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Politics : View from the Center and Left
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To: JohnM who wrote (127092)12/15/2009 10:59:37 AM
From: Steve Lokness  Read Replies (1) of 540836
 
John;

I agree with Krugman that there is much needed regulation to do a smack down on banks. The sooner the better and it looks as if Obama is listening. (I wish he had led on this instead of following). But Krugman also goes willy nilly in his thought process as he blames deregulation for the housing downturn? Easy money was at the root cause - just what Keynes wanted as a cure all for the economy. The rest of the crap, of which deregulation was small tiny bit part, just made it easy.

Krugman also is trying to rewrite history as he says .... I’ve been highly critical of Alan Greenspan over the years. Krugman was critical of Greenspan well after the horse was out of the barn. In late 2002 when Greenspan could have prevented a housing crack-up, Krugman instead gave him a green light and the idea of a housing boom. Krugman was dead wrong then (and dishonest now is the above quote from today) and dead wrong now thinking we need to blow another bubble to keep our economy going. Here is the 2002 piece by Krugman;

nytimes.com
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