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Politics : View from the Center and Left
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To: Steve Lokness who wrote (113510)6/16/2009 11:32:18 AM
From: JohnM  Read Replies (1) of 541840
 
Good catch from Mish, Steve. I'm certainly not in the business of defending every point Krugman makes so I won't try to defend the entirety of it. Moreover, he may well have been right. The housing bubble did follow and the country didn't fall into a worse recession. At least at that point.

And, here's a sort of Krugman defense. I don't see anything in that that specifically argues for the kind of housing bubble, accompanied with the derivatives bubble, et al, that followed. So, let's just say, he was in favor of a conventional housing bubble and not the deranged one we got.

Finally, I recall that Krugman was warning about all this most recent crash well before most folk. But I would have to search the archives to find it. And I don't have that much at stake defending all his utterances.

After all, he's definitely not omniscient. Just another Noble prize winning economist is all.

Still early spring in Jersey, low to middle 50s early this morning.
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