Paul Krugman wins Nobel Prize in economics.
By on Oct 13th, 2008 at 11:18 am
Paul Krugman wins Nobel Prize in economics.
Today, the Royal Swedish Academy of Sciences announced that New York Times columnist and Princeton economics professor Paul Krugman has won the Nobel Prize in economics “for his analysis of trade patterns and location of economic activity.” Krugman was the lone winner of the $1.4 million award. For at least three years, Krugman has been warning about the dangers of ballooning housing prices and the trade deficit. “One way or another, the economy will eventually eliminate both imbalances,” he wrote in August 2005. Read more at Krugman’s blog here.
Update Yglesias writes that the award underscores "the fact that very many people who really and truly know what they’re talking about think the progressive approach to economic and social policy is the way to go."
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I don’t want to pee on the bonfire, but he didn’t win the ‘Nobel Prize in Economics’…
He won the Alfred Nobel Memorial Prize or something. It’s not affiliated with the Nobel Prize at all…
It’s kind of a budget/knock-off prize. Well as much of a budget knock off prize that you can get while still coming with a check for $1.6 MILLION dollars.
<3 Paul Krugman
October 13th, 2008 at 11:26 amOne of the comments on Paul Krugman’s blog made me shoot coffee out of my nose.
“Hey, are YOU better off than you were 8 years ago?”
I give it two weeks before McCain announces his economic plan to have a crap ton of Americans win academic awards combined with a spending freeze on education.
October 13th, 2008 at 11:29 amlisten,
it’s the sound
of bill o’reilly’s
head popping.
:)
October 13th, 2008 at 11:30 amThe Republicans on BuzzBlog seem to think our current economic disaster is the Democrats fault.
October 13th, 2008 at 11:31 amYes, but what do we really know about Paul Krugman?
October 13th, 2008 at 11:34 amWho is Paul Krugman, really, and can we trust him?
In 3rd grade, didn’t Paul Krugman associate with someone with known liberal economic tendancies?
And didn’t his entire economic career start off in the living room of some radical economist??
We can’t trust Paul Krugman
October 13th, 2008 at 11:36 amCongratulations to Dr. Krugman!
I saw him “debate” BillO a couple of years ago on PBS. I believe. BillO threatened Krugman and called him a “quasi-socialist,” which Krugman definitively is not. Krugman responded by calling BillO a “quasi-murderer.” Point made.
At the end BillO was reduced to just flipping through Krugman’s book and had absolutely nothing to say. Huzzah!
October 13th, 2008 at 11:38 amCongratulations, Paul. Great good work.
October 13th, 2008 at 11:39 amDoes anyone think that the value of our homes will go back up and if so, how long will it take for that to happen? We bought our house last year and this year the property appraiser down graded the value by 37K.
October 13th, 2008 at 11:40 amHeyy Arctic Ghetto, here’s a mcClatchy article that shows why what they say is just a lie to get away from being blamed.
October 13th, 2008 at 11:41 am
Maybe Mr Krugman can help bury the ghost of that other nobel laureate , Milton Friedman , whose free market capitalism has dug the hole the worlds economy now finds itself in .
October 13th, 2008 at 11:46 amDeregulation and lack of government oversight doesn’t work and seems to always turn out counter productive, except perhaps for the recipients of the McCain tax cut proposals .
Excellent news! Hail Krugman!
October 13th, 2008 at 11:46 amI wonder what tipped the Nobel committee in Krugman’s favor? Bernanke’s and Paulson’s and Greenspan’s economic theories all sounded super-fantastic if I remember correctly.
And what about Bush’s economic theories, like this:
“My plan reduces the national debt, and fast. So fast, in fact, that economists worry that we’re going to run out of debt to retire.” —George W. Bush, radio address, Feb. 24, 2001
or this:
“It’s very important for folks to understand that when there’s more trade, there’s more commerce.” —George W. Bush, at the Summit of the Americas in Quebec City, April 21, 2001
October 13th, 2008 at 11:47 amEh. What do those Nobel eggheads know anyway?? They’re obviously just a bunch of intellekshul librul elitist treehuggers.
(The above was brought to you by Snarktastic Productions, Inc.)
October 13th, 2008 at 11:50 amFor at least three years, Krugman has been warning about the dangers of ballooning housing prices and the trade deficit.
– - Thankfully, my financial adviser came to the same conclusion almost four years ago. Thank you, Carrie.
October 13th, 2008 at 11:50 amDear IgnoranceIsNotBliss–better hold on, it’s going to be quite a while before things get better and your home will revalue back to where it was. Sorry for the bad news but I figure that you knew that already.
October 13th, 2008 at 11:53 amHey, whatever happened to that guy…you know…the nation’s drinking buddy?
ABC: At 23 percent, Bush’s job approval rating has fallen below Nixon’s lowest; it’s a point away from the lowest in 70 years of polling, set by Harry Truman in early 1952. Bush’s disapproval, meanwhile, is at an all-time record – 73 percent.
October 13th, 2008 at 11:54 amFrom the Nobel website: Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (a.k.a. Nobel Prize in Economics), i.e., the same prize won by Paul Samuelson and Milton Friedman. As a proud Princeton MA & PhD (East Asian Studies), my heartiest congratulations to Paul Krugman with whom I quite often see eye-to-eye on politics and economics.
October 13th, 2008 at 11:54 amdeebaser Says
October 13th, 2008 at 11:26 am
I don’t want to pee on the bonfire, but he didn’t win the ‘Nobel Prize in Economics’…
___________________________________________________________
If you’re going to pee on the bonfire, you need to get a stronger stream going.
It’s true that Economics isn’t one of the original Nobel categories, and the award is indeed officially named “The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel”. It was first awarded in 1969.
However, it’s still commonly referred to as “The Nobel Prize in Economics”, considered to be the most prestigious prize in the field of economics (just as other Nobel prizes are the most prestigious awards in theirs), and the Economics laureate attends the Nobel Prize ceremony in Stockholm with the other Nobel laureates. The media aren’t incorrect in their references to the prize.
So while you’re technically correct, it doesn’t dampen the bonfire at all.
October 13th, 2008 at 11:55 am——————————————————————————–
deebaser Says:
——————————————————————————–
I don’t want to pee on the bonfire, but he didn’t win the ‘Nobel Prize in Economics’…
He won the Alfred Nobel Memorial Prize or something. It’s not affiliated with the Nobel Prize at all…
That’s not true. It is affiliated and is the last of the six Nobel prizes awarded this year. You were probably confused by the fact that this was not one of the original Nobel prizes.
http://ap.google.com/article/ALeqM5hvgJXYzXRBOttYAflCSJumnfVXxQD93PITK80
October 13th, 2008 at 11:56 amAfter the collapse of supply side economics, shouldn’t Milton Friedman have to give back his Nobel prize?
October 13th, 2008 at 12:00 pmBadmoonman. Please put me in contact with your financial advisor.
October 13th, 2008 at 12:00 pmCongratulations Professor!
i’m assure you’ll keep up the great work you do!
it will be an uphill climb, i’d bet you know…
for instance:
Arctic Ghetto Says:
The Republicans on BuzzBlog seem to think our current economic disaster is the Democrats fault.
just heard on stephanie miller, a caller, sounded 12, said he was a “top 5%” group… but he’ll have to lay off MORE people if obama is president… it’s obama’s fault. already…
…
good luck, sir! we’re counting on YOU!
(no pressure, much)
October 13th, 2008 at 12:04 pmIt’s time for Paul Krugman to replace Bernanke.
October 13th, 2008 at 12:05 pmdeebaser Says:
I don’t want to pee on the bonfire, but he didn’t win the ‘Nobel Prize in Economics’…
Ummm… yes, he did.
October 13th, 2008 at 12:08 pmI love Paul Krugman, and am so happy that he won this award. He’s the “go to” guy on economics and I hope that he has a place in the new Obama administration. Secretary of the Treasury, anyone?
October 13th, 2008 at 12:08 pmOur next Treasury Secretary?
October 13th, 2008 at 12:09 pmRachel Maddow will be really happy, he frequently appeared on her shows and gave great insights. Well done Krugman, you won it for the US. I hope the next cabinet uses his inputs to solve the economy problems.
October 13th, 2008 at 12:10 pmMcWars Says:
It’s time for Paul Krugman to replace Bernanke.
– - Bernanke isn’t the problem here, Paulson is.
From Krugman today: http://www.nytimes.com/2008/10/13/opinion/13krugman.html?hp
“This sort of temporary part-nationalization, which is often referred to as an “equity injection,” is the crisis solution advocated by many economists — and sources told The Times that it was also the solution privately favored by Ben Bernanke, the Federal Reserve chairman….
I also wonder how much the Femafication of government under President Bush contributed to Mr. Paulson’s fumble. All across the executive branch, knowledgeable professionals have been driven out; there may not have been anyone left at Treasury with the stature and background to tell Mr. Paulson that he wasn’t making sense.”
October 13th, 2008 at 12:13 pmshoeless Says:
——————————————————————————–
After the collapse of supply side economics, shouldn’t Milton Friedman have to give back his Nobel prize?
He’s taken it and all the rest of us with him when he left .
October 13th, 2008 at 12:14 pmGreed is STILL not the highest human value !
While socialism doesn’t seem to produce the best automobiles or egg beaters it does have it’s place and works well in the case of large public works projects such as those which produced our roads and dams . The post office ,schools and in my area the water and electricity I find available with the flip of a switch .
Free market capitalism is great if there is oversight and it is kept out of the machinery of democracy !
Newt gingrich wanted to shrink the federal government to the size of a baby inorder to drown it in the bath tub ! I believe this crisis and the federal deficit may well be seen as the perfect opportunity for the very act !
NO GOVERNMENT …..NO CORPORATE OVERSIGHT !
THAT IS JUST WONDERFUL!
October 13th, 2008 at 12:14 pmHow cool is this?
And out the gate this morning, Professor Krugman poses the question, “Has Gordon Brown, the British prime minister, saved the world financial system?”
http://www.nytimes.com/2008/10/13/opinion/13krugman.html?
It’s a pretty clear slap at Secretary Paulson and the entire Bush administration. Perfect!
October 13th, 2008 at 12:14 pm…To whom it may concern;
From the article cited:
The award, known as the Nobel Memorial Prize in Economic Sciences, is the last of the six Nobel prizes announced this year and is not one of the original Nobels. It was created in 1968 by the Swedish central bank in Nobel’s memory.
October 13th, 2008 at 12:17 pmCongrats. He should be at the top of the list for Obama to tap for economic advise and/or a position in Obama’s cabinet.
What disaster of the past eight years have republicans not blamed on the democrats in general or Bill Clinton specifically? What data pertinent to the particular disaster has revealed that the charges are true to any degree?
October 13th, 2008 at 12:17 pm@ 31:
And a tip of the hat to you, a minute faster out of the gate yourself! Gosh, even not quite such great minds as ours think alike…
October 13th, 2008 at 12:18 pmKrugman would definitely be better than the people Raisin McCain said he’d choose. Obama’s a hell of a lot smarter than those idiots so I don’t doubt he’ll at least tap Krugman for ideas.
October 13th, 2008 at 12:18 pmCongrats to Krugman. But I see this as much as world repudiation of GOP trickle down con games as anything. This really is the end of an era. I would not be surprised to see the GOP become a third party.
October 13th, 2008 at 12:25 pmI heard that on the way to work today. I think that this is awesome. Krugman appears frequently on Countdown and Rachel Maddow’s show these days and he is the lone source of reason in the sea of babble about the financial crisis we are in. I think that Obama should set up a “think tank” of leading economists, with Krugman in the lead, to start recommending solutions to our financial meltdown.
Countdown to the right accusung the Nobel committee of being “liberals” – 10, 9, 8, 7, 6….
October 13th, 2008 at 12:29 pm“Femafication” – Paul Krugman
excellent
October 13th, 2008 at 12:31 pm(thanks for that, badmoodman)
Treasury Secretary Krugman has a nice ring to it.
October 13th, 2008 at 12:33 pmWe could (and have done) worse…
freeman Says:
Newt gingrich wanted to shrink the federal government to the size of a baby inorder to drown it in the bath tub !
Actually, it was Grover Norquist who said that, but I get your point. Newt is one of them. This is all part of Naomi Klein’s Shock Doctrine to destroy the government and use the catastrophe to establish a corporate feudalistic society.
October 13th, 2008 at 12:33 pmdeebaser Says:
I don’t want to pee on the bonfire, but he didn’t win the ‘Nobel Prize in Economics’…
So, are you saying that Bloomberg,cin got it wrong. This is what they say:
October 13th, 2008 at 12:34 pm
Congratulations Dr. Krugman!
October 13th, 2008 at 12:36 pmthe Lone Voice of Reason Says:
——————————————————————————–
Dear IgnoranceIsNotBliss–better hold on, it’s going to be quite a while before things get better and your home will revalue back to where it was. Sorry for the bad news but I figure that you knew that already.
Yeah, I know but a girl can hope can’t she? It’s a good thing that that’s the only debt we have.
October 13th, 2008 at 12:40 pmI just will say,
Congrats to Mr Krugman……………..!
Deservedly so.
October 13th, 2008 at 12:42 pmThat piece of good news should give Bill O’Reilly a conniption. Haah!
October 13th, 2008 at 12:44 pmI wonder if we will hear from all the same people who went into apoplectic fits over Gore’s Nobel Prize?
October 13th, 2008 at 12:52 pmI heard the news this morning as I was having my coffee. Almost spilled it when I jumped out of chair with joy. Paul Krugman rocks! He is one of the best reasons to read the NYT on Monday and Friday.
October 13th, 2008 at 1:09 pmYes, all the same people who went into apoplectic fits over Jimmy Carter’s Nobel Prize.
October 13th, 2008 at 1:10 pmshoeless Says: @43
October 13th, 2008 at 1:11 pmThanx for the correction .We could all use friends not motivated solely by profits looking after our backs.
Maybe someday we will realize what has become so apparent during this crisis ,that in the pursit of our prize in the worlds marketplace ,ethics and basic morality are still neccesary .
As Solomon once said …what good is great wealth without love .This statement seems to me as practical in the face of our present difficulties as it is spiritual .
This is a bad year for Republicans
October 13th, 2008 at 1:24 pmYes!!
Just like they did with Al Gore, the Nobel Prize is trying to draw attention that the economic views of Paul Krugman are the RIGHT answer to get out of this crisis, NOT the conservative views like those held by George W Bush and John McCain.
October 13th, 2008 at 1:28 pmWhy does the Nobel Prize committee have such a liberal bias?
LOL, this is the best news possible to happen today…To wingnuts: name anyone who has won a Nobel Prize for Trickle-down theory…
October 13th, 2008 at 1:59 pmSave your bodily fluids, deebaser, the prize awarded to Mr. Krugman is called the “Nobel Memorial Prize in Economic Sciences” and it is not only affiliated with the Nobel Prize is IS a Nobel Prize, one of six.
So, CONGRATULATIONS to Mr. Krugman. I’ve admired him and his work for quite some time. I guess this award just goes to show that I have good taste in economists!!
October 13th, 2008 at 2:17 pmOh those dog gone Progressives and their Liberal Facts…
(snarkness)
Congratulations Paul.
October 13th, 2008 at 2:26 pmNot yet LushInterior. One day does not a trend change make.
October 13th, 2008 at 2:28 pmLushInterior Says:
Easy to say that now….but it’s still bullshit. We are nowhere near the bottom and the people you would advise to buy, buy, buy and doing just the opposite because what you say is obviously wrong….bet you voted for bush, twice.
October 13th, 2008 at 2:28 pmIts called the Herd Mentality Fred. Lots of people jumping in today. I prefer to wait for the real bottom to set up before I think about getting back in. We are not there yet. Not by a long shot. Still about 6 to 8 months out IMHO.
October 13th, 2008 at 2:34 pmAnd you, LushInterior are no Paul Krugman. Put a sock in it Lady.
October 13th, 2008 at 2:38 pmWhat strikes me most about this award and its announcement is that they point to a depth of research and scholarship that has been hidden behind the persona of the NYT columnist and “Princeton professor.”
Somehow, “Princeton professor of economics” doesn’t quite cover what Krugman has been doing with his time off camera.
Very impressive. And should be a reminder to us all that most significant achievement is founded on intellectual rigor.
Thanks.
mp
October 13th, 2008 at 2:49 pmYou would cheer lead people right off the cliff and stand back and watch and laugh….
The republicans have created a mess that will take years to work through, not days.
We are progressives and so for the most part, not ambulance chasers who’s greatest desire is to profit from other people’s losses. That’s your field of expertise.
I wouldn’t take your advise as to the weather, let alone my finances.
October 13th, 2008 at 2:53 pmCongratulations to Krugman!
On a related note – I just found this item today:
As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail….
Federal housing data reveal that the charges aren’t true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.
Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.
Federal Reserve Board data show that:
* More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.
* Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.
* Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that’s being lambasted by conservative critics.
The “turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007,” the President’s Working Group on Financial Markets reported Friday.
So blaming minorities, Jimmy Carter et al. is without foundation for the current crisis. It was private lenders.
October 13th, 2008 at 2:54 pmThere have been scores of run of the mill economists warning about the roots of all these problems for DECADES. He had to have won the award for something other than merely saying 3 years ago, “Hey, this looks bad.”
October 13th, 2008 at 3:22 pmO what? You don’t want poor people to be able to afford homes?
October 13th, 2008 at 3:25 pm*wink*
If no one buys in while the market is down, how will the market ever recover? Maybe you could feel better about yourself by investing in deflated stocks and telling yourself that you are doing charitable work to help restore floundering businesses.
October 13th, 2008 at 3:30 pmcondesention from people who think this is a good time to profit doesn’t fly well here. People are losing their homes and your ilk are standing by waiting to buy them for pennies on the dollar……same with stocks which people with 401K’s have lost equity in…..thousands of dollars worth.
You now wish to buy these stocks and homes up on the cheap so you can profit…….
maybe you should demand your money back from your….oh yeah, they don’t charge you to go to elementary school. Never mind.
October 13th, 2008 at 3:31 pmor, maybe if we had capable people running our economy we would not be in this position to begin with.
Think we would be here now if Al Gore had been elected? No, we would be moving forward still and paying our national debt down……remember the debt clock was running backwards when bush took office.
October 13th, 2008 at 3:36 pmHe did but you obviously want to make this an issue. Do your own homework and report back to us. Maybe you can still learn to learn.
October 13th, 2008 at 3:41 pmFANbloodyTAStic, Paul, from New Zealand! Dr Roubini, the Great, NEXT?
October 13th, 2008 at 6:12 pmAccording to the Nobel Prize website he won the prize for Economics
http://nobelprize.org/nobel_prizes/economics/laureates/2008/
October 13th, 2008 at 7:03 pmLushInterior Says:
Fred Says
profit from other people’s losses…?????
==========================================
Fred, please go to the collage you received your degree in economics from and demand your money back…..IMMEDIATLY.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Hey LushIdiot contact your proctologist IMMEDIATLY he found your head
October 13th, 2008 at 8:21 pmhoney, I spend 3 or 4 months at a time in Aruba. I love to fly in to the airport at Oranjestad and get directly off of the plane into the tropical air.
I spend quite a bit of time at San Nicolaas snorkeling and scuba diving.
Please don’t come there. There are lots of places in the Caribbean for people like you.
The internet is a wonderful thing. It allows us to work from anywhere in the world.
Please don’t presume to tell me how to manage my money, but please don’t tell me that it is honest and honerable to suggest making a profit from the methods you
October 13th, 2008 at 9:07 pmrecommend. It is neither.
Congratulations, Paul! Are you gonna wear it around your neck the next time you’re on TV to debunk some conservative spin on the economy?
October 13th, 2008 at 9:47 pmMarie,
I Read that article, but it doesn’t go deep enough to explore WHY commercial banks made the loans in the first place. There were a number of factors, but a big one was the Community Reinvestmant Act passed during the Carter Administration and put on steroids by President Clinton. It is simply a matter of record and historical fact that most commercial lending institutions sucuumbed to the bludgeon applied by the Federal Government to change long-held, financially sound rules for lending.
When I mention the role of Fannie Mae and Freddie Mac, I’m not talking about the direct loans they made, but the fact they bought tremendous amounts of questionable loans from these commercial banks, re-packaged them into investments and sold them on Wall Street. Commercial banks were all too happy to make the loans because they had a ready market for them in Fannie Mae and Freddie Mac. It’s also a fact the these two GSE’s had NO credit underwriting standards!
Tell me, what is you opinion of Alan Greenspan? Have you read the transcript of his testimony to the Senate bsnking committee (Democrat majority) in 2005 concerning the risk posed by Fannie Mae and Freddy Mac?
The point of all this of course, is that I’m trying to get you folks to see it wasn’t the President’s fault! C’mon! How many time did this and prior administrations try to warn Congress of impending disaster? AT LEAST THREE – 1999, 2002, and 2005.
Lastly, which Senator worked on a bill to provide desperately needed oversight for Fannie Mae and Freddie Mac – that’s right JOHN MCCAIN.
Now I realize the truth and facts are just an inconvenient nuisance for some of you, but I’ll say it again – you are entitled to your own opinion, but not your own set of facts.
October 13th, 2008 at 10:10 pmlushinterior,
Alas, trying to get some of these folks to understand even basic facts on how our free-market economy works is like trying to convince a communist to give up one ounce of their power.
Socialists don’t believe in free markets! They believe in top-down, command economies that have been proven to work so well in the former Soviet Union, Cuba, and other “people’s paradises.”
Obama and his ilk are all about class warfare and group politics (marxism). They rail on about the inherent unfairness of the greatest system for economic freedom and prosperity the world has ever seen! And they want to change it – not for the better. Of course, they don’t want to KILL it outright (they aren’t stupid after all), but rather they seek to suck as much money and resources from it as possible.
Just today, Obama gave a little more insight into his true intentions. He was talking with a man who owned his own welding business and in response to the man’s question that it seemed Obama wanted to raise his taxes, Obama told him in so many words that he didn’t want to take what was his, just make sure that all the people who helped the man be successful share in the success as well!!! Folks, there is no question what Obama meant. More re-distribution of wealth by government force.
There’s already too much of this and both political parties have been complicit, but you ain’t seen nothing yet of Obama gets the keys to power.
October 13th, 2008 at 10:26 pmat #81
October 13th, 2008 at 10:27 pmTim Vaculik
October 13th, 2008 at 10:27 pmYour last sentence defeats your entire purpose…
Please timmy, take your collie and go back to the farm. You act like what has been going on the last 8 years was not a re-distribution of the wealth from the middle class to the few very wealthy people in America.
Don’t lecture us about the basics of the free-market economy. You have just shown the world that it is a failure as run by republicans.
Just because we introduce social ideals into the mix does not make it bad, it just makes it work.
You act like there is no socialism at work in your great country right now. do you deny that your police force, teachers, public highways, social security, and many other benifits you recieve and take advantage of every day are socialist programs.
Quit being a fool and a tool. You had a chance to show that you knew what you were doing and you have shown us all that you actually knew nothing.
We are in deep trouble and it is because of your ideas that a free market economy means no regulations and tax cuts for the wealthy/trickle down type of economy……it is a failure on a grand scale and America is seeing it exposed for what it is.
That’s why you are losing at the polls.
Have a nice day losers.
October 14th, 2008 at 12:57 amTim Vaculik Says:
Please dont say the words FACTS. You wouldnt know a fact if it kicked down your door sat at your breakfast table and ate your Cornflakes. You are a delusional moron.
October 14th, 2008 at 1:29 amTim-
Federal Funding Accountability and Transparency Act of 2006
Sponsored by Obama and Coburn
the only transparency for the GOP is in the blatant lies they try to get away with all the time
October 14th, 2008 at 2:02 amFred,
Do you ever have an original thought? When you say “…re-distribution of the wealth from the middle class to the few very wealthy people in America.” you simply repeat a MYTH that is perpetuated by the left.
Please explain to me how it works, will ya?
You can’t.
October 14th, 2008 at 8:18 pmFred,
Further, you obviously don’t know much about economics if you think the recent problems in the financial markets indicate that our free-market economy is to blame!
The problem isn’t with the system we have, it’s with individuals, institutions and government that interfere with the proper FUNCTIONING of a free-market economy, get it?
Uh, no … you probably don’t
October 14th, 2008 at 8:21 pmFred,
“You act like there is no socialism at work in your great country right now. do you deny that your police force, teachers, public highways, social security, and many other benifits you recieve and take advantage of every day are socialist programs.”
WTF???
You really must have been eating the textbook pages… Let’s get back to basics:
Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the means of production and distribution of goods, and the creation of an egalitarian society.
Obviously, what I’ve been referring to has nothing to do with institutions that you mentioned. I don’t deny there are many things the government has forced upon us that are nothing BUT socialism and I think we are the worse for it.
October 14th, 2008 at 8:25 pmFred,
“We are in deep trouble and it is because of your ideas that a free market economy means no regulations”
I never said that. Your confusion knows no bounds…
October 14th, 2008 at 8:28 pmPaul Krugman Sept. 11, 2003:
“There is no economic policy. That’s really important to say. The general modus operandi of the Bushies is that they don’t make policies to deal with problems. They use problems to justify things they wanted to do anyway. So there is no policy to deal with the lack of jobs. There really isn’t even a policy to deal with terrorism. It’s all about how can we spin what’s happening out there to do what we want to do.
Now if you ask what do the people who keep pushing for one tax cut after another want to accomplish, the answer is they are basically aiming to create a fiscal crisis which will provide the environment in which they can basically eliminate the welfare state.”
October 14th, 2008 at 9:57 pmBedava Porno izle,
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