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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Giordano Bruno who wrote (360725)3/3/2008 8:09:10 PM
From: Cactus Jack  Read Replies (1) of 436258
 
This came just after Mish's wisdom:

blogs.wsj.com

<i?Krugman: Writing on his blog, the Conscience of a Liberal, New York Times columnist Paul Krugman concludes that it makes sense to encouraging more borrowing now, even in the wake of an “an orgy of over-borrowing in the housing market.” “There’s an old joke that Jacob Frenkel, formerly of Chicago and then the Bank of Israel, used to tell to illustrate the fallacy of thinking that you always have to do the opposite of what caused the initial problem,” Mr. Krugman writes. “A driver runs over a pedestrian; he looks back, realizes what he’s done. ‘I’m so sorry,’ he says. ‘Let me fix the damage.’ So he backs up, running over the pedestrian a second time. What we have now is a spending slump. It’s the consequence of easy credit that led to reckless spending in the past — but the problem now is how to sustain spending; trying to encourage austerity at this point will just make things even worse. Keep cutting, Ben!”

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