the talk of an impending default is BS, it is not smething we want to have happen even it makes my political mortal enemy lose his job. Way too much collateral damage.

MGAP
Member

You nailed it. The GOP finally getting a ‘set’ is crucial. I’m thinking the Tea Party is going to tack ‘a pair’ on to the GOP whether they like it or not. They aren’t going to like it at first, but once they get used to playing offense instead of defense, they can become functional again and correct the things that need correcting. I think the country has had enough of “white guilt” and the need for big changes are going to be forced upon the old guard GOP .

poppajoe49
Member

The GOP finally getting a ‘set’ is crucial.

They’re working on it, with Alan West and Marco Rubio starting to make waves and refusing to back down. Add a no nonsense Presidential candidate (Herman Cain?) with real business experience, and we have a chance to move in the right direction.

MGAP
Member

Looks like Boehner is ready to spead his butt cheeks and compromise with these guys. Clearly he likes to “catch” or play defense. “The best offense is a good defense”… no, the best offense is to pound the other silly bastage into submission. We lose again. Can the Republicans impeach their own speaker and install someone with cojones? Bachmann? Anyone?

Sidekick
Member

I really hope that I am wrong but I think my concerns are justified.

poppajoe49
Member

Thanks sidekick, I just got home and was going to answer that just the way you did. More expensive money means it will take even longer to pay down the debt.

Sidekick
Member

Exactly, and that is why it is so important that the GOP get real spending cuts NOW so that we borrow less in the short-term and hopefully not much relatively speaking in the long-term.

thatguy
Guest

My guess is by the evening news the headlines will be: “REPUBLICANS CRASH ECONOMY! Due to lack of compromise from Teabagger radicals rating is lowed. If only they had just given Obama what he wanted and raised the debt limit, this would have never happened.

Yes I know that is the opposite of what happened but see how it gets reported.

rightinwa
Member

Give it up, Krugman. If Obama hasn’t put you in a cabinet post yet, he never will (and now it’s obvious he’ll be out of a job in about 18 months, so count your blessings.)

poppajoe49
Member

The banks were engaged in “abusive mortgage practices” with no help or encouragement from the Federal Government

LOL, so I guess Fannie Mae, Freddie Mac, and Bawney Fwank aren’t part of the government?
Krugman needs a straight jacket and rubber room.

Joe Redfield
Guest

The banks were engaged in “abusive mortgage practices” with no help or encouragement from the Federal Government? Like most Progressives(and all Progressive economists) Krugman lives in a reality far from that you and I exist in.

Ken.ca
Member

Well not exactly. That banks, through Fanny and Freddie, were most definitely encouraged by the Federal Government to extend mortgages to people who had no business buying a home by guaranteeing them – but I get your point about leftists.

Ken.ca
Member

oops just noticed poppajoe49’s spot on commnet below.

hisham
Guest

He reminds me of a college professor I had for a World History class way back when, except the professor was smart and engaging and this guy is just the opposite…I guess he doesn’t remind me of my professor after all.

danybhoy
Member

Sad thing is, people who think like Krugman, like Robert Reich & “Big Sexy” Christina Romer are teaching in our colleges. The kids are not well served by idiots like this.

Sidekick
Member

In a sense he is right, the bankers did get a pass. So did Clinton and Bob Rubin for repealing Glass Steagall the law that prevented commercial banks, investment banks, and insurance companies from operating as one firm and becoming too big to fail. Still, this guy advocated nationalizing the banks and that is a nonstarter.

poppajoe49
Member

Gee Paul, one would think that with your economic pedigree, you would be able to come up with an analysis that actually assesses the situation, not playing lapdog to the best socialist in history!
Now, go sit in the corner and eat your kibble like a good puppy.

danybhoy
Member

Krugman is like most braindead liberal/progressive leftists, he never understands that what he is doing is wrong. He just believes he has’nt done enough of it yet. No amount of awards from left leaning groups can paper over the fact that this man is a moron.

Ken.ca
Member

You give him too much credit – braindead implies that he had a brain that was actually alive at some point.

danybhoy
Member

He has enough of a brain to BS his way to where he is.

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