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Krugman vs CNBC: Round 1

Tyler Durden's picture





 

This one is tough: Krugman or CNBC... Krugman or CNBC... Hmmm. From the man who in 1998 thought that "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" (via NYT of course)

Wow. I just did Squawk Box — allegedly about my book, but we never got there. Instead it was one zombie idea after another — Europe is collapsing because of big government, health care is terribly rationed in France, we can save lots of money by denying Medicare to billionaires, on and on.

 

Among other things, people getting their news from sources like that are probably getting terrible advice about any kind of investment that depends on macroeconomics. But it’s amazing just how skewed the policy views are too.

 

All that and having to get to Englewood Cliffs, too.

And MCC's response:

This is what brought it on:

Oh well, hopefully at least the ratings (or book sales) of one of the above entities rise as a result. We are looking forward to Krugman's next faxed in self-book report submission.

Finally, for those curious how a person who has nothing to do with "news sources like this" wipes the floor with Krugman, is encouraged to watch this.

 


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Wed, 07/11/2012 - 10:58 | Link to Comment veyron
veyron's picture

"All that and having to get to Englewood Cliffs, too."

 

Krugman wins by default -- no one likes Jersey. 

Wed, 07/11/2012 - 11:01 | Link to Comment nope-1004
nope-1004's picture

Krugman didn't have a chance to embarrass himself.  Joe wouldn't STFU.

 

Wed, 07/11/2012 - 11:03 | Link to Comment SilverTree
SilverTree's picture

I took a big healthy Kurgman this morning.

Wed, 07/11/2012 - 11:12 | Link to Comment Pladizow
Pladizow's picture

Which is more antiquated?

Wed, 07/11/2012 - 11:21 | Link to Comment Pinto Currency
Pinto Currency's picture

 

Krugman: "When government spends above 50% of GDP, I start to wonder."

This guy is an old-time huckster.

Wed, 07/11/2012 - 11:27 | Link to Comment ZeroPower
ZeroPower's picture

That Andrew character looks like hes about 17 and a half.

Wed, 07/11/2012 - 11:42 | Link to Comment Popo
Popo's picture

 As the financial world stumbles from a near-fatal wound of too much credit, this homeopathist of the economics world, is prescribing additional credit.

Krugman is a fringe theorist -- to put it mildly.  

Wed, 07/11/2012 - 11:51 | Link to Comment A L I E N
A L I E N's picture

Silvertree, I usually offload a healthy Krugman shortly after lunch

Wed, 07/11/2012 - 15:53 | Link to Comment FEDbuster
FEDbuster's picture

Krugman was still punch drunk from his trip to Spain.   His ego hasen't had time to recover from his Spanish beat down.  Although the "government should maybe spend 50% of GDP" was some good rope a dope,  Joe was able to keep him on the ropes with some weak punches.  Krugman should hang up his gloves and go to work at the BLS.

Wed, 07/11/2012 - 17:26 | Link to Comment critical tinkerer
critical tinkerer's picture

Can't you guys do better then ad hominem attacks? So scared?

Thu, 07/12/2012 - 02:48 | Link to Comment Western
Western's picture

I can barely listen to it. Krugman, obviously an intelligent, though cult-follower and deranged lunatic, is trying to calmly explain something.. and the squawk box loves the sounds of their collective shill voices so they speak over him, THE MAN THAT REPRESENTS WHAT THEY ARE TRYING TO COLLECTIVELY ACHIEVE!

 

Im gonna throw up.

Wed, 07/11/2012 - 11:45 | Link to Comment Jay Gould Esq.
Jay Gould Esq.'s picture

Michelle could have been a bit more succinct and simply tweeted, "Krugman on Squawk. Pantywaist."

Wed, 07/11/2012 - 11:41 | Link to Comment EscapeKey
EscapeKey's picture

"It's not about the debt levels" uh right. That would be the case for - what - one or two nations through history. And one of the nations - Britain - had to go to the IMF in 1976, devalued in 1967, and inflated her way through WW2 debts.

The guy cherry picks his way through history like a BLS employee through inflation stats.

Wed, 07/11/2012 - 21:12 | Link to Comment Ted K
Ted K's picture

@ "escapekey"

Aaawwww, what's the matter dear??? Your Gold quotes didn't react on the ticker like they should have today???  Listen, not everyone who is invited on CNBC makes gold prices squirt up like your BF when you got a headache and let him borrow your palm for 3 minutes. That stuff he emits is not good for your hair and gold spurting up on CNBC interviews is not indicative of healthy markets.

Wed, 07/11/2012 - 15:34 | Link to Comment lemonobrien
lemonobrien's picture

this is when i prepare to leave. (REAL SIGNAL POINT) government > 50% of everything...means they own your ass if you stays longer. and you can wear orange with the word "State Property" on the back.

Wed, 07/11/2012 - 11:17 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

That was like watching monkeys throw poop at each other.

Wed, 07/11/2012 - 11:23 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Krugman's last rebuttal regarding post WWII growth, which by the way was a direct result of drastic tax cuts and a drastic cut in government spending as a percentage of GDP, completely contradicts the notion that the govt can double their percentage of spending as GDP to 50% before he gets worried. 

If one can sift through the baffling by bullshit and hit their key points, one can see that the Nobel economists are double talking fag hag horset shit shoveling propagandists and nothing more.

Wed, 07/11/2012 - 11:28 | Link to Comment roadlust
roadlust's picture

If "post ww2 growth" came out of government spending during and after the war, it's pretty obvious that government spending wasn't a hindrance to growth or our standard of living.  Both have gone down with tax rates.

Wed, 07/11/2012 - 11:55 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

You are so right. There wasnt rationing going on in order to support that government spending.  Limited use of goods by the population to support the bloated government expenditures.  What was I thinking.  No hindererance to the population at all.

Wed, 07/11/2012 - 11:32 | Link to Comment crawldaddy
crawldaddy's picture

once again you prove you simply have no idea what you are talking about.

 

A fucking monkey hitting random keys on the keyboard would provide better insight into macro economics then you do.

Wed, 07/11/2012 - 11:57 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Could you provide some insight on what specfically in what I said that proves I have no idea what I am talking about? 

Now excuse my while I eat this banana and toss my poo.

 

gsae[oia=]vaaeae9b=93495964rbsd   AE[ROPSE4'EZS'/FR//S ]5YHOATB A'W

WSZF

Wed, 07/11/2012 - 11:38 | Link to Comment lizzy36
lizzy36's picture

Post WW2 growth had a number of factors.

Including the fact that the government spending as a percentage of GDP was very large during the war years, but that things like WAR BONDS, and higher taxes (average citizens sacrificed) helped PAY for that spending. The problem in the US, and the only place where i agree with Krugman, is that nobody except for the soliders that did the fightening paid any price for the wars in Afghanstain and Iraq. 

A couple of other points that Krugman glosses over; 1) growth in USA post WW2 was great bc the means of production in Japan and Germany were destroyed. 2) the US was able to turn the plants making materials for war into plants making things like fridges and stoves, quite easily. 

The biggest problem is that Krugman cherry picks his key points to support his grand theories while dismissing all other points, as "irrelevant" or "wrong".

The other thing the idiots at cnbc were too ignorant to point out is Krugman claims he is "free market welfare guy" - but if there is NO free market than all that exists is welfare. Thus what Krugman really is, is a "welfare guy" pretending to be something more palatable.

Wed, 07/11/2012 - 11:46 | Link to Comment Bay of Pigs
Bay of Pigs's picture

So, in other words, Krugman is a complete douchebag?

I think I read that somewhere around here before.

Wed, 07/11/2012 - 11:51 | Link to Comment dhengineer
dhengineer's picture

Also, don't forget that virtually everything was rationed during the war years, so people actually saved what little money they had (usually in a coffee can on the top shelf in the kitchen) rather than spending it.  So, once the war was over, that pile of cash money came out of hiding and bought up the new-fandangled contraptions that were being turned out by Whirlpool, General Electric, Westinghouse, et al.  That, in part, was where the wealth of the United States came from:  using cash to buy capital goods that increased the standard of living.  There were no credit cards until 1960 or so, and mortgages were usually private lending affairs between family members or good friends. 

My grandparents bought a house (granted a cheap minimal house) in 1936 using the butter-and-egg money my grandmother squirreled away during the first half of the depression.   My grandfather was quite suprised, by the way.

Savings:  what an antiquated concept!

Wed, 07/11/2012 - 11:59 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

But, but, but Japan.  See?  Debt in order to push on the string of aggregate demand is what is needed though.  Saving are for pussies according to Pauly K.

Wed, 07/11/2012 - 12:06 | Link to Comment lizzy36
lizzy36's picture

Paying as you go and shared sacrifice, in addition to saving. 

I will never understand why after 9/11, when just about every American would have sacrificed, the US didn't ask more from her citizens. Of course had people spent money on War Bonds, they wouldn't have been able to blow up the housing bubble so fast.

Wed, 07/11/2012 - 12:26 | Link to Comment MachoMan
MachoMan's picture

I think americans have given up an incredible amount of things on and since 9/11...

Wed, 07/11/2012 - 12:52 | Link to Comment NooooB
NooooB's picture

Talk about cherry picking history! Three unfunded wars IS THE DEFICIT ASSHOLES!

The only thing the average Merikan has given up since 9/11 is a job and a house. Oh, and civil liberty.

The tv networks should be forced to post a casualty count at the bottom of the screen like during Vietnam.

And re-institute the draft. That would end this bullshit quickly. Although it would crash out economy once and for all as the military industrial complex is the only booming sector left...

Wed, 07/11/2012 - 15:06 | Link to Comment tmosley
tmosley's picture

That is probably what the Macho Man was talking about.

Wed, 07/11/2012 - 15:31 | Link to Comment Michael
Michael's picture

Good comments ZH'ers.

The agenda of Krugman as I see it is to preserve the fascist state and everything achieved by the fascist controllers so far.

In a properly working capitalist libertarian/Austrian system, massive numbers of lower and middle class people become independently wealthy and threaten to take away massive numbers of fascist won positions of power, and use those newly gained positions for promoting more avenues for more people to become independently wealthy. This is the real threat to the oligarchs as I see it. 

Wed, 07/11/2012 - 11:58 | Link to Comment alangreedspank
alangreedspank's picture

You'll need to calculate how much of the post-war GDP the government took in as revenue to be able to say that higher taxes had any effect. This number is usually gyrating between 15-20%, regardless of all the grand tax schemes our overlords come up with.

Wed, 07/11/2012 - 12:11 | Link to Comment novanglus
novanglus's picture

It's even simpler than that!  The productive capacity for most of the rest of the world outside the USA was destroyed during WWII.  The US was effectively the single supplier of goods for rebuilding the world and used the fruits of that good fortune to renovate America and build a welfare state.  As the rest of the world has reestablished and matured their industrial base to provide competition, the pendulum has swung back away from US dominance.

Wed, 07/11/2012 - 12:24 | Link to Comment JamesBond
JamesBond's picture

exactly -

cut out all the micro-and macro economic bullshit.  we destroyed the production base of numerous countries during WWII and we reaped the financial and geo-political benefits; until now.  crony capitalism and facism have spread like a wildfire in the US.

 

jb

Wed, 07/11/2012 - 13:11 | Link to Comment alangreedspank
alangreedspank's picture

The US had European and British competitors before Europe was turned into a smoking cratter and was still getting richer since the Industrial Revolution though.

Then again, destroying Europe destroyed alot of suppliers for the US as well.

Wed, 07/11/2012 - 12:00 | Link to Comment Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

How many courics was it?

Wed, 07/11/2012 - 12:54 | Link to Comment adeptish
adeptish's picture

Kurgman ? ...catchy, very catchy.

+1 SilverTree

Wed, 07/11/2012 - 11:05 | Link to Comment 5880
5880's picture

I would have asked him, "why is Europes economic history the model? not the US?"

Cause he loves Socialism. I answered my own question

Wed, 07/11/2012 - 11:23 | Link to Comment azzhatter
azzhatter's picture

A table full of complete and utter morons

Wed, 07/11/2012 - 13:46 | Link to Comment Shizzmoney
Shizzmoney's picture

I think if a huge rock fell onthe both of them at that point, I'd be one of the happiest people in the whole wide world.

Wed, 07/11/2012 - 13:56 | Link to Comment myshadow
myshadow's picture

kernan is a total douche, he is nothing more than an uninformed wingnut, cnbc's version of sean hannity.

michelle csquared is an idiot and sorkin is a pussy......

Wed, 07/11/2012 - 11:02 | Link to Comment Unprepared
Unprepared's picture

When all you have is bath salt, all ideas look like zombies.

Wed, 07/11/2012 - 11:11 | Link to Comment financial apoca...
financial apocalyptic contagion's picture

First the "Pre-FOMC announcement drift" now Krazy Krugman
It's a bath salth epidemic today 

Wed, 07/11/2012 - 12:55 | Link to Comment NooooB
NooooB's picture

That is my new motto.

Thank you. You have made my day...

Wed, 07/11/2012 - 11:49 | Link to Comment Tippoo Sultan
Tippoo Sultan's picture

And this is CNBC -- the crown jewel of the "objective" financial media appendage of the Obama 2012 re-election apparatus.

Alas, Krug cannot whine about "interview bias" at that evil "Faux" News Channel for this one. The Intelligentsia can stomach neither scrutiny nor refutation of any kind, can they ?

Wed, 07/11/2012 - 12:27 | Link to Comment sickofthepunx
sickofthepunx's picture

i think if fox business ever asked him to come on and debate that moron cavuto, he would show them my avatar.

Wed, 07/11/2012 - 12:19 | Link to Comment sickofthepunx
sickofthepunx's picture

"i can't believe my publisher made me go on there and debate those tea-bagging lightweights"

 

-PK

Wed, 07/11/2012 - 12:54 | Link to Comment YouAreBliss
YouAreBliss's picture

I love Jersey Shore!  Fist pumps, muscle shirts and hair weaves!  Pure Class.  Can't beat it.

Wed, 07/11/2012 - 13:07 | Link to Comment Republi-Ken
Republi-Ken's picture

How about Arthur Laffer of the infamous LAFFER CURVE?

which

all true free market conservatives believe (aka tooth fairy) predicts tax cuts are free...

Then national debt TRIPLED under Reaganomics Supply Side BS 1980-1992

and, oops, even David Stockman, The Father Of Reaganomics, was honest enough

to acknowledge the real facts and to admit last year:

"REPUBLICANS BANKRUPTED AMERICA"

Thank you David...A direct quotation.

And The Laffer Curve is a joke on all of us.

Except for Larry Kudlow who still believes, believes, believes...

Wed, 07/11/2012 - 13:54 | Link to Comment YouAreBliss
YouAreBliss's picture

Spot on!

Krugman represents the classical Keynesian economic view  -  which is not outdated.

Here's what happened:  Starting with Reagan the GOP decided to embark on a new economic model called Supply Side Economics (remember the "Laughter", I mean Lafler curve).   Cut taxes and balloon the deficit in good times!  Hey, way to get reelected!  GW Bush went against that and look what happened!  In comes Dubya, and wow tax cuts for everyone.  Squandering a huge surplus, that could have paid down the Federal Debt.  In fact, turned it into a big deficit, during an economic boom!  Result - reelection!  And a huge deficit during good times - except - a few problems.  Like a huge housing bubble - which goes BUST!  Now what, we shot our wad already and have no room to bring back demand.  Face a huge depression -  or  blow the deficit out even larger!  Here we are today.

The problem is not Krugman or Keynes - it's corrupt politicians and gullible electorates that elect them.  You can have your cake and eat it too!

Yum Yum - how's it taste.

Now we're talking about electing a Vulture Capitalist to "restructure" America.  Oh that'll be fun!!!!!!!!!!!!!!!!!

Listen to Reagan's Budget Adviser David Stockman:

http://www.youtube.com/watch?v=pJVDTA0uHsA

Wed, 07/11/2012 - 17:10 | Link to Comment Oldwood
Oldwood's picture

So did tax revenues fall under Reagan or was it that government expenditures went through the roof? The US survived for the first 130 years or so without any income tax. Almost all revenues came from sale of public lands or protectionist tariffs. You might well believe that you can tax all you want without negative consequence but you are wrong. A significant part of our current economic misery is due to the fear that many businesses and consumers alike have of taxation and regulation.

Wed, 07/11/2012 - 17:48 | Link to Comment YouAreBliss
YouAreBliss's picture

Well the Reagan pitch during his campaign was he'll cut taxes and cut spending.  BUT after being elected he decided the government spending cuts weren't going to be fun.

If he had cut spending by an equal amount, there would have been no Reagan mircle, but stagnant growth and a drop in tax revenues.  It was the false economic boom from the "good times" deficits that led to the rise in tax revenues. 

 

After all, how do you fund a "pie in the sky, no chance of ever working" boondoggle like Star Wars?   Those space lasers don't come cheap.

And how about doubling the size of the Navy?  Those Nimitz class Aircraft carrier battle groups really don't come cheap.

So while in peace time, the US had the largest Defense budget in the world.  We then went to outspending THE WHOLE WORLD COMBINED!  That'll show those Reds.  Well the USSR folded - but the defense spending went right along.

The cost of Empire does not come cheap - and in the end has led to the end of every great society.

Wed, 07/11/2012 - 14:53 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

If a person like Krugman can win a Nobel prize, what does a Nobel prize really say?

Wed, 07/11/2012 - 17:51 | Link to Comment YouAreBliss
YouAreBliss's picture

Yeah, what do all those High Energy Physicists, Molecular Biologists, and Nuclear Chemists know.  What a bunch of morons.

Fish Gone Bad - now that's one smart cookie.

Wed, 07/11/2012 - 10:59 | Link to Comment DaddyO
DaddyO's picture

 

Krugman's not worth the ink or bits wasted on him!

Maybe only for the shear comedy...

DaddyO

Wed, 07/11/2012 - 11:01 | Link to Comment ihedgemyhedges
ihedgemyhedges's picture

You mean like the bits you just wasted on him????????

Wed, 07/11/2012 - 11:04 | Link to Comment Unprepared
Unprepared's picture

.. and caused everyone to waste.

Wed, 07/11/2012 - 11:31 | Link to Comment DaddyO
DaddyO's picture

 

Shear comedic value?

I think you got it.

I rest my case...

DaddyO

Wed, 07/11/2012 - 10:59 | Link to Comment ghengis86
ghengis86's picture

Fuck you Bernanke, and your little lap dog Krugman too!!

Wed, 07/11/2012 - 11:12 | Link to Comment WALLST8MY8BALL
WALLST8MY8BALL's picture

MANBERNKRUG!

Wed, 07/11/2012 - 11:33 | Link to Comment saturn
saturn's picture

"Krugberman" sounds like a dog breed.

Wed, 07/11/2012 - 11:00 | Link to Comment Temporalist
Temporalist's picture

Clearly Krugman and Cabrera are having a lovers spat.

 

She likes fuzzy little fat gopher men that she can whip but sometimes he just wants to wear the strapon.

Wed, 07/11/2012 - 11:04 | Link to Comment derek_vineyard
derek_vineyard's picture

cabrera wouldn't tap that

Wed, 07/11/2012 - 15:17 | Link to Comment YouAreBliss
YouAreBliss's picture

I just puked - she's more than a two bagger.

Wed, 07/11/2012 - 11:00 | Link to Comment midgetrannyporn
midgetrannyporn's picture

cnbc blows bankers night and day.

Wed, 07/11/2012 - 11:01 | Link to Comment RyanW525
RyanW525's picture

Especially Ms Cabrera with those CSL....

Wed, 07/11/2012 - 13:01 | Link to Comment YouAreBliss
YouAreBliss's picture

She defends Barclays!!!!  and JP Morgan!  Doesn't anyone on this blog defending her watch the show

Wed, 07/11/2012 - 13:09 | Link to Comment Republi-Ken
Republi-Ken's picture

How about Arthur Laffer of the infamous LAFFER CURVE?

which

all true free market conservatives believe (aka tooth fairy) predicts tax cuts are free...

Then national debt TRIPLED under Reaganomics Supply Side BS 1980-1992

and, oops, even David Stockman, The Father Of Reaganomics, was honest enough

to acknowledge the real facts and to admit last year:

"REPUBLICANS BANKRUPTED AMERICA"

Thank you David...A direct quotation.

And The Laffer Curve is a joke on all of us.

Except for Larry Kudlow who still believes, believes, believes...

Wed, 07/11/2012 - 13:59 | Link to Comment YouAreBliss
YouAreBliss's picture

Excellent!

Here's what happened:  Starting with Reagan the GOP decided to embark on a new economic model called Supply Side Economics (remember the "Laughter", I mean Lafler curve).   Cut taxes and balloon the deficit in good times!  Hey, way to get reelected!  GW Bush went against that and look what happened!  In comes Dubya, and wow tax cuts for everyone.  Squandering a huge surplus, that could have paid down the Federal Debt.  In fact, turned it into a big deficit, during an economic boom!  Result - reelection!  And a huge deficit during good times - except - a few problems.  Like a huge housing bubble - which goes BUST!  Now what, we shot our wad already and have no room to bring back demand.  Face a huge depression -  or  blow the deficit out even larger!  Here we are today.

The problem is not Krugman or Keynes - it's corrupt politicians and gullible electorates that elect them.  You can have your cake and eat it too!

Yum Yum - how's it taste.

Now we're talking about electing a Vulture Capitalist to "restructure" America.  Oh that'll be fun!!!!!!!!!!!!!!!!!

Listen to Reagan's Budget Adviser David Stockman:

http://www.youtube.com/watch?v=pJVDTA0uHsA

Wed, 07/11/2012 - 17:21 | Link to Comment Oldwood
Oldwood's picture

So again, did tax revenues increase or decrease with these rate cuts? I agree that spending should be within the revenue means of government and everyone else. It just seems that they spending regardless of what the revenues are. And most people in this country have no problem spending money. The problem with taxation is the perception of fairness and waste. Even for those who feel they are paying more than their fair share, they would be much more likely to go along if they thought it wasn't being wasted, or worse yet be used against them. Is there anyone out there who believes that Clinton's  surplus was because of higher tax rates more so than curtailed spending that was forced upon Clinton by a conservative congress? And does anyone think our current deficits can be solved through higher taxation? So what are we talking about here, our biases. The absolute disfunction of our government is exactly because people would rather fight over ideologies than actually do what is proven to work.

Wed, 07/11/2012 - 17:53 | Link to Comment YouAreBliss
YouAreBliss's picture

Well the Reagan pitch during his campaign was he'll cut taxes and cut spending.  BUT after being elected he decided the government spending cuts weren't going to be fun.

If he had cut spending by an equal amount, there would have been no Reagan mircle, but stagnant growth and a drop in tax revenues.  It was the false economic boom from the "good times" deficits that led to the rise in tax revenues. 

 

After all, how do you fund a "pie in the sky, no chance of ever working" boondoggle like Star Wars?   Those space lasers don't come cheap.

And how about doubling the size of the Navy?  Those Nimitz class Aircraft carrier battle groups really don't come cheap.

So while in peace time, the US had the largest Defense budget in the world.  We then went to outspending THE WHOLE WORLD COMBINED!  That'll show those Reds.  Well the USSR folded - but the defense spending went right along.

The cost of Empire does not come cheap - and in the end has led to the end of every great society.

Wed, 07/11/2012 - 19:03 | Link to Comment Oldwood
Oldwood's picture

And my point again. Did tax rate cuts result in increased tax revenues or not? We know that they will always spend more than they collect. Does that mean that we never collect enough taxes? At where we are at now, they can collect 100% of everyones income that earn above $75k and still not match spending. We can argue about on what and how much we spend in government, but why does it always come down to taxing more when viewed from the left? Obama says we need affordable healthcare and then jambs his monster down everyone's throat, with everyone knowing its only going to cost more...at the same time bitching about prices. They don't care how much it costs, only that productive workers are forced to pay for everyone else. It spending....its SPENDING! Krugman has no problem with it because as he says, he will never have to worry about it...he is already fixed...plenty o bucks. Its about spending somebody else's money, today or tomorrow.

Wed, 07/11/2012 - 21:07 | Link to Comment YouAreBliss
YouAreBliss's picture

We had a 84.357% top marginal rate in 1950 - the beginning of the country's greatest period of economic growth.  In fact, the top marginal rate stayed above 70% through the 50s, 60s, and 70s. 

It was the period of 1982 to present - with the lowest margin rates that has been the worst period of economic growth in US history.

 

Despite what the Right says  - the facts don't agree.  But hey, don't let the facts get in the way of a Jamie Diamond/Koch Brothers tax cut!!!!

 

http://www.stanford.edu/class/polisci120a/immigration/Federal%20Tax%20Br...

Wed, 07/11/2012 - 11:01 | Link to Comment SmoothCoolSmoke
SmoothCoolSmoke's picture

"Got two good eyes, but I still can't see"   Casey Jones - the Grateful Dead.

About sums up these two entities, no? 

Wed, 07/11/2012 - 22:11 | Link to Comment StychoKiller
StychoKiller's picture

"Come round the bend,

you know it's the end --

the violent screams

and the engine just gleams!"

Wed, 07/11/2012 - 11:02 | Link to Comment tocointhephrase
tocointhephrase's picture

Constipation vs Diarrhea

Wed, 07/11/2012 - 11:04 | Link to Comment 101 years and c...
101 years and counting's picture

i wonder if krugman ever gets tired of being a complete douchebag?  i cant believe he hasnt wrapped his lips around a gun yet and just ended the misery.

 

Wed, 07/11/2012 - 11:04 | Link to Comment jvetter713
jvetter713's picture

First time I've ever heard this guy speak.  He won the Nobel?  Wow...because he is the one of the dumber mother fuckers I've seen in a long time.

Wed, 07/11/2012 - 11:13 | Link to Comment uno
uno's picture

O got the nobel peace prize, all you need to know

Wed, 07/11/2012 - 13:00 | Link to Comment NitneLiun
NitneLiun's picture

All the pinko Krugman groupies love to point to his Nobel Prize as proof of his genius. Of course, none of them know why he was awarded the Nobel. When you tell them it for his research in global trade patterns, not for work in monetary or fisacal policy, their eyes do the thousand-yard stare and they breath through their mouths.

Wed, 07/11/2012 - 11:07 | Link to Comment LetThemEatRand
Wed, 07/11/2012 - 11:06 | Link to Comment Dasa Slooofoot
Dasa Slooofoot's picture

I took a drink every time the intellectual powerhouse, Krugman said, "look at Sweden". 

I have a nice buzz going.

Wed, 07/11/2012 - 11:33 | Link to Comment azzhatter
azzhatter's picture

Sweden, with a population of 9 million and 91% Swedes is such an accurate comparison

Wed, 07/11/2012 - 11:07 | Link to Comment orangedrinkandchips
orangedrinkandchips's picture

I am seeing a PATTERN.....NO?

 

Wed, 07/11/2012 - 11:07 | Link to Comment Unprepared
Unprepared's picture

Obama vs. Romney

Wed, 07/11/2012 - 11:08 | Link to Comment uno
uno's picture

CNBS is desparately trying to be revelant to get ratings up, talking now about Silver manipulation, world order the other week.  Do you think that would happen if their ratings were at all time highs instead of lows.  They still are the PR for the exchanges/0.001%, problem is no one is watching.  Look at the confidence in the MSM

http://www.gallup.com/poll/155585/Americans-Confidence-Television-News-Drops-New-Low.aspx?utm_source=alert&utm_medium=email&utm_campaign=syndication&utm_content=morelink&utm_term=All%20Gallup%20Headlines%20-%20Politics

 

Wed, 07/11/2012 - 15:31 | Link to Comment LouisDega
LouisDega's picture

I stopped watching CNBC shortly after Mark Haines died. Watching Mr. Haines at his peak was professionalism at its best. He was a joy to watch every morning. RIP great one. You are missed

Wed, 07/11/2012 - 11:09 | Link to Comment jmcadg
jmcadg's picture

101... Awesome comment. Just going to change my trousers.

Wed, 07/11/2012 - 11:09 | Link to Comment fuu
fuu's picture

"No you androgynous chinchilla." - Temporalist

Wed, 07/11/2012 - 11:11 | Link to Comment Vincent Vega
Vincent Vega's picture

Kernan must read ZH. Listen to him call Krugman a unicorn at 2:55 into the clip. (even though he means it in a flattering way).

Wed, 07/11/2012 - 11:55 | Link to Comment Omen IV
Omen IV's picture

Joe Kernan was complete bullshit - all vague propaganda no serious logic and then attacked krugman with the unicorn comment from the outset

this was a complete waste of time - krugman can cite facts, theory and logic against the sloganeering of the cnbc crew - none of them could ever touch him

the media is a disaster - no wonder the ratings of sqwauk box are below 20 years ago

Wed, 07/11/2012 - 12:28 | Link to Comment Vincent Vega
Vincent Vega's picture

I merely made the observation of Kernan calling Krugman a unicorn; nothing more. Why the rant...are you Krugman???

Wed, 07/11/2012 - 11:12 | Link to Comment reader2010
reader2010's picture

Who'd care to listen to two tools of the establishment?

Wed, 07/11/2012 - 11:36 | Link to Comment Bob
Bob's picture

Speaking of teevee, I just saw a humorously surreal speech to the NAACP by Mitt Romney.  Church organ, call outs, his stiff assed clueless presentation . . . wanted to slam the Health Care Reform act, but he apparently spends so much time in the TP echo chamber that he thought "ObamaCare" was a good way to scorn it for the crowd.  

Hilarious.   

Give him credit, though.  He risked showing up . . . Barry O didn't. 

Wed, 07/11/2012 - 11:14 | Link to Comment SheepDog-One
SheepDog-One's picture

Just a bunch of blah blah blah.

Wed, 07/11/2012 - 11:14 | Link to Comment Hype Alert
Hype Alert's picture

Saving and accumulating wealth is wrong?  Dangerous even?  Increasing debt is the answer, always!  Become a debt slave as a motto and he still gets air time.  Seriously, who's behind this?

Wed, 07/11/2012 - 11:16 | Link to Comment orangedrinkandchips
orangedrinkandchips's picture

WHO THE FUCK CARES ABOUT YOUR BOOK COCKSUCKER!

 

Wed, 07/11/2012 - 11:16 | Link to Comment 101 years and c...
101 years and counting's picture

how to be a PhD in economics: spend. spend more. spend even more and start printing to pay for spending.

alright, now where's my nobel?

Wed, 07/11/2012 - 12:51 | Link to Comment ptoemmes
ptoemmes's picture

So, will the economists and/or faux financial reporters turn to violence before the rank-and-file populace?

Wed, 07/11/2012 - 11:18 | Link to Comment Everybodys All ...
Everybodys All American's picture

Predictably Krugman thinks everyone should just kiss his ass no matter how foolish he has been on his predicitions. Typical Ivy league economic bs. Do they just clone these morons there?

When the reset occurs I guarantee Krugman will be no where to be found in this country.

Wed, 07/11/2012 - 11:17 | Link to Comment Mister Ponzi
Mister Ponzi's picture

Alien vs. Predator - no matter who wins, mankind loses...

Wed, 07/11/2012 - 11:19 | Link to Comment sunnyside
sunnyside's picture

Some boobs are nice (MichelleC), and some are not (Krugman).

Wed, 07/11/2012 - 11:19 | Link to Comment TheCanadianAustrian
TheCanadianAustrian's picture

PK isn't dumb. He's just entrenched in his world view. I've seen it happen to people I know who have brains like computers. Cognitive dissodance can be an extremely difficult force to overcome, and many of us have had the simple fortune of not dedicating decades of our lives to something that we know, deep down, doesn't sit well with us.

Even brilliant people can succumb to the powerful psychological forces of religion. Make no mistake, that's what these views are. PK is a Bishop in the Church of Keynes. He's preaching the gospel of his economic lord to the masses. And just like any religion, nobody arrives at a Keynesian mindset on their own. They have to be taught it. It has to be passed down. Ever hear a person talk who has embraced the Keynesian religion? They can never make an independent argument using their own logic and reason. They always cite their favorite sources, much like someone would cite The Bible when making an argument. No two people have ever independently arrived at the same Keynesian world view. However, many Austrians arrive at the same views of economics, often in near isolation from each other.

This is an epic battle between science and religion, and it's taking place in our world's economy. We all know which side will win, we just don't know when and how gracefully the losng side will eat their crow.

Wed, 07/11/2012 - 12:08 | Link to Comment alangreedspank
alangreedspank's picture

I'm sorry, but saying that spending on a non-existent UFO invasion threat could get the economy out of this "slump" counts as stupidity in my book. Whatever different conclusion Austrians might come to, they'll agree this is BS.

Wed, 07/11/2012 - 12:22 | Link to Comment TheCanadianAustrian
TheCanadianAustrian's picture

No, I still think he has plenty of intelligence, he just has an intense fear of actually using it.

Wed, 07/11/2012 - 11:20 | Link to Comment CCanuck
CCanuck's picture

Krug...a unicorn..lol...holyfuck can't stop laughing....I see you as a unicorn..lol

 

 

Wed, 07/11/2012 - 11:21 | Link to Comment thatonekid13
thatonekid13's picture

Krugman sounds like he is constantly making shit up. He looks like a deer in the proverbial headlights. "Uhhhhh..."

Wed, 07/11/2012 - 13:03 | Link to Comment YouAreBliss
YouAreBliss's picture

Yeah they give out Nobel prizes for "made-up" shit.  To idiots, facts do sound weird.

Wed, 07/11/2012 - 13:38 | Link to Comment thatonekid13
thatonekid13's picture

Hey homie, my comment did not pass judgment on the validity of the views espoused by the august Dr.. I merely reflected, in terms even you apparently couldn't comprehend, on the delivery of said views. From any objective perspective, his delivery is atrocious. Lousy inflection. Repetition of clauses. High squeaky voice. Also, regarding your red herring about the Nobel prize, Hayek received one as well(albeit reluctantly). Irrespective of whether Hayek "made-up shit" and thereby duped the Nobel prize academy, those facts contained therein don't sound weird to my untrained and puerile ears. 

Wed, 07/11/2012 - 14:32 | Link to Comment YouAreBliss
YouAreBliss's picture

Time to go back to your cartoons

Wed, 07/11/2012 - 11:24 | Link to Comment tmosley
Wed, 07/11/2012 - 11:23 | Link to Comment Inthemix96
Inthemix96's picture

In my very profesional, and long reaching opinion, and after years of hard research into the inner dealing of high finance, with my eye constantly on the changing dynamics of fundamentals.

Fuck off krugman you two-bit piece of shit.  You dont know what the fuck side bread should be buttered never mind an economy you traitorous little wank stain on the face of humanity.

Fuck off and die scum.

Wed, 07/11/2012 - 11:26 | Link to Comment roadlust
roadlust's picture

What an aptly named "show" on CNBC.  Krugman is correct that they didn't want to talk about his book, they wanted a chance to replay their brain dead talking points.  What animal "sqawks?"  Parrots.  A Mariabot?  

Wed, 07/11/2012 - 11:27 | Link to Comment Casual_Observer
Casual_Observer's picture

I have chunks of this asshat Krugman in my stool.

Ron Paul takin' Krugman to school

http://www.youtube.com/watch?v=BcuAOdXD0Go&sns=em

Wed, 07/11/2012 - 11:28 | Link to Comment Yossarian
Yossarian's picture

There are few people I detest more than Krugman but those CNBC muppets actually made him look good.  The guy only appears with lightweights who don't have the facts/aptitude/comprehension to counter his ridiculous points.

On govt spending: Govts are spending ~42% of GDP when state and local are included, and that is not counting "private" spending like healthcare that is largely govt mandated/directed/influenced.  

On Bond Vigalantes: US/UK selling bonds to Fed/BOE who are paying w/printed $/GBP's- that's one reason why yeilds don't rise.  The other is regulatory arbitrage- the same way Euro banks loaded up on PIIGS debt bc it carried zero risk-weighting (a risk-free asset, as if that exists anywhere), the entire US (Global) financial system applies zero risk-weighting to US Treasuries...until they are considered less than risk-free (which has already been happening on a real basis).  

On healthcare: We've hardly had anything remotely resembling a market-oriented health care system in half-century.  People weren't dying on the streets before entitlements- half the mission of hospitals (largely religiously affiliated) was philanthropic and that safety net would still exist today if not for govt crowding it out.  Another thing that he fails to understand is just how much we are subsidizing medical innovation (R&D) throughout the world- we over-pay for drugs and devices due to re-imporattion restrictions while single-payer systems collectively under-pay. Also worth considering: medical education is pruvately financed and thus rolled into the cost of healthcare (paying our Dr's) while in France, for instance, the education is paid by the govt but not included in health care costs.  

 

 

Wed, 07/11/2012 - 11:29 | Link to Comment Mr_Wonderful
Mr_Wonderful's picture

Interesting. Australia in for a shock?

Australia Is No Spain: Wayne Swan

Australia's Deputy Prime Minister and Treasurer Wayne Swan has denied that Australia's economy is at risk of a Spain-like economic crisis, calling the thesis put forth by the former chief Asia-Pacific economist for Morgan Stanley, Andy Xie "absurd".

"It's absurd - the Australian economy and its economic fundamentals are very strong. On a yearly basis we are growing at 4 percent - we are going to grow faster than any other developed economy this year and next," Swan told CNBC on Wednesday.

"Let's go through the fundamentals - bringing our budget back to surplus in 2012-2013, low unemployment, strong job creation over time, a record investment pipeline in resources - half a trillion (dollars). What planet does he live on?" he added.

Xie, an independent economist with sometimes controversial views, argues that Australia is at danger of becoming the next Spain due to its reliance on foreign demand, especially from its biggest trading partner China, which he believes is decelerating faster than headline growth numbers suggest.

http://finance.yahoo.com/news/australia-no-spain-wayne-swan-070823189.html

 

Wed, 07/11/2012 - 11:34 | Link to Comment Dr. Engali
Dr. Engali's picture

I can't stand to hear this guy but I also can't the constant interruptions. Let the guy finish his thought and make a fool out of himself,then ask your question. This is just nother reason why I can't stomach tv.

 

 

Wed, 07/11/2012 - 11:46 | Link to Comment Hurdy Gurdy Man
Hurdy Gurdy Man's picture

Agreed: media fail.

Wed, 07/11/2012 - 18:41 | Link to Comment Bob
Bob's picture

Pathetic.  The eager little geniuses were their own disaster. 

Wed, 07/11/2012 - 11:31 | Link to Comment 1835jackson
1835jackson's picture

Sometimes I can't stand listening to Americans. They ALWAYS talk over each other and makes understanding what they are saying very difficult. People always ask me why I am so quiet in debates on a certain topic in this country...I simply reply "because you are talking too FUCKING much!"

 

 

Wed, 07/11/2012 - 12:16 | Link to Comment FedBunny
FedBunny's picture

I prescribe a steady diet of Robert Altman movies.

Wed, 07/11/2012 - 11:31 | Link to Comment Meesohaawnee
Meesohaawnee's picture

did MCC get a boob job or were her juggies always that profound?.. hey dont worry BJ becky is all revved up for pops tomorrow. Warm up the bath water

Wed, 07/11/2012 - 11:50 | Link to Comment azzhatter
azzhatter's picture

She's been packing those floaters for quite awhile now.

Wed, 07/11/2012 - 17:54 | Link to Comment YouAreBliss
YouAreBliss's picture

LMAO!!!!  Come here, it's soapy time.

Wed, 07/11/2012 - 11:31 | Link to Comment moroots
moroots's picture

Don't go away mad, Paul....just go away.

Wed, 07/11/2012 - 11:32 | Link to Comment bsdetector
bsdetector's picture

Wow, watching that piece was a waste of time. CNBC usually has nothing that would interest me but after seeing Krugman in Spain recently, I had to see whether he could still be coherent. He wasn't but neither were any of the other participants. There is so much BS and blabber that the real issues never get the time that is needed. I would like to ask Dr. Krugman specific and detailed questions: 1. Can present interest rates be utilized to reflect the true state of the economy? 2. Will you agree that interest rates are arbitrarily established rather than set by market forces? 3. Even with the present low rates how can we possibly grow our way out of this economic downturn when debt levels are so high? Even if we were to see growth of GDP by 8% how many decades will pass before we can achieve prosperity?  

Wed, 07/11/2012 - 11:38 | Link to Comment Inthemix96
Inthemix96's picture

bsdetector, is your bs detector switched off?

You want this daft cunt of a shill to answer real economic questions?

He knows not what he talks about, he is put forward to talk bollocks and unicorns, and horseshit for his handlers.

Just to clear things up like.

Wed, 07/11/2012 - 12:31 | Link to Comment bsdetector
bsdetector's picture

Yes, you are probably right I96. But I have hope that he will address these issues some day.  

Wed, 07/11/2012 - 11:33 | Link to Comment Dr. Engali
Dr. Engali's picture

Okay why doesn't anybody ask the benefits of the reserve currency question?

Wed, 07/11/2012 - 11:33 | Link to Comment crawldaddy
crawldaddy's picture

oh please, I feel sorry for Krugman, its like trying to teach dogs algebra.  Why even bother.

Wed, 07/11/2012 - 11:37 | Link to Comment s2man
s2man's picture

CNBC: The video you are trying to access is unfortunately unavailable at the moment.

Wed, 07/11/2012 - 11:37 | Link to Comment ciopartelu
ciopartelu's picture

this guy is a joke, really.

 

chassis bruxelles

Wed, 07/11/2012 - 11:43 | Link to Comment PulpCutter
PulpCutter's picture

Dickhead posted:

"Krugman's last rebuttal regarding post WWII growth, which by the way was a direct result of drastic tax cuts and a drastic cut in government spending as a percentage of GDP, completely contradicts the notion that the govt can double their percentage of spending as GDP to 50% before he gets worried. "

Bullshit.  The growth started in 1939, right when the huge govt spending started, not AFTER the war.  The economy BOOMED, too - it's not like it was subtle, or that anyone but a brainwashed idiot would miss it, in the data. http://en.wikipedia.org/wiki/File:US_Unemployment_1910-1960.gif

You're deciding what you believe, then trying to alter the facts to fit it.

 

 

Wed, 07/11/2012 - 11:56 | Link to Comment Yossarian
Yossarian's picture

You clearly don't understand how wealth is created.  Hint: it is not created by mobilizing an entire economy away from wealth producing endeavors and towards bombs, tanks, bullets, and projectiles meant to destroy lives, property, and wealth in general.  Of course nominal GDP can grow when young men and women are deployed to this endeavor but that didn't create prosperity (until after they came home and were freed to work in private enterprise).

We can certainly create nominal growth now by paying half the population $100K/yr to ditches and the other half $100K/yr to fill them back up but what kind of real wealth would that generate?  The voluntary commercial interaction of billions of people worldwide is what generates wealth, not some top-town plan.  Ask Gorby or Deng...   

Wed, 07/11/2012 - 12:47 | Link to Comment PulpCutter
PulpCutter's picture

Wow - clearly YOU don't understand how wealth was created, starting in 1939.  Through LendLease, America became "the arsenal of democracy", precisely by switching over production to war machinery.  I'm not suggesting that's what we should do today, but it's difficult to think of an example that would more completely demolish your assertion.  Hint: base your theory on the facts, not change the facts to fit your theory.

http://en.wikipedia.org/wiki/File:US_GDP_10-60.jpg

Today, suggestions would include: hiring back the public school teachers dumped since 2008, photovoltatics on every rooftop and an intelligent distribution grid to handle it, conversion of at least the short-haul segment of vehicle fleet to battery/hydrogen fuel cell (and there's your peaking storage for the grid as well).

Wed, 07/11/2012 - 13:12 | Link to Comment bubbleburster
bubbleburster's picture

Yossarian wrote "...how wealth is created.  Hint: it is not created by mobilizing an entire economy away from wealth producing endeavors and towards bombs, tanks, bullets, and projectiles meant to destroy lives, property, and wealth in general."

I beg to differ with you and here is why.  First, I'm not a war monger though I study it.  Second, the net direct impact of the US entering WW2 was to end the last remnants of the depression.   Just about anyone who was fit for work had a job waiting.  Many of those jobs if not a majority of those new jobs were directly related to the war effort.  Wealth was created as follows: the government borrowed money (from the future generations) and doled out billions of $$$ in contracts to private industry to build stuff.  Private industrialists swelled their payrolls with new hires.  Those new hires got a steady income and in some cases the first real job in a generation.   These newly employed men and women had disposable income in their hands for the first time.  Some of the income went to savings but I would guess a very tiny amount.  The rest went directly into consumption.  Buying homes, cars (after the war), clothing, etc.  That dispoable income was spent and manufacturers who supplied those goods made profits.  It swelled the GDP of the country for decades, war after war; through the Korean War and into the Vietnamese.  The sad fact that the US has had a HUGE military/industrial complex makes for a moral and ethical argument.  It cannot be ignored that this same complex employees probably millions of Americans directly and indirectly, whose income again partially gets saved and mostly gets spent.  No way about it: some grow wealthy on the war machine and many are able to raise their families and buy homes because of it.

Wed, 07/11/2012 - 14:15 | Link to Comment YouAreBliss
YouAreBliss's picture

Unless we use that military to seize important resources and install a puppet government.  Didn't Japan do that in WWII, and Germany as well (look at where the Oil was in 1939).

Wed, 07/11/2012 - 15:09 | Link to Comment bubbleburster
bubbleburster's picture

You are raising a foreign policy issue which is the domain of the office of the President and in a remoter way, the Congress.  If you were a rep from a state that had a substantial military facility or manufacturing base for the armed forces....do you figure that you will EVER in your career as said rep stand up and berate the administration for sending your armed forces into reckless action like Iraq?  You see what I mean? 

Wed, 07/11/2012 - 18:00 | Link to Comment YouAreBliss
YouAreBliss's picture

Yes - you are right!  We could of employed the same folks building desert solar cells, and offshore wind farms.  But then who is going to employ all those Generals after they retire?  With nice fat consulting contracts?

Besides it's more fun blowing shit up then building stuff.  Makes for great television.

Wed, 07/11/2012 - 11:57 | Link to Comment adr
adr's picture

You do know that the us fell into a major recession in the late 40s and almost fell back into the depression. Much of the reason why the economy boomed in the 1950s was due to returning soldiers starting their own business as centralized government was failing, and a reliance on the small town economy over the massive Wall Street apparatus that brought about the depression.

The greatest generation saved and lived within their means. By not overindulging on debt, massive amounts of disposable income became available to spend on cars, televisions, and other items. A worker could live in an apartment and save enough money to buy a suburban home in a few years, not mortgage a home, buy a home.

Wed, 07/11/2012 - 12:12 | Link to Comment PulpCutter
PulpCutter's picture

"..almost fell back into depression..."  You're twisting facts to fit your theory, rather than basing your theory on facts.

America grew debt/GDP to 121%, by the end of WWII; much higher than the 80% we have today, but still lower than what is run today by Japan (200+%), UK and others who print the currency their debt is issued in.  Yet, due to the stimulus starting with Lend-Lease in 1939, the growth in the US economy far out-paced the debt, and we steadily grew down the debt/GDP ratio.

http://en.wikipedia.org/wiki/File:USDebt.png

Youth unemployment is > 50% in Spain, and horrendous in Europe and America.  We have a whole generation of college grads; energetic, trained, ready to learn to use their skills to produce in the real world - but they can't find jobs, and if they start their own businesses they can't find customers.   Krugman is right: we can (and should) end the problem immediately with public-sector debt, then pay it back with increased production as this generation of producers enters the economy.  As Henry Ford said 90 years ago; plenty of people who want to work, plenty of people who need to buy things...but the bankers standing in the middle.

 

Wed, 07/11/2012 - 12:51 | Link to Comment YouAreBliss
YouAreBliss's picture

Wher'd you get them there facts from - you sound too edrcated for this site.  Glenn Beck says it's all Soro's fault, he even casued WWII, in cahoots with Hitler!

 

Good points!  Here is the GOP plan - tax cuts in boom times - spending cuts in recessions!

BRING BACK HUBERT HOOVER ECONOMICS!!!

Wed, 07/11/2012 - 15:12 | Link to Comment Peter K
Peter K's picture

@urbliss Are you Krugman in disguise?

Wed, 07/11/2012 - 15:23 | Link to Comment bubbleburster
bubbleburster's picture

A friend of mine at work reminded me that after WW1 the US went into a national depression that was for a time deeper than the "great depression"....and the reason was that too many of the returning soldiers had NOTHING to come back to.   No jobs, no thank you Sam, here is a loan on your first home....so many of them were outraged at what they came back to that when they tried to make a large protest at the White House I think that the President at the time (aftter Wilson I forget) had to call in some other force to put down the protest.  It could have been the national guard or something.  Tragic, really.

Wed, 07/11/2012 - 11:40 | Link to Comment Peter K
Peter K's picture

Krugman is a nut, in the clinical sense of that word. Plain and simple.

Wed, 07/11/2012 - 11:41 | Link to Comment Missiondweller
Missiondweller's picture

A one trick pony: "look at Sweden"

 

Also, WTF is he referring to Japan and Britain as models for government debt level? Does this guy realize that Japan has been in a 20 year depression? Does he not realize that Britains debt levels in the 20th century are what turned it from a the global superpower with the global reserve currency into just another debtor state?

Wed, 07/11/2012 - 15:27 | Link to Comment bubbleburster
bubbleburster's picture

I think that he was not given enough uninterrupted air time to make that point clearer.  What I think he would have said was that Japan and the UK which have carried large debts have not suffered to the point of having to cut spending or reducing the civil service only until most recently in the UK and well, Japan is a strange case where they are holding all their own debts by themselves.  Fact is, that Japan, which suffered at least 20 years of stagflation in that time period was the number 2 or 3 economy in the world.  Not bad, except if you were long the Japanese banks....which probably still have mountains of dead mortgages on their books from way back when. 

Wed, 07/11/2012 - 11:43 | Link to Comment Real Estate Geek
Real Estate Geek's picture

This one is tough: Krugman or CNBC... Krugman or CNBC... Hmmm.

Sounds similar to "bunga, or death by bunga."

Wed, 07/11/2012 - 11:54 | Link to Comment Fox Moulder
Fox Moulder's picture

Krugman or CNBC... Krugman or CNBC... Hmmm.

 

This time I'll go with Krugman.

 

Add: I should clarify. I am voting for Krugman only because the CNBC Klown Kar Brigade was even more worthless than he was in this segment.

Wed, 07/11/2012 - 11:49 | Link to Comment The Count
The Count's picture

Eichengreen, Krugman, Bernanke etc etc etc. All the Jewish economists I hear from desparately want the bogus financial system as it is now to continue. Wonder why...? Hmmm, maybe because the international Jewish high finance conglomerates got us into this mess!

Wed, 07/11/2012 - 15:29 | Link to Comment bubbleburster
bubbleburster's picture

Come on..comments like this just make want to hog tie you to a tree stump and then light a big pile of the "Protocols of the Elders of Zion" under your feet.  Keep your Jewish conspiracy talk for your best bar fly buddies.

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