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Krugman To Colbert: "Ireland Is America's Future If Romney Is President"

Tyler Durden's picture


Forget turning Japanese, an anxious-looking Paul Krugman appeared on Stephen Colbert last night to hawk his book and suggested that "Ireland is Romney economics in practice". Noting that Obama "inherited a Depression" but has unfortunately not taken us out of it due to a "whole lot of opposition from 'the other guys'". The Kaped Keynesian Krusader went on to note that "a recession is when things are going down but a depression is when things are down" and suggests an Obama campaign slogan "It's Not As Bad As The Great Depression" to which Colbert retorts that electing Romney would seem to be the path to 'ending this depression now'. While Krugman opines that if we would just re-hire all the government workers who have been laid off over the past few years then all would be well in the world, we suspect Colbert is closer to the truth when he comedically adds that "obviously the way to end the real depression is a war in Europe" and while USA is not Greece (or Uganda), it appears we will be Ireland if Romney gets elected.




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Tue, 06/19/2012 - 20:35 | 2541415 MFL8240
MFL8240's picture

Get this liberal fucking fool  off the news.

Tue, 06/19/2012 - 20:35 | 2541417 Angelo Misterioso
Angelo Misterioso's picture

Nobel Prize in Economics - such a sham...about equal to that infamous Nobel Peace Prize....

Tue, 06/19/2012 - 20:39 | 2541425 Gloppie
Gloppie's picture

Krugman on COMEDY Central....
yeah, sounds about right, except I'm not amused somehow.

Tue, 06/19/2012 - 20:43 | 2541441 markalpha
markalpha's picture

Paul Krugman is an economist, I tend to think he might know a thing or two about what might happen if Mormon Bush gets elected. I think Ron Paul would have brought change to our stagnant country. Given the choice between Mitt and Barack, neither one is going to bring anything meaningful. I like Barack Oboma's ideas but he has been ineffective at selling them to congress. His first four years were pretty unsucessful.  think this next term Barack would take more chances and actually lead our country. Bill Clinton successful his first term either.

Tue, 06/19/2012 - 20:51 | 2541461 nmewn
nmewn's picture

"I like Barack Oboma's ideas but he has been ineffective at selling them to congress."

Which ones would those be?

Signing off on Dodd-Frank, the NDAA, "shovel ready jobs" for statists, Solyndra or forced contracts with health insurance corporations (commonly called ObamaCare)?

Tue, 06/19/2012 - 21:19 | 2541539 Yen Cross
Yen Cross's picture

It's nothing or " BOOM" for Isreal nmewn.    Your thoughts are post facto.

Tue, 06/19/2012 - 22:12 | 2541677 krispkritter
krispkritter's picture

You'd think if he liked him so much he'd be able to spell his fucking name. I hate these 'lesser of two evil' types but I get where they're coming from to a degree. I'd rather take Carlin's stance on voting and say that I didn't vote for either one of the pricks and can complain non-stop about them while working at the State level to keep their bullshit agendas in DC and out of my backyard...

Tue, 06/19/2012 - 20:44 | 2541443 nmewn
nmewn's picture

Which one of these guys is the comedian again?

Tue, 06/19/2012 - 20:48 | 2541454 NemoDeNovo
NemoDeNovo's picture

Neither, Both or All of thee Above?  Is this a multiplte choice???

Tue, 06/19/2012 - 20:53 | 2541466 nmewn
nmewn's picture

I'm thinkin Colbert played the straight man to the clown.

Tue, 06/19/2012 - 21:01 | 2541499 NemoDeNovo
NemoDeNovo's picture

I would concur with that statement, watching that was very surreal in more ways then one.


I must go wash my eyes and ears out now that I have seen that.............

Tue, 06/19/2012 - 20:46 | 2541450 superbroker1
superbroker1's picture

I think MDB is too busy giving krugman a bj to comment... Boring!

Tue, 06/19/2012 - 20:55 | 2541478 Papasmurf
Papasmurf's picture

Isn't Krugman one of those Y=C+I+G+NX Kenesian voodoo economists?   That formula is useless because there are no terms to calculate for bankster fraud, politicial graft, bridges to nowhere and the black hole Fed Reserve.

Tue, 06/19/2012 - 21:00 | 2541494 q99x2
q99x2's picture

They'll be a stampede of bounty hunters after Krugman during the revolution.

Tue, 06/19/2012 - 21:02 | 2541502 NemoDeNovo
NemoDeNovo's picture

What will be the bounty of his head???  Just curious

Tue, 06/19/2012 - 21:03 | 2541504 janus
janus's picture

colbert...too awesome for words.

dedication to colbert.

the early-mornin stone-cold pimp is here,


Tue, 06/19/2012 - 21:09 | 2541520 ozzzo
ozzzo's picture

I was going to vote for Obamney but Krugman changed my mind; now I'm voting for Rombama!

Tue, 06/19/2012 - 21:17 | 2541535 Skateboarder
Skateboarder's picture

That sounds... tribal. I like it. Chief Rombama, perpetuator of war.

Tue, 06/19/2012 - 21:09 | 2541521 Bunga Bunga
Bunga Bunga's picture

I wonder who is more retarted here, Krugman or Colbert. I tend to think Colbert is.

Tue, 06/19/2012 - 21:37 | 2541589 Bunga Bunga
Bunga Bunga's picture

Sorry, I don't understand his Satire.

Tue, 06/19/2012 - 21:11 | 2541522 Uncle Remus
Uncle Remus's picture

There is nothing wrong with your [idiot box]. Do not attempt to adjust the picture. We are controlling transmission. If we wish to make it louder, we will bring up the volume. If we wish to make it softer, we will tune it to a whisper. We will control the horizontal. We will control the vertical. We can roll the image, make it flutter. We can change the focus to a soft blur or sharpen it to crystal clarity. For the [rest of your life], sit quietly and we will control all that you see and hear. We repeat: there is nothing wrong with your [idiot box]. You are about to participate in a great adventure. You are about to experience the awe and mystery which reaches from the inner mind to… The [New World Order].

Tue, 06/19/2012 - 21:13 | 2541528 CURWAR2012
CURWAR2012's picture

Krugman has syphillis, he is slowly experiencing brain rot

Tue, 06/19/2012 - 21:16 | 2541533 Skateboarder
Skateboarder's picture

Stephen Colbert would be a decent president.

Tue, 06/19/2012 - 21:21 | 2541548 Yen Cross
Yen Cross's picture

  Stephen Colbert would be a "Great" ( indoctrinator)?

Tue, 06/19/2012 - 21:37 | 2541586 midgetrannyporn
midgetrannyporn's picture

I assume you know that his show is entirely satire? Many rednecks think he is one of them due to ignorance of this fact.

Tue, 06/19/2012 - 21:53 | 2541633 surf0766
surf0766's picture

Many communist believe Stewart is a journalist.

Tue, 06/19/2012 - 22:25 | 2541719 midgetrannyporn
midgetrannyporn's picture

it's all joo news

Tue, 06/19/2012 - 22:18 | 2541691 Marginal Call
Marginal Call's picture

"Many rednecks think he is one of them due to ignorance"

Tue, 06/19/2012 - 21:20 | 2541543 surf0766
surf0766's picture

He would have printed 7 trillion in spring 2008 and today we would have $9,000 gas.

Tue, 06/19/2012 - 21:24 | 2541555 Yen Cross
Yen Cross's picture

Trade crosses. Divide 8K xau/ into Brent prices> WW 00?

                                                        No chart available/ Q infinity!

Tue, 06/19/2012 - 21:25 | 2541563 Freewheelin Franklin
Freewheelin Franklin's picture

PLEASE, someone use his f-ing head to break some windows.

Tue, 06/19/2012 - 21:30 | 2541573 surf0766
surf0766's picture

Does Colbert make $41,000 per day like Stewart and his wife do?

Tue, 06/19/2012 - 21:32 | 2541580 dolph9
dolph9's picture

Totalitarianism followed by catabolic collapse and civil war is America's future, no matter which Demopublican puppet is elected by the sheeple.

Tue, 06/19/2012 - 22:45 | 2541768 francis_sawyer
francis_sawyer's picture

so ~ do I do a STRANGLE on totalitarianism with an IRON CONDOR hedge on the catabolic collapse/civil war?

Tue, 06/19/2012 - 21:33 | 2541581 justsayin2u
justsayin2u's picture

we just havent done enough yet.  Mote stimulous, higher ebt amounts, 99 more weeks of unemployment, accelerate the savings from Obama-care forward, more money to the states, re-hire all the government employees and give them all a great big raise, hire more teachers and administrators, start more wars, give everyone a big check, extend the Bush tax cuts - that's what we need - deficits dont matter!!!!

Tue, 06/19/2012 - 21:38 | 2541591 madmax1965
madmax1965's picture

Why would anyone in their right mind listen to this little troll!  I happened to catch this, my wife had to leave the room because of my tirade!



Tue, 06/19/2012 - 22:47 | 2541774 francis_sawyer
francis_sawyer's picture

Paul Krugman... ender of marriages...

Tue, 06/19/2012 - 21:41 | 2541597 boiltherich
boiltherich's picture

Krugman is wrong about so many things, but just like all the other talking heads he is not wrong about everything, even Larry Kudlow occasionally says something that is true.  I think he is wrong that the USA under Romney is Ireland, and he should apologize to Ireland at once.  Ireland has had a run of really bad luck with their leaders campaigning as willing to stand up to the EMU but then turning into bootlicking toads the minute they get into office, but America under Romney is not going to be like anything the planet has ever seen.  It will make Greece look sensible.  And as much as I would hope for a better candidate from the democrats Obama did inherit a clusterfucked depressed mess from BushCo.  The only thing he could have done is what you all want Paul to do, tear it all down and start over from scratch, with plenty of prison space alloted to career criminal banksters.  He did not have the political capital for that.  Of course in a second term he has no reelection concerns so political capital is not at stake.  I only know I am not voting for that magical thinking cultist neocon.   

Tue, 06/19/2012 - 21:45 | 2541608 Cabreado
Cabreado's picture

When scouting for a man who would trumpet the agenda, a delusional man who firmly believes what he spouts, they happened to find Krugman.

They gave him a pedestal, a megaphone, and he is doing well by all involved.

And of course, it reeks like behavior of falling empires before us.

Comedy Central... who coulda guessed...

Tue, 06/19/2012 - 21:46 | 2541611 Seize Mars
Seize Mars's picture

Guys, it's obvious, he is just another sychophant to TPTB. Like Brzezinski or Kissinger. Only this guy's human-hating lust for war and financial ruin is even more transparent. His logic isn't logic, his arguments aren't arguments. He would be laughed out of a proper University class except that he suits somebody's need for another shill for stupidity. (War is Peace, Ignorance is Strength, et cetera.)

The essence of this tripe: spending and war brings...prosperity!

Ugh. Without central planning he would be selling used cars.

Tue, 06/19/2012 - 21:50 | 2541626 francis_sawyer
francis_sawyer's picture

Minor correction... WITHOUT central planning, he would not be able to keep his job selling used cars & be requiring EBT cards for his daily bag of Frito Lay's...

Tue, 06/19/2012 - 21:48 | 2541616 Slop Bucket
Slop Bucket's picture

I'll bet you dollars to donuts that weasel Krugman has gold in the Perth Mint. He'll be the first one outta here when the shit starts going down for real.

Tue, 06/19/2012 - 22:03 | 2541655 Seasmoke
Seasmoke's picture

yeah Paul more teachers and cops will end this depression.......fucking lying jew

Tue, 06/19/2012 - 22:05 | 2541657 The Gooch
The Gooch's picture

<(dancing a jig) 


Tue, 06/19/2012 - 22:06 | 2541661 GernB
GernB's picture

Interesting, in Krugman's world all you need is teachers and firefighters to manufacture all the goods that when they are cheap make society prosperous.

And, if people in Wisconsin would just pay for teachers in Califormia, Wisconsin with it's 6.8% unemployment rate would be so much better off.

If you built your own business through 14 hour says, taking risk and doing whatever it takes to survive and eventually prosper, you were just lucky.

For two years Obama had both houses of and the presidency to pass any agenda he wanted, and did so without Republican support, but it was opposition to his agenda that caused this crisis. So apparently the crisis has only existed since, what, 2010 when Obama finally had opposition?

I can't remember how many times I've said. You know, the US should be a lot more like Ireland. If you're going to draw comparisons it really helps to draw the big ones that are on the top of everyone's minds, like Ireland and the US being so similar.

The freest economies in the world are clearly the worst off, so we must blame freedom. Without it technocrats could make our lives so much better.

How is Krugman's response materially different from the response to the great depression that took 10 years to get out of, and how is the response to the depression (i.e. creation of the great society) different from what Obama has done. How is it different from what Japan has done.

We followed Krugman's advice when Obama took office. Now he wants us to pretend we didn't have massive bailouts and stimulus spending on shovel ready jobs. He wants us to believe we never did any of that, that we aren't trillions more in debt because of it, and that the results are not his fault, but the other guys.



Tue, 06/19/2012 - 22:19 | 2541701 Stimulati
Stimulati's picture

Krugman said the stimulus was too small before it was implemented and he also said its failure would politically prevent it from being tried again.  Correct on both counts.

FDR's expansionary policies led to growth in the Great Depression but he cut back in 1937 and we had a double dip.  It wasn't until even more massive government spending for WWII that the Great Depression ended.

Finally, on California - it is California that is paying for teachers in poor red states.  California gets back 86 cents for every dollar paid into the federal government.  Enough to balance its budget and then some.

Sorry for the intrusion of reality.

Tue, 06/19/2012 - 22:52 | 2541786 Everybodys All ...
Everybodys All American's picture

Krugmans Keynsian policies have been followed for years globally. That's why we're in the mess to begin with. I'm talking decades of stupidity. That's the beauty of his policy is that he can always fall back on the "stimulus was not big enough" montra. He will be held accountable when the whole system goes to reset. You can count on that.

Wed, 06/20/2012 - 09:04 | 2542724 Stimulati
Stimulati's picture

There is nothing Keynesian about deficit spending during years of economic growth (especially bubble years).  That is why Krugman opposed the deficits in the 2000s. 

You are mistaking Reaganomics for Keynesian.

Tue, 06/19/2012 - 23:35 | 2541916 Totin
Totin's picture

"Krugman said the stimulus was too small before it was implemented and he also said its failure would politically prevent it from being tried again. Correct on both counts."

Yeah, but those billions and billions of dollars were still well spent. Had they not spent it we'd probably all be eating dry dog food now and dumpster diving for clothes. Thank you Nancy, Harry, and Obama - you saved us from the misguided Republicans. 

Wed, 06/20/2012 - 02:58 | 2542224's picture


Sorry for the intrusion of reality.


So why did the depression of 1921 end so quickly when government simply stayed out of the way? Please keep your answer within the realm of actual reality.



Wed, 06/20/2012 - 08:35 | 2542576 Stimulati
Stimulati's picture

The 1921 Depression was an inflation fighting depression.  It was caused by contraction of the money supply to fight inflation that had resulted from WWI.  When inflation was stopped, the money supply was loosened and the economy picked up.  Similar to 1982. 

Private sector balance sheet depressions like the current one are completely different. 

Wed, 06/20/2012 - 08:42 | 2542596 therearetoomany...
therearetoomanyidiots's picture

"Private sector balance sheet depression..."


Jeezus H....Is there any other type of depression?   The government doesn't make money, doesn't have money of its own.   It only has the money it takes from private entities. 

Wed, 06/20/2012 - 09:06 | 2542745 Stimulati
Stimulati's picture

Yes, the 1921 and 1981-82 recessions were inflation fighting recessions.  Economic activity was temporarily choked off to wipe out inflation.  It is very different from a recession that requires years of private sector deleveraging.

Wed, 06/20/2012 - 03:40 | 2542269 Lednbrass
Lednbrass's picture

Intrusion of reality?

You are either a purposeful liar or a stupid ignoramus parroting poorly done "studies". California doesnt get back .86 for every dollar paid- it gets $1.22. It also gets more outright grant money than any other state by a wide margin, even beating New York by a fair margin.

Consolidated Funds report from 2010 showing which states get how much for what, look at Table 13.

IRS tables showing how much each state paid in 2010,,id=206488,00.html

Do the math, idiot.

Reality is that you have no idea what you are talking about at all, and are too dumb and lazy to research on your own so you just repeat whatever retarded crap you picked up in DKos and HuffPuff.

Wed, 06/20/2012 - 08:50 | 2542621 Stimulati
Stimulati's picture

Thanks for the information.  My 86 cents stat is admittedly out of date, coming from a pre-crisis study.  I'll stop using it. 

I will add that your data shows that California is 44th in per capita federal expenditures by state so I think it's still clear that other states are getting more bang for their buck than California.  I think my point is still valid.  It would be interesting to see what states are above and below $1.22 in our new high deficit era, but I don't think I have the time to put that together. 

Wed, 06/20/2012 - 15:11 | 2544663 Lednbrass
Lednbrass's picture

Heh, OK you were gracious about an purposely rude and insulting response and took it like a man so I will try to legitimately help and discuss. :-)

I have run the numbers on this and broken them down a few different ways with Excel, so here is some data you may find interesting and/or helpful.  This can all be corrorborated with the source data posted above.

There are some caveats to looking at these numbers however.  Realize that all federal payments are rolled into this- if a northerner retires to the South, that state gets counted for the retirement money that person receives if they want the person or not.  Everything paid to military people gets rolled into it (and military recruitment is very far from uniform by state, its heavily slanted to the South and non coastal West), as does money spent buying from businesses in various states. This is overall and isnt breaking out who is just getting outright gimmes, and the "other" category on the funds report is vague.

Anyhow, there are only a few true donor states (in order of gross donations to Uncle Sugar)-

1) New Jersey- .68 received per dollar, sent $37,952,547,000 more than it received

2) Minnesota- .65, sent 23,634,129,000 more than received

3) Delaware- .53, sent 7,251,877,000 more than received

4) Nebraska- .94, sent 1,109,943,000 more than received

5) Illinois- .99, sent 1,071,760,000 more than received

6) Ohio- 1.00, 34,026,000 more than received

What is important here I think is to note the very low surplus numbers, all of this "excess" is wiped out and then some by the largest net receiver states on the other side-

1) Virginia- 78,128,254,000 (goodbye "surplus")!

2) Florida- 75,339,258,000

3) California- 60,495,894,000

4) Maryland- 48,588,785,000

5) Pennsylvania- 44,075,246,000

I am uncertain of the real value in using procurement and some of the other categories in determining who is really feeding off of whom, but top 5 sent vs. received net gainers are-

1) New Mexico- 3.67

2) West Virginia- 3.58

3) Mississippi- 3.48

4) Washington DC- 3.37

5) Hawaii- 3.32

In terms of who is really getting flat out gravy, I think the grants section in tables 10 and 14 of the Consolidated Funds report may be the best indicator. Ranking in order of grant money per capita-

1) DC- 18,068.09 (quelle suprise)

2) Alaska- 4878.99

3) Wyoming- 3999.34

4) Vermont- 3803.34

5) Massachusetts- 3413.73

You brought up California, which is lower than many on overall received money but what I found most interesting about their per capita breakdown in Table 14 is the very low number on retirement/disability, it seems not many want to retire there (48 of 50).

To me the biggest takeaway is that almost all states are receivers, fueled by endless debt sales and putting the bills on the tab of kids not yet in the work force. However, the oft repeated line that somehow the northern and left coast blue states pay for Southern red states is not reality, most of South is pretty low in the grants category per capita- 5 of the bottom 10 are former Confederate states and only 1 in the top 10 (Louisiana).

i do wish they gave a better definition of "other". Hope you find this data and the sources useful as understanding reality is a good thing, but it is rarely what we are told it is.





Wed, 06/20/2012 - 04:37 | 2542319 GernB
GernB's picture

"Krugman said the stimulus was too small before it was implemented and he also said its failure would politically prevent it from being tried again.  Correct on both counts."

Citaton please. I was there. The numbers used by the whitehouse were in the range he was advocating at the time. It was only after the fact he claimed it was too small and the failure would prevent it from being tried again. Nice try at history revision, Or perhaps you're just buying Krugman's history revision.

Wed, 06/20/2012 - 05:17 | 2542336 GernB
GernB's picture

Not to be accused of making things up. In his Nove 10, 2008 NYT article "Stimulous math" Krugmans walked through the math, stating that:

When I put all this together, I conclude that the stimulus package should be at least 4% of GDP, or $600 billion.

The American Recovery and Reinvestment act of 2009 was 787 billion. Today he lies by pointing to the 2008 stimulous of 178 billion saying it was smaller than he said it should be. He knows full well the 2009 stimulous was well over what he said was needed and combined they were nearing a trillion. They did not have the effect he predicted.

Wed, 06/20/2012 - 08:27 | 2542557 Stimulati
Stimulati's picture

Krugman was admittedly inarticulate in that article but it was 4% of GDP over 2 years, or $600B x 2 = $1.2B of actual spending.  We got $0.5B of actual spending.

In any case, if you don't want to believe that specific explanation, there are plenty of examples of him saying the stimulus was too small BEFORE the stimulus was signed into law, which you will have to ignore to believe what you want to believe.

Wed, 06/20/2012 - 08:39 | 2542590 therearetoomany...
therearetoomanyidiots's picture

"How's that Kool-aid?"

                   ---Rev. Jim Jones

Wed, 06/20/2012 - 08:57 | 2542666 Stimulati
Stimulati's picture

This article is from January 2009, a month before the stimulus was signed into law.

Wed, 06/20/2012 - 08:37 | 2542583 therearetoomany...
therearetoomanyidiots's picture

What rarely is mentioned by any of these clowns, as they deride the free market, is that we precisely do NOT have a free market - it is rife with governmental interference.   Crony and otherwise including the 'road to hell' do-gooders in all the senates and houses across the oountry, including DC, who feel they know better than free exchange. 

We precisely do NOT and haven't had a free market.    F off Krugman, and all your supporters and sychophants.

Tue, 06/19/2012 - 22:07 | 2541663 reTARD
reTARD's picture

Krugman, you wasted almost 7 minutes of my time when I could have watch My EBT one more time. How much paper was wasted on your more than 20 books? STFU

Tue, 06/19/2012 - 22:10 | 2541675 Stimulati
Stimulati's picture

You folks wouldn't have so much hatred of Krugman if there wasn't something there

Tue, 06/19/2012 - 22:20 | 2541703 neutrinoman
neutrinoman's picture

What anyone sensible hates is the undue influence he has.

Tue, 06/19/2012 - 22:26 | 2541720 Stimulati
Stimulati's picture

Influence is what you get when you keep saying things that come true.  Starting with his bold partisan prognostications from a decade ago that the Bushies were nothing more than habitual liars.  Now everybody knows that to be true but at the time it was crazy talk.

Wed, 06/20/2012 - 03:03 | 2542233's picture

I always said that the Bushes were liars but I believe that Krugman is a liar too. What does that do for your round-about sense of logic?

Wed, 06/20/2012 - 04:43 | 2542324 GernB
GernB's picture

That's the pot calling the kettle black. Krugman is a master of lieing with statistics. His chart showing how austerity does not work shows something like 7 or 8 nations out of hundreds. The only basis for choosing those particular ones is the data fits his message. You know what it is when you use statistics to convince people of something contrary to the facts. It's called a lie. He does it all the time.

Wed, 06/20/2012 - 03:01 | 2542228's picture



You folks wouldn't have so much hatred of Krugman if there wasn't something there


Right. All vilified persons are actually saints. Just ask Hitler.

Wed, 06/20/2012 - 08:59 | 2542677 Stimulati
Stimulati's picture

Hitler actually had power.  Something Krugman doesn't have.

Tue, 06/19/2012 - 22:19 | 2541680 neutrinoman
neutrinoman's picture

Why does anyone listen to this kook any more? He's an embarrassment to his school and now an international embarrassment.

He does have a cult following of millions of readers who little of economics, but like his politics and mistake him for a deep thinker. In fact, he's just a phony guru. That's why he spends so little time with his fellow economists any more, or with anyone who can quickly show what a raving moron he is.

Wed, 06/20/2012 - 08:32 | 2542566 therearetoomany...
therearetoomanyidiots's picture

"He does have a cult following of millions of readers.."    That many people still read the Times?   Whooooo----we are in some real trouble.

Tue, 06/19/2012 - 22:14 | 2541682 Stimulati
Stimulati's picture

If you think Krugman has been wrong these last few years then you obviously haven't been paying attention.  Even his opponents such as Niall Ferguson have been fessing up that Krugman has been right on his economic predictions.

Furthermore, if you think we have been following Krugman's advice these last few years then you are pretty much out of it in the head.

Tue, 06/19/2012 - 22:22 | 2541712 Godisanhftbot
Godisanhftbot's picture

 It's not a prediction to assume that govt will f&ck it up. It's a statement of the obvious.

Wed, 06/20/2012 - 05:03 | 2542331 GernB
GernB's picture

OK. I'll play.

After the stimulous on CNBC he said:

“I am still guessing that we will peak out at around 9 percent and that would be late this year.” and hs doubted we would see double digit unemployment because, as he put it in talking about the stimulous, “Actually, we are already seeing some positive effects"


It peaked at 10.1% and exceeded 9% for almost 2 years. When oponents criticized Obama's growth projections from the stimulous as "overly optimisitic" Krugman questions their honesty. His opponents were right and Krugman could not have been more wrong.

In late 2010 Krugman said: “It’s also worth pointing out that everything the right said about why Obamanomics would fail was wrong.” Huh? It seems like conservatives were saying it won't bring down unemployment and it won't stimulate growth. They were right, Krugman was wrong.

June 2010 Krugman called German budget cuts a “huge mistake,” and said: “budget cuts will hurt your economy and reduce revenues.” A year later Germany’s unemployment rate has fallen significantly, dropping by 0.7 percentage points between June 2010 and August 2011. As of June 2011, German GDP during 2011 grew at 3 percent, almost twice as fast as our own GDP growth.

Or how about this prediction from 1997:

"The growth of the Internet will slow drastically, as the flaw in "Metcalfe's law"--which states that the number of potential connections in a network is proportional to the square of the number of participants--becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's."

or this one:

"As the rate of technological change in computing slows, the number of jobs for IT specialists will decelerate, then actually turn down; ten years from now, the phrase information economy will sound silly."

The only people who find Krugman's predictions accurate are baised economics research at educational institutions and liberal think tanks. Which, of course, progressives, who love proof by authroity (as opposed to actual evidence) cite as proof positive that Krugman's predictions are accurate.

Wed, 06/20/2012 - 08:30 | 2542564 therearetoomany...
therearetoomanyidiots's picture

Krugman writes for the New York Times.

"All the news that fits"


Nuff said...

Wed, 06/20/2012 - 08:02 | 2542489 ebworthen
ebworthen's picture


+1 for stealth sarcasm

Tue, 06/19/2012 - 22:21 | 2541708 Godisanhftbot
Godisanhftbot's picture

 Krugman was amazing. Let's elect him.


 He can replace the existing dog catcher.

Tue, 06/19/2012 - 22:23 | 2541716 web bot
web bot's picture

The fact that this was on this show should say something about him. He's your typical limousine liberal, who's gotten a taste of the media high who wants to continue propelling his name and purported book writing. His bancrupt ideology is on a collision course with reality.

Folks... this mess is not going to end well. Not well at all. We're spiraling down and the slope is getting steeper. We're soon to be at the event horizon and beyond that, it's crash time.

Tue, 06/19/2012 - 22:45 | 2541766 Everybodys All ...
Everybodys All American's picture

Krugman has to go on a comedy show to be seen. A comedy show. Very apropos.

Tue, 06/19/2012 - 22:53 | 2541785 Encroaching Darkness
Encroaching Darkness's picture

Romney policies = Ireland

Krugman / Bernanke / Obama policies = Zimbabwe

Choose your poison - I think I'll write in Ron Paul

And if Romney keeps making ads with Hatch (who I'll be voting against soon), I'll write in Ron Paul several times. Good for the dead democrats, good for me!

Wed, 06/20/2012 - 07:58 | 2542481 ebworthen
ebworthen's picture

Me too.

Wed, 06/20/2012 - 08:45 | 2542558 therearetoomany...
therearetoomanyidiots's picture

So - then, you choose Zimbabwe.   I'd rather be forced to eat corned beef and cabbage and drink Harps - than be forced to pick peanuts out of the local dung pile to survive. 



Tue, 06/19/2012 - 23:34 | 2541912 TNTARG
TNTARG's picture



Catastroka goes for all of us.

Tue, 06/19/2012 - 23:35 | 2541919 Annotation
Annotation's picture

selling sweden as the coup de grace?

Wed, 06/20/2012 - 00:12 | 2542018 jonjon831983
jonjon831983's picture

Funny, I ran into video of Krugman + Rogoff where we get the infamous Aliens solution.

Wed, 06/20/2012 - 01:03 | 2542109 JuicedGamma
JuicedGamma's picture

Shifty eyed weasely Krugman.  He has balls calling himself an economist.  His total lack of understanding of how the economy really works is frightening.  The fact that people listen to his drivel is disturbing.  I suppose that is how we end up with our politicians.

I have pulled the plug on my cable TV, stopped getting the newspaper, except Barrons,, and soon, like an ostrich hiding in the sand, may quit the Internet, at least filter out http.

Maybe it will all go away, especially Krugman.

Wed, 06/20/2012 - 08:23 | 2542545 therearetoomany...
therearetoomanyidiots's picture

My broker, 20 years ago, told me he bought Barrons so he would know that he could do the exact opposite of wha tthey said, and make money.  

The only financial expert I trust these days in Cramer.   Tee hee

Wed, 06/20/2012 - 01:06 | 2542111 Redhotfill
Redhotfill's picture

Mnn pass the Corned Beef and cabbage please!    I'm for any new holidays that involve corned beef!

Wed, 06/20/2012 - 01:13 | 2542118 icanhasbailout
icanhasbailout's picture

I look forward to the day when Krugman and Bernanke are hanged together.

Wed, 06/20/2012 - 01:46 | 2542148 nathan1234
nathan1234's picture

I think it would be great to see Krugman, Romney,Bernanke, Obama and Timmy banished to the Artic , if they are to be spared an execution

The world does not need such assholes

Wed, 06/20/2012 - 03:51 | 2542278 slackrabbit
slackrabbit's picture

We tried that.

The penguins sent them back...

Wed, 06/20/2012 - 03:13 | 2542248 natty light
natty light's picture

Sit back and watch the flash.

Wed, 06/20/2012 - 03:40 | 2542267 Alejandrito
Alejandrito's picture

Krugman, when do aliens come?

Wed, 06/20/2012 - 06:34 | 2542368 michigan independant
michigan independant's picture

 I also spent an eye-opening year working at the White House (Council of Economic Advisers) in 1982-3. In 1991 I received my major professional gong, the John Bates Clark Medal, given by the American Economic Association every two years to an economist under 40.

Then Sir you should know better.


Wed, 06/20/2012 - 06:52 | 2542386 overmedicatedun...
overmedicatedundersexed's picture

"I like Barack Oboma's ideas but he has been ineffective at selling them to congress. His first four years were pretty unsucessful. think this next term Barack would take more chances and actually lead our country"

This poster is he she it the biggest idiot on ZH???

or is this the OBUMA hisself??? gotta laugh at this hack Idiot. or is it sarc maybe I am Idiot 1.

Wed, 06/20/2012 - 07:56 | 2542478 ebworthen
ebworthen's picture

Erin Go Bragh!

(I need a drink)

Wed, 06/20/2012 - 08:20 | 2542531 therearetoomany...
therearetoomanyidiots's picture

Fuck Krugman, Fuck Colbert. Go away both of you.  Boring shit like most of TV.  

Wed, 06/20/2012 - 08:25 | 2542550 SovereignSilver
SovereignSilver's picture

He's just plain wrong. Krugman is wrong, wrong, wrong all the time. Why do people take this guy seriously anymore?

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