Krugman Slams the Fed for Current Economic Crisis: Bernanke Has Been ‘Assimilated by the Borg’
- Posted on April 29, 2012 at 6:12pm by
Erica Ritz
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Paul Krugman (Photo: AP)
Nobel Prize winning economist and New York Times columnist Paul Krugman appeared on ABC’s “This Week” Sunday, where he and a panel of individuals admitted that the American economy is suffering greatly, and that the ramifications are likely to be both short and long term.
While NPR asked, “Is slow growth actually good for the economy?” Krugman maintains: “allowing unemployment to stay near 9%, allowing the number of long-term unemployed to be four million– which it hasn‘t been since the 1930’s– [is] destroying skills, destroying the attachment of workers to the workforce.”
He continued: “A depressed economy has really devastating effects not just on the short-term, but on the long-term.”
However, rather than place the responsibility for the failing economy on the executive branch, Krugman slammed Chairman of the Federal Reserve Ben Bernanke for not “acting on the convictions he expressed as an academic.”
However, rather than place the responsibility for the failing economy on the executive branch, Krugman slammed Chairman of the Federal Reserve Ben Bernanke for not “acting on the convictions he expressed as an academic.”Here is a clip of the interaction:
“I think what’s happened to Bernanke– as I say he’s been assimilated by the borg– he’s become more concerned, probably unconsciously, with defending the Fed’s institutional safety because it’s the apostle of price stability, than with doing whatever he can to get this economy moving. If you listen to professor Bernanke himself ten years ago, he would know that he was supposed to be doing more.”
This follows an article Krugman wrote earlier this week, where he explained: “The Bernanke Conundrum — the divergence between what Professor Bernanke advocated and what Chairman Bernanke has actually done — can be reconciled in a few possible ways. Maybe Professor Bernanke was wrong, and there’s nothing more a policy maker in this situation can do. Maybe politics are the impediment, and Chairman Bernanke has been forced to hide his inner professor. Or maybe the onetime academic has been assimilated by the Fed Borg and turned into a conventional central banker. Whichever account you prefer, however, the fact is that the Fed isn’t doing the job many economists expected it to do, and a result is mass suffering for American workers.”
Ben Bernanke (Photo: AP)
Krugman‘s attack on Bernanke and the Fed leaves those critical of the president’s economic policies wondering whether Bernanke will soon replace George W. Bush as the political “scapegoat” who receives much of the blame for economic woes by members of the media and the administration, or whether Bernanke will be evaluated alongside the president and Congress when determining who is to blame?
But more than that– what does “assimilated by the borg” actually mean, in this context?
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Comments (198)
soybomb315
Posted on April 29, 2012 at 7:33pmeven democrats are coming around to the fed. thank you ron paul
Report Post »WeekendAtBernankes
Posted on April 29, 2012 at 7:35pmUmm, Krug is mad because the Fed isn’t printing money fast enough. He wants more Fed, not less Fed.
Report Post »soybomb315
Posted on April 29, 2012 at 7:39pmi know. but the more that are critical of the fed – the better. Nobody is happy with the fed except the bankers
Report Post »ITSJESTTIM
Posted on April 29, 2012 at 7:52pmGog and Magog continue the quest for the middle of the middle class but only the Father rules the middle of the middle class.
therealconservative
Posted on April 29, 2012 at 8:04pm@soy
So Paul Krugman comes out and attack the Fed and it’s, “Thank you Ron Paul”. Were you also supportive of Krugman when he said that the Stimulus was too small, supported Obamacare and said don’t worry about the debt. What happend to ‘principles’, I guess they only apply ‘sometimes’.
Report Post »doomytram
Posted on April 29, 2012 at 8:09pmDemocrats better get a clue, because the Progressive Commie Democrats are a shrinking bread, not growing.
The Barack Obama / Paul Krugman Democrat is akin to a prehistoric Dinosaur in terms ideas and ridiculousness.
Report Post »soybomb315
Posted on April 29, 2012 at 8:11pm@real
Report Post »you missed the followup but thats ok. if it werent for ron paul and his work to end the fed – this wouldnt have even made the news. thank you ron paul
therealconservative
Posted on April 29, 2012 at 8:25pm@soy
I read your second post before I posted and as I implied the Paul “Followers” principles change to suit their agenda. You will tout a socialist idea, on one subject only, and ignore their entire history because it suits your purpose and principles and Constitution be damned.
Report Post »soybomb315
Posted on April 29, 2012 at 8:41pmas i said, i am glad he is critizing the fed. when the veil of secrecy is removed, americans will not stand for the fed.
tell me what is socialist about that
Report Post »imsteph
Posted on April 29, 2012 at 8:46pmdenying reality only gets you so far…
while the dems would like to use the ‘villagers with their pitch forks and torches’….
Report Post »they REALLY don’t want to be on the receiving end of such things~!
4areason
Posted on April 29, 2012 at 9:01pmElection time is coming, time to throw Bernanke under the bus! It isn’t the Federal Reserve Krugman is blaming, it is Bernanke. They don’t want to get rid of the Fed, just some scapegoat.
Report Post »TomSawyer
Posted on April 29, 2012 at 9:03pmI don’t see it that way. Paul Krugman is saying Ben Bernanke should have done more stimulus. Or more correctly, he is saying a vague response meant to convince the electorate that economy was not Obama’s fault.
I think Bernanke did better than the Fed did in the 1930s. At least he went in the right direction.
Report Post »therealconservative
Posted on April 29, 2012 at 9:10pm@soy
Of course in the true Ron Paul style you duck the issue, as to why you ignore all of Paul Krugman’s past statements and accept the only one that you like. This is why Wrong Paul has never won a single primary, both he and his “FOLLOWERS” will pick and chose their ‘Principles” and the Constitution to achieve their agenda.
Report Post »soybomb315
Posted on April 29, 2012 at 9:24pmi guess ron paul supporters are just another boogeyman in your closet. with all the enemies republicans already have, i dont know how you sleep at night
Report Post »barber2
Posted on April 29, 2012 at 9:56pmBomb: you are using a typical Lefty ploy: distraction Alinsky Rule 10.
Report Post »therealconservative
Posted on April 29, 2012 at 10:01pm@soy
” guess ron paul supporters are just another boogeyman in your closet.”
No, their just another group of liberal hypocrits, to expose. BTW, I sleep quite well.
Report Post »A Doctors Labor Is Not My Right
Posted on April 29, 2012 at 10:13pmListen up, Blazers – AND The Blaze.
I really does seem to me that The Blaze is a fan of Milton Friedman. And the reason I bring this up is because Milton Friedman believed that the Fed caused the Great Depression because they didn’t print ENOUGH; Which is the policy that Krugman is advocating here.
By the way, Bernanke hasn’t been hiding his inner professor. The Fed has openly adopted a policy of inflation. QE1 and 2? What the hell was that, if not massive inflation?
Here is a great video on Bernanke, by the way. Peter Schiff talked about this one.
See here.
Ben Bernanke was Wrong
http://www.youtube.com/watch?v=9QpD64GUoXw
Compare that to this.
See here.
Peter Schiff Was Right 2006 – 2007 (2nd Edition)
Report Post »http://www.youtube.com/watch?v=2I0QN-FYkpw
therealconservative
Posted on April 29, 2012 at 10:15pm@soy
How about you do some research on Paul Krugman, just the last two years, and see if you agree with anything he has said.
Report Post »A Doctors Labor Is Not My Right
Posted on April 29, 2012 at 10:18pm@therealconservative,
“No, their just another group of liberal hypocrits, to expose. BTW, I sleep quite well.”
Do you believe Thomas Jefferson and George Washington were liberals?
Report Post »Razlord
Posted on April 29, 2012 at 10:20pmtherealconservative,
might want to check again…paul has won many states…quit your bs lies.
Report Post »soybomb315
Posted on April 29, 2012 at 10:30pm@real
no, i dont agree with anything helicopter ben has said. i dont agree with his conclusion here – although (LIKE I SAID) i am glad when negative press is aimed at the fed
Report Post »therealconservative
Posted on April 29, 2012 at 10:32pm@raz
1. I never addressed Ron Paul’s primary record on this article, in the future try to write your comments to the article and other posts at hand.
2. Ron Paul has NEVER won a single primary (usually comes in 3rd or 4th), the closest he got was Virginia (2 man race and he still lost to Romney by 20)
Report Post »A Doctors Labor Is Not My Right
Posted on April 29, 2012 at 10:38pm@therealconservative,
“So Paul Krugman comes out and attack the Fed and it’s, “Thank you Ron Paul”. Were you also supportive of Krugman when he said that the Stimulus was too small, supported Obamacare and said don’t worry about the debt.”
There are those who attack the Fed for the WRONG reason, you’re right.
I think @soybomb315 was conflating Ron Paul’s criticism of the Fed with that of the likes of Krugman, Bernanke, and Friedman.
Here are some resources on the important differences.
See here.
Government Money Masters: Anti-Gold Videos that Thousands of Tea Party Voters Think Are Conservative
http://www.garynorth.com/public/8574.cfm
And here.
Ellen Brown’s Web of Debt Is an Anti-Gold Currency, Pro-Fiat Money, Greenback, Keynesian Tract. Here, I Take It Apart, Error by Error.
http://www.garynorth.com/public/department141.cfm
And here.
Interest Rates in a Gold Coin Standard
Report Post »http://lewrockwell.com/north/north1075.html
therealconservative
Posted on April 29, 2012 at 10:39pm@ a doctor
“Do you believe Thomas Jefferson and George Washington were liberals?”
No and Ron Paul isn’t either one of them. So what’s your point.
Report Post »In fact they would have thrown Paul out of the colonies, because Paul would have been a ‘fence sitter’.
therealconservative
Posted on April 29, 2012 at 10:45pm@soy
So, as I stated the Ron Paul “Followers” principles and dedication to the Constitution change, depending on who says what when. Could that be called a flip-flop?
Report Post »soybomb315
Posted on April 29, 2012 at 10:49pmi dont agree with what he said but i am glad for the negative attention the fed is getting. are you really that simpleminded?
you are a complete partisan. congrats, you deserve a technocrat president
Report Post »A Doctors Labor Is Not My Right
Posted on April 29, 2012 at 10:50pm@therealconservative,
“No and Ron Paul isn’t either one of them. So what’s your point.
In fact they would have thrown Paul out of the colonies, because Paul would have been a ‘fence sitter’.”
My point is that Thomas Jefferson and George Washington held the same non-interventionist foreign policy as Ron Paul.
See here.
Third Annual Message to Congress by Thomas Jefferson
http ://www.teachingamericanhistory.org/library/index.asp?docu*****ment=664
(Remove asterisks.)
“We have seen with sincere concern the flames of war lighted up again in Europe, and nations with which we have the most friendly and useful relations engaged in mutual destruction. While we regret the miseries in which we see others involved let us bow with gratitude to that kind Providence which, inspiring with wisdom and moderation our late legislative councils while placed under the urgency of the greatest wrongs, guarded us from hastily entering into the sanguinary contest, and left us only to look on and to pity its ravages.”
(Continued)
Report Post »Sue Dohnim
Posted on April 29, 2012 at 10:51pm@A DOCTORS LABOR IS NOT MY RIGHT
I really does seem to me that The Blaze is a fan of Milton Friedman. And the reason I bring this up is because Milton Friedman believed that the Fed caused the Great Depression because they didn’t print ENOUGH; Which is the policy that Krugman is advocating here.
—————————————————————————————————————-
Friedman was wrong, Krugman is now. Economics is really more art than science, and Friedman was brilliant in many ways but he was stuck within the false Keynesian paradigm. his error was to accept “inflation” but IMO did not see the inevitable and complete corruption of central planners.
Hayek on Friedman.. Friedman was in some ways a Keynesian…
http://www.youtube.com/watch?v=fXqc-yyoVKg
Report Post »A Doctors Labor Is Not My Right
Posted on April 29, 2012 at 10:54pm(Continued)
“These will be heaviest on those immediately engaged. Yet the nations pursuing peace will not be exempt from all evil. In the course of this conflict, let it be our endeavor, as it is our interest and desire, to cultivate the friendship of the belligerent nations by every act of justice and of incessant kindness; to receive their armed vessels with hospitality from the distresses of the sea, but to administer the means of annoyance to none; to establish in our harbors such a police as may maintain law and order; to restrain our citizens from embarking individually in a war in which their country takes no part; to punish severely those persons, citizen or alien, who shall usurp the cover of our flag for vessels not entitled to it, infecting thereby with suspicion those of real Americans, and committing us into controversies for the redress of wrongs not our own;”
(Continued)
Report Post »A Doctors Labor Is Not My Right
Posted on April 29, 2012 at 11:09pm(Continued)
And here.
Washington’s Farewell Address
http://www.heritage.org/initiatives/first-principles/primary-sources/washingtons-farewell-address
“The great rule of conduct for us in regard to foreign nations is in extending our commercial relations, to have with them as little political connection as possible. So far as we have already formed engagements, let them be fulfilled with perfect good faith. Here let us stop. Europe has a set of primary interests which to us have none; or a very remote relation. Hence she must be engaged in frequent controversies, the causes of which are essentially foreign to our concerns. Hence, therefore, it must be unwise in us to implicate ourselves by artificial ties in the ordinary vicissitudes of her politics, or the ordinary combinations and collisions of her friendships or enmities.”
Report Post »A Doctors Labor Is Not My Right
Posted on April 29, 2012 at 11:32pm@therealconservative,
The Republican Party used to hold to Ron Paul’s foreign policy, as well.
See here.
War, Ron Paul, and Conservatism
Report Post »http://www.youtube.com/watch?v=SLUoWhWsOWk
colt1860
Posted on April 29, 2012 at 11:35pm@therealconservative You said, “In fact they would have thrown Paul out of the colonies, because Paul would have been a ‘fence sitter’.”
Not true at all. Ron Paul said, “America became the greatest nation in human history because a dedicated band of Patriots believed their God-given rights were worth fighting for, even if it meant challenging the world’s most powerful nation in what many deemed a “hopeless” cause. Being free meant so much to our forefathers that they put everything on the line – and thousands sacrificed their lives – to give the promise of liberty to not only their children and grandchildren, but to generations they knew they would never even meet. Their courage and determination guaranteed they would defy the odds and achieve victory. In this critical election, you and I must decide if the principles of limited government and personal freedom are worth fighting for once again…” http://www.ronpaul2012.com/the-issues/statement-of-faith/
James Madison said, “The power to declare war, including the power of judging the causes of war, is fully and exclusively vested in the legislature… the executive has no right, in any case, to decide the question, whether there is or is not cause for declaring war.”
Ron Paul also said, “I’d ask them [Congress] for a declaration of war, but then it would be all out” http://www.youtube.com/watch?v=ATmUE8TCmjE
Report Post »colt1860
Posted on April 29, 2012 at 11:42pm@therealcon
The Truth About Delegate Numbers In Iowa and Minnesota
Report Post »http://www.youtube.com/watch?v=7pxTkS24gXQ
MAMMY_NUNN
Posted on April 30, 2012 at 12:00amBernanke has been a failure since he was appointed just look at his record.
Report Post »A Doctors Labor Is Not My Right
Posted on April 30, 2012 at 12:08am@colt1860,
“Ron Paul also said, “I’d ask them [Congress] for a declaration of war, but then it would be all out””
Agreed. Non-intervention doesn’t mean to not do anything when attacked.
See here.
How Ron Paul Would Defend America
(On Freedom Watch, with Judge Andrew Napolitano)
http://video.foxbusiness.com/v/1341058115001/
And here.
Ron Paul on “Letters of Marque and Reprisal”
Report Post »http://www.youtube.com/watch?v=YSP9NteApqI
A Doctors Labor Is Not My Right
Posted on April 30, 2012 at 12:12am@Sue Dohnim,
“Friedman was wrong, Krugman is now.”
Agreed. See my second to last post before yours.
Report Post »MAMMY_NUNN
Posted on April 30, 2012 at 12:13amCarnac the Magnificent has better insight than Bernanke.
Report Post »A Doctors Labor Is Not My Right
Posted on April 30, 2012 at 12:32amIt must be said – again and again – that a crash is inevitable. It’s coming, and cannot be stopped.
Nor should we try to stop it. because economic crashes are CORRECTIONS of government- or Fed-caused massive artificial credit expansion. Crashes are a RETURN to free market prices, and must be allowed to take place if there is to be a recovery.
(A full correction would entail getting rid of fiat money, by the way, and returning to a commodity-money standard, such as silver and gold.)
When government tries to stop crashes, they prolong the pain and create the next bubble.
Please learn Austrian Economics, America!
See here.
Smashing Myths and Restoring Sound Money | Thomas E. Woods, Jr.
http://www.youtube.com/watch?v=HAzExlEsIKk
And here.
Why You’ve Never Heard of the Great Depression of 1920 | Thomas E. Woods, Jr.
Report Post »http ://www.youtube.com/watch?v=czcU*****mnsprQI
(Remove asterisks.)
Naps
Posted on April 30, 2012 at 12:35amBut,but,but Romney said Bernanke is doing a great job?
Report Post »Ron Paul 2012
Anamah
Posted on April 30, 2012 at 3:09amDo not trust one bit on this guy, he is a very destructive one.
Report Post »mauijonny
Posted on April 30, 2012 at 5:34amYeah. Whatever. This guy got a Nobel Prize for yacking about “income distribution.“ This phraseology was carefully described to NOT say ”income REdistribution.“ What he really meant to say was ”Hey! I heart Marx!“ And what the Nobel committee really meant to say was ”Hey! We do too! 0-bah-MAH! 0-bah-MAH!”
Report Post »Bum thrower
Posted on April 30, 2012 at 8:21amMake that ‘statist, socialist, porgressive’ the head of the fed, and tell him to ‘fix it’; that would be terrifing……….
Report Post »A Doctors Labor Is Not My Right
Posted on April 30, 2012 at 3:42pmRon Paul vs. Paul Krugman!
See here.
Ron Paul vs. Paul Krugman @ 4pm ET on Bloomberg TV (Free stream link!)
Report Post »http://www.dailypaul.com/229931/paul-krugman-v-ron-paul-4pm-on-bloomberg-tv-free-stream-link
dave3433
Posted on April 30, 2012 at 6:44pmObammunist water-boy, that’s all.Thanks, Dave
Report Post »chalkdust
Posted on May 1, 2012 at 3:28amFriedman was a guy who thought an increase in money supply would stimulate the economy. This is not true today as evidenced by this statement on the New York Federal Reserve website.
“In the past two decades, a number of developments have broken down the relationship between money supply growth and the performance of the U.S. economy”.
And the following is the reason.
“Over time, however, new bank laws and financial innovations blurred the distinctions between commercial banks and thrift institutions, and the classification scheme for the money supply measures shifted to be based on liquidity and on a distinction between the accounts of retail and wholesale depositors”.
Krugman is just plain wrong. Considering our future liabilities like Social Security, Medicare and INTEREST payments etc., 100 plus trillion dollars, growing our way out of this is highly unlikely. At some point we will cross an invisible no return line, if we haven’t already crossed it and there will be no announcement. So, continuing the Fed’s pump will only prolong the inevitable at best and possibly speed up the process.
Report Post »KidCharlemagne
Posted on April 29, 2012 at 7:28pmI only wish that Andrew Jackson were still alive and in his prime to turn him loose upon Paul Krugman:
——————
Report Post »“The paper system being founded on public confidence and having of itself no intrinsic value, it is liable to great and sudden fluctuations, thereby rendering property insecure and the wages of labor unsteady and uncertain. The corporations which create the paper money can not be relied upon to keep the circulating medium uniform in amount. In times of prosperity, when confidence is high, they are tempted by the prospect of gain or by the influence of those who hope to profit by it to extend their issues of paper beyond the bounds of discretion and the reasonable demands of business; and when these issues have been pushed on from day to day, until public confidence is at length shaken, then a reaction takes place, and they immediately withdraw the credits they have given, suddenly curtail their issues, and produce an unexpected and ruinous contraction of the circulating medium, which is felt by the whole community. The banks by this means save themselves, and the mischievous consequences of their imprudence or cupidity are visited upon the public. Nor does the evil stop here. These ebbs and flows in the currency and these indiscreet extensions of credit naturally engender a spirit of speculation injurious to the habits and character of the people.”
-Andrew Jackson, Farewell Address, March 4, 1837
therealconservative
Posted on April 29, 2012 at 7:46pmYou might want to do a bit more research on Jackson and banks. Hint: control and friends
Report Post »KidCharlemagne
Posted on April 29, 2012 at 10:20pmtherealconservative
Posted on April 29, 2012 at 7:46pm
You might want to do a bit more research on Jackson and banks. Hint: control and friends
============================
You obviously need a refresher course yourself:
———————————————–
“Why The United States Bank Was Closed
President Andrew Jackson
July 10, 1832
…………………………….
Report Post »Is there no danger to our liberty and independence in a Bank that in its nature has so little to bind it to our country. The president of the Bank has told us that most of the State banks exist by its forbearance. Should its influence become concentered, as it may under the operation of such an act as this, in the hands of a self-elected directory, whose interests are identified with those of the foreign stockholders, will there not be cause to tremble for the purity of our elections in peace, and for the independence of our country in war. Their power would be great whenever they might choose to exert it; but if this monopoly were regularly renewed every fifteen or twenty years, on terms proposed by themselves, they might seldom in peace put forth their strength to influence elections or control the affairs of the nation. But if any private citizen or public functionary should interpose to curtail its powers, or prevent a renewal of its privileges, it cannot be doubted that he would be made to feel its influence.”
http://www.lexrex.com/enlightened/writings/bank/jackson.htm
kevymac
Posted on April 29, 2012 at 7:27pm“It‘s all about the economy and we aren’t stupid”
Report Post »WeekendAtBernankes
Posted on April 29, 2012 at 7:34pmLoony toon comes unhinged, video at 11.
Report Post »doomytram
Posted on April 29, 2012 at 8:19pmOf course, no one with anything resembling a functioning brain really believes Krugman. Just give every man, woman, and child a trillion dollars that will fix it. Krugman needs to go to a funny farm and solve the worlds problems.
Report Post »Texas Chris
Posted on April 30, 2012 at 12:36pmKrugman got a Nobel for saying that when you send money to a 3rd world country that country’s economy improves.
He said nothing of the country that had to fund the 3rd world stimulus, or the negative consequences of the taxation and inflation it endured.
Report Post »Psychosis
Posted on April 29, 2012 at 7:22pmKrugman slammed Chairman of the Federal Reserve Ben Bernanke for not “acting on the convictions he expressed as an academic
and herein lies the problem , though i doubt he could see it
the academic world and reality are ALWAYS two different things , everyone knows this EXCEPT ACADEMICS
Report Post »barber2
Posted on April 29, 2012 at 7:24pmYes. It’s that wide divide between IQ and common sense !
Report Post »lukerw
Posted on April 29, 2012 at 9:24pmI do like Bernanke’s Actions & Policies… but I am sitting upon the PowderKeg… and not wearing his shoes. God, I hope is smarter than I am!
Report Post »OlefromMN
Posted on April 29, 2012 at 7:15pmPaul Krugman annoys me, so I have not looked at any of his past diatribes. But has he ever spoken out to show the obvious “flaws” in the Community Reinvestment Act (CRA) ?
Yup, Jimmy Carter still holds the #1 spot (although Obama is trying his darnedest to take it away).
Report Post »Baddoggy
Posted on April 29, 2012 at 7:10pmI say take the FED ad hang all the leaders for TREASON.
Report Post »broker0101
Posted on April 29, 2012 at 7:43pmBADDOGGY, Good thing no one takes anything you say or type seriously, then. Otherwise, you’d be a felon.
Report Post »soybomb315
Posted on April 29, 2012 at 8:22pmi see people post the same things about obama. obama and the fed are both sinister
Report Post »BSdetector
Posted on April 29, 2012 at 8:40pmRight back at ya broker.
Report Post »Razlord
Posted on April 29, 2012 at 9:34pmam with ya…string ‘em up and let ’em rot.
Report Post »Individualism
Posted on April 29, 2012 at 7:09pmThe Bankers have to much control, they control the media, our goverment and the economy, foreign policy and even the world
Report Post »barber2
Posted on April 29, 2012 at 7:32pmYou sound like an Obama apologist. They must be missing you at the New York Times where Krugman is worshipped and adored…and Dowd and Collins write about Romney’s dog about once a week…
Report Post »barber2
Posted on April 29, 2012 at 8:26pmJEST: Thrilled by the “award.” Would be even happier if you got some counseling. Something is not right .
Report Post »soybomb315
Posted on April 29, 2012 at 10:31pmhow old are you barber?
Report Post »Redwood Elf
Posted on April 30, 2012 at 12:43pm“The Bankers” is a socialist code word for “the Jews”
be careful with your use of socialist propoganda. That way lies evil. And the Borg. The Borg are actually a very good analogy for Socialism. The Collective is what matters. Individuals are unimportant, and nobody owns anything.
Report Post »republic2011
Posted on April 29, 2012 at 7:08pmKrugman is such a political hack. He talks out of both sides of his mouth. First, it is Bush’s fault and we need to spend more and print more to get through tough times. Then, when Bernanke follow’s suit and accommodates all the progressive pigs, Krugman turns around and throws Bernanke under the bus for doing what he, not long ago, said needed to happen. Of course, this is just the left circling the wagons to remove all blame from Obama and blame someone else. Personally, I would love to see Bernanke and the Fed disappear, but it is the current administration that continues to spend money we don’t have on things like giving Pakistan nearly $200 Million that we don’t have and have to borrow (thus asking his buddy Bernanke to print more money to buy the bonds necessary to give Pakistan more money. All the while, devaluing our currency and robbing US citizens blind. Robbing from the elderly, robbing from the middle class, robbing from the poor (who now have to spend more than $4.00/gallon on gas, higher prices on groceries, etc.). Krugman… you are a piece of work (I would use another four letter word, but would probably get cut).
Report Post »Greatnesslostislegend
Posted on April 29, 2012 at 10:56pmCorrect. Mr. Krugman has also been wrong about every one of his economic forecasts. After stimulus passed, Krugman predicted the economy would grow at a 4 to 5% pace for at least the two following years. He then claimed Obama’s focus on alternative energy would keep growth “above” historic level for at least a decade.
Not so much.
18 months after stimulus Mr. Krugman claimed it should have been larger. Meanwhile Bernanke started Quantitative Easing, and Permanent Ongoing Market Operations in the stock market. Both are Keynesian, and to date at least $18 Trillion has been issued by the Fed through brokerage firms in a little circle jerk of friends on top of expansion of government spending of $800 billion/yr for 2009,10, 11 & 12. Total now nearing $22 Trillion. Basically it goes round between Fed, Middle man company, Treasury to regional bank, their investment firms to the markets. So Far America has witnessed spending on the scale of WWII without the benefit of carving out the best industrial/service economy on the planet.
What is the problem. Savers are hit, pensioners face higher inflation. I am an example of “saver”. By cutting interest paid on my savings Bernanke is 1> cutting my monthly cash flow much as the lower rate‘s effect is on my neighbor’s mortgage. In the US there are nearly as many savers as debtors. In short the $ I would spend, instead is spent by my neighbor.
Normally I would invest to make up the slack, enter part 2> O
Report Post »JediKnight
Posted on April 30, 2012 at 12:31amKrugman also advocated for spending an inflation adjusted amount of money equal to what we spent in the 30s. He wanted to nearly double what the stimulus was ($1.3 trillion instead of about $700 billion). The Fed hasn’t printed enough money. That’s why Krugman is mad at Bernanke. He’s not mad at the Fed, he’s mad at Bernanke.
Report Post »Individualism
Posted on April 29, 2012 at 7:06pmpeople should be able to use any currency they want not the worthless paper dollar controlled by those rats.
Report Post »KickinBack
Posted on April 29, 2012 at 7:18pmLegally you can use whatever you want. You can even create your own. The problem is, it’s completely worthless unless you get everybody else to use it.
Report Post »barber2
Posted on April 29, 2012 at 7:23pmHuh? Whenever I hear “ whatever they want ”…..I know that won’t work…Look what’s happening with the Obama people doing ” their thing !”
Report Post »soybomb315
Posted on April 29, 2012 at 8:24pmbarber is what we call a right-wing facist
Report Post »barber2
Posted on April 29, 2012 at 8:34pmSOY: coming from you ? Yes. Those of us are not big fans of anarchy , I guess, you would call ” right-wing fascists.” You sound like one of those people I describe as : if locked in a closet, you would fight with yourself. Like all anarchists : Just love a rumble. Love to break up stuff. Love to insult and mock. Hate “traditional” values and etiquette . Itching for a fight. Always feeling like a victim. Hate ” the establishment .”
Report Post »soybomb315
Posted on April 29, 2012 at 8:57pmi take it back. if you are afraid of two people making a private exhange in some medium other than what everyone else uses – you are not facist. you are crazy
if you think a voluntary exhange is anarchy then i guess you never played board games as a kid. would you call people like george washington and thomas jefferson anarchists? they wanted to get rid of an entire system of government
Report Post »barber2
Posted on April 29, 2012 at 9:20pmSoy: again, I get the “ bomb” part.
Report Post »Just in time
Posted on April 29, 2012 at 7:04pmThe Fed. can only control inflation. They have no control over deflation. And that scares the heck out of them.
Report Post »Individualism
Posted on April 29, 2012 at 7:04pmSame stuff happened in Germany in the 1930′s by the same people in control of that. End the Fed the central banking system doesn’t work and it will collapse and those people will be in the same place they were for what they did.
Report Post »Just in time
Posted on April 29, 2012 at 7:10pmThe creation of the Fed. Bank is what put the US into this great debt spiral we are in.
Report Post »broker0101
Posted on April 29, 2012 at 7:26pmRiiiight. Germany‘s economy wasn’t able to produce a damn thing in the 1930′s………………..Read much history, pal?
Report Post »lbyrd26
Posted on April 29, 2012 at 7:27pmThe decline began when we devalued the American dollar by removing it from the gold we used to value it. This made the dollar effectively worthless and that is when inflation really began to rise.
Report Post »broker0101
Posted on April 29, 2012 at 7:35pmLYBRD, Wow! Yet another astute student of History! Very impressive. I can only imagine that you would support the United States of America returning to the Gold Standard immediately, yes?
Report Post »lbyrd26
Posted on April 29, 2012 at 10:31pmExactly what would be wrong with returning back to the gold standard. Exactly how high has gold risen in the past few years. How many liberals laughed at people who bought gold, until it went public that colleges and even George Soros was buying it. How can you defend a position with name calling and ridicuel without explainning what would be wrong, or can your incredible genius explain why the dollar would net be stronger now if the thing it was valued on went up twice as fast as inflation,,,idiot.
Report Post »Inlightofthings
Posted on April 30, 2012 at 8:36amLBYRD26:
Report Post »Two questions…who has physical possession of the gold and who is amassing more?
broker0101
Posted on April 29, 2012 at 7:00pmThis is EXACTLY why Ron Paul is AMERICA’S LAST, ONLY HO….. ah, never mind.
Report Post »barber2
Posted on April 29, 2012 at 6:59pmTypical of the Left. They have no answers . They only know how to play the Blame Game .
Report Post »AmazingGrace8
Posted on April 29, 2012 at 7:56pmMake for great tv….“Jeopardy Blame Game” hosted by Keith Olberman. Answers of course from liberal play books. Rush L, who has said many times through-out his career, “I know these people”, could win with one hand tied behind his back!
Report Post »barber2
Posted on April 29, 2012 at 9:52pmMaybe S. Bomb could make it into a board game .
Report Post »soybomb315
Posted on April 29, 2012 at 10:35pmtheres no need to make a game. Both parties have already made one and fools like yourself and those on the left play it every day. You think the democrats are evil while the republicans are the heros but you are living in a fantasy world. The republicans and democrats play on the same team and their goal is power and control of your life. Why do you think things have moved in only one direction the last 100 years? i hope the people reading this aren’t as foolish and hateful as you
Report Post »sb36695
Posted on April 29, 2012 at 6:45pmKrugman suggested we stimulate the economy by preparing for a space alien invasion! Why don’t they cart this guy off in a straitjacket?!
Report Post »doomytram
Posted on April 29, 2012 at 7:52pmHere Here! This man has lost all respect that he had among Academics.. He should be institutionalized, because he has become so partisan. It’s almost like he just wants to prove that Republicans are crazy, but their sanity has sent him into a psychosis that he can’t get out of…
Report Post »Put it to you this way, everyone in Oblamer’s administration are unemployment labor economist from Princeton, and they all think Krugman is a loon bat insane.. These are commie leftist’s too, but Krugman is just a few bricks short of a full load.
KickinBack
Posted on April 29, 2012 at 6:43pmFaking alien invasions and now calling people Borgs. Ground control to Ranger Paul…You are drifting and lost in space…
Report Post »vox_populi
Posted on April 29, 2012 at 6:37pmIf the government had listened to Krugman then the economic crisis would be over.
Report Post »lukerw
Posted on April 29, 2012 at 6:49pmKrugman got his Nobel Medal… as the same Store as Obama!
Report Post »barber2
Posted on April 29, 2012 at 6:57pmVox Obama : I know who you are backing ! An escapee from the NYT !
Report Post »progressiveslayer
Posted on April 29, 2012 at 7:03pmThat’s very funny but thanks for chiming in.
Report Post »Shasta
Posted on April 29, 2012 at 7:16pmKrugman has been upset with the pres for a long time now, because he thought the stimulus was way too small.. While I can agree with Krugman on the problem, I can never agree with him on his solutions.
Report Post »barber2
Posted on April 29, 2012 at 7:29pmLove these statements of solutions that can not be proven. One thing for sure , though, if we had listened to Krugman : we’d be in a heck of a lot more debt….
Report Post »broker0101
Posted on April 29, 2012 at 7:46pmVOX DAY, is that you? If so, Oh How the Mighty Have Fallen! From the weekly “front page” of WorldnetDaily dot com to trolling The Blaze. Lol! Actually, the fall was less than precipitous.
Report Post »Therightsofbilly
Posted on April 29, 2012 at 7:51pmHey Vox,
If we had ignored most democrats for just about forever, it would have never started.
Gettin all excited about May Day?
Don’t forget your hazmat suit.
Report Post »ITSJESTTIM
Posted on April 29, 2012 at 7:59pm@Therightsofbilly
Only the shield of the Father can protect the middle of the middle class. Hazmat suits will not work.
Report Post »doomytram
Posted on April 29, 2012 at 8:05pmNobel Prize Winning Economist Paul Krugman say’s we should spend more money.
Nobel Prize Winning Economist Barrack Hussein Obama say’s we should spend more money.
Alfred Nobel Called and he wants his prize back.
Report Post »The-Monk
Posted on April 29, 2012 at 8:08pm@Therightsofbilly
“Gettin all excited about May Day?”
I am. I have a job interview May 1st. WooHoo! Wish me luck! My references helped a lot in getting the interview.
Report Post »Sue Dohnim
Posted on April 29, 2012 at 9:16pm@VOX_POPULI
you are clueless.
Yes, the crisis would be over in the very very short term, but a much bigger impeding one would have been created.. waiting to be alleviated with more Keynesianism, the intervention gets larger and larger.
Keynesianism steals the wealth of future labor to be wasted today, It is a ponzi scheme. A redistribution of wealth from current and future saver/producers to current debtors.
Krugman is complete idiot and Keynesianism is the primary cause of all the economic problems.
Report Post »Therightsofbilly
Posted on April 29, 2012 at 11:36pm@THE_MONK,
Glad to hear that MONK !!!
MY best to you, hope it goes well.
Report Post »Therightsofbilly
Posted on April 29, 2012 at 11:37pm@SUE DOHNIM
I still love your name !!!!!
Report Post »cemerius
Posted on April 29, 2012 at 6:37pmAhhhh when liberals eat their own!!! Nothing like blaming the “professor” when krugman’s agenda is NOT anywhere near sanity either!!! End the Fed and go on the “oil standard”!!!
Report Post »AMERICA4EVER
Posted on April 29, 2012 at 7:52pm@CEMERIUS
Report Post »Oil standard…Standard Oil, That’s a good idea!
Micmac
Posted on April 29, 2012 at 6:32pmhe’s become more concerned, probably unconsciously, with defending the Fed’s institutional safety because it’s the apostle of price stability, than with doing whatever he can to get this economy moving.
—————————————-
He’s right. All the QEs were for stablizing the Fed…that’s all.
NoBama 2012
Report Post »therealconservative
Posted on April 29, 2012 at 6:42pmSo you think Paul Krugman is right. Was he right when he said that the Obama Stimulus was too small and should have been doubled, supporting Obamacare and saying we should worry about the debt?
Report Post »lukerw
Posted on April 29, 2012 at 6:44pmWhat? Does Krugman want the EU & American Monetary System to fail Faster… so, he opposes Bernanke’s Monetarization of the Debt (Printing Money to buy Foreign & US Treasuries via a 2nd Party) to prevent the acknowledgement that No One Wants to Loan to these Debtors?
Report Post »Baddoggy
Posted on April 29, 2012 at 7:06pmRealconservative…a BIGGER stimulus? You are not a onservative you are a COMMIE that lives in your mommas basement…Hows that welfare check workin for you…YOU’RE WELCOME BUM!!!!!!!!!!!!
Report Post »lbyrd26
Posted on April 29, 2012 at 7:23pmHey fellas, before this gets out of hand between several people who I trust and value their comments, I think there have been several misunderstandings here.
Reaconservative- at the bottom of MICMAC’s post, he has a NOBAMA 2012 slogan. I think he was repeating what someone else had said and then he tried to use sarcasm to support the values that we all have here. It was hard to understand and I had to read it several times before I saw that.
BADDOGGY- I didn’t see where REALCONSeRVATIVE was promoting a bigger stimulus. I read his post as really disapproving questions. Making a point that more stimulus doesn’t work.
If I’m all wet here then I apologize. I just don’t want people who I love to read and who are basically on the same page to have hard feelings over a misunderstanding.
Report Post »therealconservative
Posted on April 29, 2012 at 7:25pm@Bad
If you would have read my post, I said that these were the things that Paul Krugman supported, not what I supported
YOU’RE WELCOME PX HERO AND TAX DODGER!!!!!!!!!!!!!!!!!!
Report Post »therealconservative
Posted on April 29, 2012 at 8:50pm@lbyrd26
My response to of MICMAC was based on that he is a Paul supporter. As far as BADDOGGY, we have issues, my post should give a clue, He won’t be on this story again.
Report Post »jnobfan
Posted on April 29, 2012 at 6:31pmVery dissapointed when on “this week” Romneys campaign manager was asked if Russia is the greatest threat to the US. He gave a longwinded answer about Russia,Isreal, blah blah ablah when he should have said The economic policies of the Obama administration and its lack of energy policy is the greatest threat to our country. Bing Bang Boom. Hit them with it ever chance you get because its important and its true. The high priced suit doesn’t get it and neither does the Repuplican leadership. its business as usual folks.
Report Post »skippy6
Posted on April 29, 2012 at 6:30pmKind of like the Obama Administration… The Borg… You must assimilate resistance is futile….
Report Post »4xeverything
Posted on April 30, 2012 at 5:23amResist We Much!!!
Report Post »pscully17
Posted on April 29, 2012 at 6:26pmGolly, beave…when dad gets home, you’re going to get a beating………did itt ever occur to the left wing radicals, that vilifying everybody under the sun, and imposing massive regulation, constant unrelenting ideology, and ignoring.math is the whole problem! That said, the leftwing doesn’t care one iota about the impact.on the citizens. We could all die as far as they are concerned. Fewer purple are easier to control and less expensive to feed.
Report Post »lbyrd26
Posted on April 29, 2012 at 6:34pmAttack, smear, divert attention..it all is the same Blame anybody but their payday- Obama.
Report Post »lbyrd26
Posted on April 29, 2012 at 6:36pmI used to read Krugman, back before he worked at the liberal lady and before he was so full of himself because he won a Nbel prize and back then, he was pretty good. It’s amazing what being a traitor to your own values and selling out to the left will do for your checking account.
Report Post »lukerw
Posted on April 29, 2012 at 6:24pmWTF? The Borg are the Collective Thinkers… and the Krugman Borg is attacking the Bernanke Borg? What is the Queen Borg up to?
Report Post »cemerius
Posted on April 29, 2012 at 6:28pmGoing on vacations to Spain……
Report Post »Coded-Dude
Posted on April 29, 2012 at 6:23pmI don’t he will be the sole scapegoat, but he is a major part of the problem. There are several people in the Obama administration that have played their part.
Report Post »cemerius
Posted on April 29, 2012 at 6:28pmSeveral? or ALL of them!!!???
Report Post »barber2
Posted on April 29, 2012 at 7:16pmWell they are all anti-capitalists . They don’t understand it and want to end it.
Report Post »skippy6
Posted on April 29, 2012 at 6:23pmSpend more to get the economy rolling??? Isn’t that his agenda???
Report Post »vox_populi
Posted on April 29, 2012 at 6:36pmThat’s how it works, generally, yeah.
Report Post »lukerw
Posted on April 29, 2012 at 6:55pm@VOX…
Report Post »When & Where did that work? It is only a Theory… of Keynes Economics! And, if it could work… you prevent it by Regulating Business & Markets!
lbyrd26
Posted on April 29, 2012 at 7:01pmLUKERW- I think VOX was being sarcastic…I hope. Sarcasm is a skill that takes years to hone anda lot of people dont understand it even when you are the best at it. I can drip with sarcasm, have all my life and I still catch pople the wrong way. It’s easy to missinterprete.
Report Post »vox_populi
Posted on April 29, 2012 at 8:50pm@LUKERW
Uhhh… the United States during the Great Depression?
@LYBYRD26
Nope. Totally serious. Long live Socialism.
Report Post »Inlightofthings
Posted on April 30, 2012 at 11:39am@VOX….from the peanut gallery…good humor!!!
Report Post »fande3rls
Posted on April 29, 2012 at 6:18pmAnd paul krugman has been promoteing what this adminisration has been doing for years , these are his Ideas and policies being used .
Report Post »Rev. WC
Posted on April 29, 2012 at 6:24pmAll they need to do is print another 10,000,000,000,000.00
Report Post »