Tuesday, June 16, 2009

Insane Economics

I know enough about Paul Krugman to disregard nearly everything he has to say, so I don't often pay much attention to him. A reader of Lew Rockwell's blog alerted him of a Paul Krugman article from 2002. It is amazing what he argued Allan Greenspan, the Federal Reserve Chair at the time do to bring about a recovery from the NASDAQ bubble. Here is his solution:

"To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble."

This is precisely what men such as Peter Schiff tell us went wrong, and why this "recession" is going to be much, much worse than any previous recession. Yet the economists that the mainstream media parrot and the government listens to are the same ones that help cause this mess! Do you really think men like Krugman, Greenspan, and Bernanke should be trusted any longer? These men are either incompetent, insane, wicked, or all three--they are not trustworthy economic advisors by any stretch of the imagination.

Update 06/16/09 - In case you think this might be an isolated incident, please look here. This is clearly a pattern of his, though he has tried to deny it.

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