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Politics : View from the Center and Left

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To: JohnM who wrote (104404)	2/17/2009 12:40:27 PM
From: Steve Lokness	Read Replies (1) of 541687

John; Steve, go read Krugman's columns before you leap to all these conclusions about him. I assume they are all online. Well that's what I just said - that I have read almost all of them. Reading them I just never got the feeling, until the housing market was well on its way into a bubble, that Krugman had a hint that anything was wrong with our swelling credit. You have to understand the role that credit plays in economic cycles to be able to predict what the economy is going to do - ahead of time. It was NOT the role that global economic movements that created our mess - it was our own doing. To blame other countries now is just false. they were victims of the huge credit expansion that we created. Did globalization make the mess worse, well of course, but it made it worse for them. That will mean our hurt will be even worse as we don't get bailed out by other countries - but again - this is a symptom of the problem. That problem now, like it was in the 20's, was a false "economic" situation created by the fed that was followed by too much credit. Even Greenspan admits that now, albeit in a garbled way.

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