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Getbig Main Boards => Politics and Political Issues Board => Topic started by: blacken700 on July 06, 2010, 01:33:52 PM
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Krugman is a complete laughing stock as is Obama.
Perhaps you should listen to someone far more credible and someone w a far more accurate track record on Krugsmans' so called "advice"
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Niall Ferguson: Nothing Would Scare Bond Markets More Than The Government Following Paul Krugman's Advice
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Share5 Gregory White | Jul. 6, 2010, 10:46 AM | 2,688 | 25
Niall Ferguson of Harvard University spoke with Bloomberg Television on the subject of bond markets and the threat of a speculative bond attack against the United States.
0:35 Bond vigilantes are similar to those who were shorting invest banks a few years ago. They will keep climbing the quality of countries, similar to how they did with banks.
1:35 There is no example in history of any country growing out of this sort of debt position, except for Britain in the early 1800s, which had empire and industrial revolution on its side.
2:10 What is worrying is that there is no inflation, which is the easy way out of this sort of financial situation. Default now seems the only escape, and the U.S. may choose that path with unfunded liabilities like Social Security.
3:00 Nothing would scare the market more than if the government followed Paul Krugman's call for more stimulus.
Read more: http://www.businessinsider.com/niall-ferguson-paul-krugman-2010-7#ixzz0swBBfkSv
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And let us clear the air here: What Krugman won his Nobel Peace Prize for has nothing to do with what he keeps pushing the administration to do. He is clearly looking for power and even a position in the Administration.
Again: What he won his little prize for (which, when you take a look at the list of "winners" isn't all that credible) has nothing to do with what he keeps talking about concerning spending.
The Germans and the rest of Europe laughed in his face a week or two ago.
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And another thing with deficits, social contract obligations (SS, Medicare, Medicaid etc)...
The CBO and Social Sec. Trust Board are using a 3% growth rate while calculating their projections...
THREE FUCKING %. Really? This nation won't see 2% in the near future. This is how totally out of whack this whole thing is. The deficits and Social Sec etc trust funds look downright catastrophic even WITH a highly optimistic (putting it lightly) growth rate....what happens when the actual GDP reports/Tax receipts come in and we really see what the "Growth Rate" is?
Tough choices are on the near horizon. I don't expect anything to be done but more lies, more "spending" more printing and more propaganda. But one can only kick the can down the road for so long...the can will either get to big to kick and you'll break your fucking leg or you meet the end of the road. The End of the Road will be a total shock and you believe it as you think it just appeared with out warning. When in-fact you had your head down concentrating on kicking the can that you ignored the giant warning signs every 25 feet.
EDIT: Fuck Krugman, string his ass up on the gallows and I will hit the fucking switch. What a deranged psychopath. If this Admin. does another 2 trillion in Stim he will say they should have done 4 trillion, if they do 6 trillion he will say it will only work if you do 10 trillion. Isn't the definition of insanity trying to do the same thing over and over looking for a different outcome? His was doesn't work and isn't sustainable. It will only extend and pretend. People will save and de-leverage and things will be a new normal...no amount of fraudulent stimulus will change that...JUST ASK JAPAN and soon you will also be able to ask China.
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Yes now that Krugman is late to the party and calling a second recession the mainstream media is giving him all the credit for calling it. Yet just a few months ago he was talking about how we are in a recovery. Do they think people are morons? I know Americans in general have a short attention span but not THAT short! This guy is an idiot Paul / Schiff / Celente / Faber / Davidowitz / Rogers / *** removed Ferguson *** were WAY ahead of him. They never saw a recovery he was the fool that talked about a recovery. Along with the imbecile Bernanke. The fact that this tool received a Nobel Prize really brings the credibility of the Prize into question. Along with Obama's Prize. It has devolved into a Special Olympics prize where everyone gets it but the REAL winners.
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And another thing with deficits, social contract obligations (SS, Medicare, Medicaid etc)...
The CBO and Social Sec. Trust Board are using a 3% growth rate while calculating their projections...
THREE FUCKING %. Really? This nation won't see 2% in the near future. This is how totally out of whack this whole thing is. The deficits and Social Sec etc trust funds look downright catastrophic even WITH a highly optimistic (putting it lightly) growth rate....what happens when the actual GDP reports/Tax receipts come in and we really see what the "Growth Rate" is?
Tough choices are on the near horizon. I don't expect anything to be done but more lies, more "spending" more printing and more propaganda. But one can only kick the can down the road for so long...the can will either get to big to kick and you'll break your fucking leg or you meet the end of the road. The End of the Road will be a total shock and you believe it as you think it just appeared with out warning. When in-fact you had your head down concentrating on kicking the can that you ignored the giant warning signs every 25 feet.
EDIT: Fuck Krugman, string his ass up on the gallows and I will hit the fucking switch. What a deranged psychopath. If this Admin. does another 2 trillion in Stim he will say they should have done 4 trillion, if they do 6 trillion he will say it will only work if you do 10 trillion. Isn't the definition of insanity trying to do the same thing over and over looking for a different outcome? His was doesn't work and isn't sustainable. It will only extend and pretend. People will save and de-leverage and things will be a new normal...no amount of fraudulent stimulus will change that...JUST ASK JAPAN and soon you will also be able to ask China.
Gigantor - do you realize thaqt most public employee pensions are predicated on 8% returns in the market?
Also - I posted an article that in CA alone, the market has to go to 28 million just to break even.
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If memory serves me correctly Nial Ferguson is/was another Fed loving jack ass. I think he was on Bill Maher discussing this same topic except he was on Krugmans side of the fence at that time. What changed?
Krugman lives in the land where bubbles and growing deficits are fine and dandy. Total idiot.
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youtube milton friedman
he blows up krugman BS quick
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If memory serves me correctly Nial Ferguson is/was another Fed loving jack ass. I think he was on Bill Maher discussing this same topic except he was on Krugmans side of the fence at that time. What changed?
Krugman lives in the land where bubbles and growing deficits are fine and dandy. Total idiot.
I agree I am not sure about Ferguson. The fact that he teaches at Harvard is reason to doubt him. I am removing him from my post.
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I agree I am not sure about Ferguson. The fact that he teaches at Harvard is reason to doubt him. I am removing him from my post.
He has good commentary on many issues.
I try to get as much info from as many people as possible. I don't agree with everything of celente, chapman, ferguson, or anyone, but he usually has some interesting stuff to stay.
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end the fed
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Krugman was on Zakaria GPS this past Sunday.
I caught five minutes of it and ended up throwing shit at the TV.
For anyone that wants to gain some insight into how a true believer thinks, watch and listen to Krugman. I have rarely seen a pundit on either side of the aisle with a more deranged outlook on reality and such little common sense. Being smug and stupid at the same time is pretty scary.
At one point Krugman actually tried to make the argument that it was unavoidable that certain homes would be owned by the banks because people defaulted on mortgages they couldn't afford, but that such people should be bailed out, given cash and if necessary should be employed by the government if they lose their jobs because they didn't have a direct hand in the lack of oversight in the financial sector. Basically, Krugman feels that printing money and sinking the value of the dollar is the only way to stop a recession.
For anyone that has seen him on TV, he even looks and sounds like he's insane.
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Krugman is a muppet, a hack, a dork, and got his nobel prize the same way Obama and Arafat got one.
My rule of thumb is to believe the opposite of whatever he says.
When he gets a track record like Schiff, Celente or others, maybe I will do more than laugh at him.
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Blacken - when Krugman is remotely as accurate as Schiff, come back to us.
Krugman has absolutely nothing on Celente. watch and wake up. He discusses Krugman. Celente decimates every bogus claim of Krugman.
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Why both Paul Krugman of Princeton and Brian Wesbury of Forbes are wrong on the economy
Marta on the Markets ^ | 07/08/2010 | TJ Marta
Posted on Thursday, July 08, 2010 10:17:07 AM by SeekAndFind
Recently, Paul Krugman and Brian Wesbury have both regaled us with their views of the world. Krugman urges policymakers to double down on an obviously failed Keynesian reaction to the fiscal/financial/economic crisis by throwing the "kitchen sink" at the problem. In stark contrast, Wesbury adopts a "what, me worry?" stance, arguing that the current situation bears no resemblance to 1932 and is actually pretty darn good.
To Krugman, I'd admonish , "hey man, the game's over. You lost. Give it up." Keynesian fiscal policy, such as recent government spending has been labeled, has failed as miserably this time as it did in the 1930's. The temporary stimuli from tax rebates, cash for clunkers, cash for appliances and homebuyers' rebates have proven just that - temporary.
As former-secretary of Labor Robert Reich recently lamented, "The economy is still in the gravitational pull of the Great Recession. All the booster rockets for getting us beyond it are failing." Unfortunately, the booster rockets of Keynesian always eventually fail, as the government always reaches a limit on how much of the private citizens' wealth it can spend.
Furthermore, the Keynesian booster rockets always fail to ignite the engines of private entrepreneurialism, precisely because they suck the oxygen, or capital, necessary for those engines to ignite. Such is the plight of Amity Shlaes' "forgotten man."
Finally, Krugman fails to consider the reality that barring Fed buying of US Treasuries, as during WWII, or confiscatory policies mandating that 401k monies be invested in US Treasuries, we have very little room to issue additional debt. The key legacies of the New Deal and the Great Society, along with reckless Congressional spending, have saddled the US with a fiscal trajectory that the CBO admits is already "unsustainable".
To Wesbury, I'd concede only that the current situation is not like 1932, but I'd quickly add that we're certainly in a situation, a Great Deleveraging, akin to the 1930's. Beyond that, I'd suggest that he leave his office and talk to some of the 20+% unemployment US workers (see http://www.shadowstats.com/). Yes 20+%. During the 1990's, the definition of unemployed was altered to exclude those out of work over a year. Perhaps that was a reasonable move during reasonably healthy economic times, but during this period of pernicious, structural unemployment, it woefully understates the trouble a significant portion of American citizens are in. Any robustness in data derives from the false signals provided by government "booster rockets", which we argued above are temporary and vain.
A look at the uncertainty facing business due to government intrusion, the fiscal cliff confronting state and local governments, and the leading indicators index, which includes the collapsing equity market and bull flattening yield curve, suggests anything but a rosy picture for the economy.
If forced to pick one year in the 1930's that we might most closely compare the present situation, I'd pick 1936 or 1937. That was the period when FDR finally overreached and the public began to distrust the New Deal. Various developments during that period also ring eerily familiar. Nationalized healthcare was talked about. Taxes went up. The federal government, realizing the limits of its spending capacity, cut back on stimulus. And the Fed, spooked by the specter of inflation, increased the reserve requirements for banks. Not surprisingly, the economy tanked and the stock market collapsed - again.
Do I have a policy alternative I could suggest that would undo the damage? In a word, no. Have you ever tried to console someone riding the "porcelain bus" after a long, drunken bout? There's really nothing to offer. US policymakers have spent the last 70 years squandering the benefits reaped by the industrial revolution and the successful prosecution of WWII, which left the US as the only undamaged major power. There is a heavy price to pay for such neglect. The sins of the father are visited upon the children. About the only thing policymakers can do is responsibly enact laws that set the stage and provide the environment for the free society unfettered by central government planning that the founding fathers envisioned.