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Politics : View from the Center and Left

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To: bentway who wrote (211047)	12/9/2012 6:40:10 PM
From: Steve Lokness	1 Recommendation Read Replies (1) of 541638

<<<< but a LOT of economists, including Krugman, saw the housing bubble happening and knew it would end badly>>> That is simply not true and I have previously posted comments Krugman made just as the housing bubble started to form that in fact encouraged housing. Krugman DID NOT see it happening until we were so far into it that many people were warning. You can't say it will end badly when all the damage has already been baked in and then claim to be some kind of guru. Noooooo, those who warned IN TIME were almost all Austrians. Why? Because they warned that the easy credit would lead to improper allocation of money which it did. If Krugman saw it coming he DID NOT warn.

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