Let's kill the Bush-Krugman talk, can we?
I thought I did. Bang. Right out of the ballpark.-g-
Took me less than ten minutes on google. I must admit that I am a very fast googler, but Krugman is no dumb bunny. As you say, he is a first class economist. He could have checked the facts if he wanted to, or maybe he is like most people who don't understand limited partnerships.
Limited partnerships are big down in the Oil Patch, which is where I come from, too. My mom used to sell limited partnership interests in oil wells. The limited partners put up the dough, the general partners do the work and take most of the risk, thus stand to make out like bandits or go bust. The limited partners risk little and don't earn as much if the well produces.
Anybody who thinks oil wells are get rich quick doesn't understand geology. Most of the time you're just pounding sand. If you are well capitalized, and keep at it, eventually it will pay off big. So you need connections (capitalization) and you need character (keeping at it), and you need optimism, and if you have enough of all three, you'll probably make it.
I find these to be admirable traits. But then, I never begrudge anybody anything they came by honestly, whether due to luck or hard work. |
