I remember what he wrote: “To fight this recession the Fed needs…soaring household spending to offset moribund business investment. [So] Alan Greenspan needs to create a housing bubble to replace the NASDAQ bubble.”
Paul Krugman, August 2, 2002 (New York Times)
Umm..Krugman provided a link in the blog post today that showed Limbaugh saying precisely what Krugman claimed he said in 2006.
Now Limbaugh wouldn't have been able to claim the bubble was made up by the liberal media unless someone was actually claiming it, right?
I guess Limbaugh could have taken the reporting done on obscure blogs like Patrick and HousingPanic and attributed that to the liberal media...the fact is he provides a link showing Limbaugh clearly in the "Bubble-denier" camp.
This is what Krugman is claiming - he is claiming that the guy who is questioning his stance on the deficit and debt ceiling is the same guy who claimed there was no housing bubble.
do you know of any economic model that considers distribution of rents?
Personally, I believe Krugman addresses rents without calling it such, in his calls for highly progressive tax rates and elimination of lower tax rates on capital. He doesn't want to be labled a Communist after all so he avoids any call for limiting private ownership of resources.
I certainly think the source of their funding is not only a plausible, but likely, reason for unilateral silense among economists.
which is financialization of the economy, credibility trap, regulatory capture
and the complete lack of systemic reform.
Right. Though if he, or any mainstream economist comes out wsupporting that, he will not only lose any funding he has from the financial industry, but will also be labeled a Communist.
Baby steps, I think. Krugman has a bit of the ear of some powerful guys making policy decisions. Change back to the left will only happen incrementally, as the shift to the right did. Anything drastic - and he is labeled a Communist - and is dead to left-leaning policy makers.
That's the problem: I don't remember any "Democrat-controlled liberal media" reporting on housing bubble. And I remember people saying: "I will believe in housing bubble when I see report about it on CNN". Maybe my memory is failing indeed.
Yeah, I don't remember it either, but Rush is not known for accurately reporting what the "liberal" media is actually reporting. Krugman is however accurate in quoting Rush.
Limbaugh is nothing but a shock jock and I doubt if he is really a conservative. He has a good schtick going-no different than any other media personality.
Now what I found funny during the last election was Clinton making ads for Obama decrying deregulation, offshoring etc. etc. Dude-you signed NAFTA and repealed Glass-Steagall act-come on!!
But yes , politicians are even lower than used car salesman. They will tell you what you want to hear-it is just a job with a ton of benefits and income to them. I think if all of us started to treat these critters as the public servants that they are-we would be much better off. If you hired a servant/employee and if all he/she did was come and point fingers at others-would you be fighting for him or firing him and yelling at him?