Countdown: Paul Krugman on Jindal's Speech and the GOP Making Stuff Up

[ggadguy]

If you want a real economist who predicted the housing crash and the market crash go see Peter Schiff videos on YouTube. He prediceted all of these things long before Krugman and Bernanke. Schiff even offered to debate Paul Krugman but Krugman refuses because he know he would lose. Schiff also called for gold to go higher, and it's reached all-time highs while Keynsian Bernanke and Krugman can't explain it. Krugman should give back his Nobel Prize.

[OnenessNow]

Paul Krugman for Treasury Secretary in his upcoming incarnation.

March for Peace and Human needs Sunday May 2nd 2010, in New York City at Times Square and at the United Nations. Speak up with your powerful voices for all of the generations to come.

[Tucker20Seattle]

I really hate Olbermann and Rachael Maddow is really bad too. I honestly think that O'Reilly isn't half as bad as Olbermann and/or Maddow.

[MaxwellBennett]

Olbermann is such a left wing hack. I am no conservative, the Republican Party is stupid. But Olbermann is just a left wing version of Billo the Clown.

[BubbaGanoush2]

Wrong. O'Really is nothing but hot air and bias. Olbermann uses facts again and again and again. The truth is all we need to show how stupid and ridiculous Republicans are. MOST of the time, he uses their own words. The proof of their stupidity and hypocrisy is self-evident.

[modramafoyomama]

@MaxwellBennett youre right in principal. olbermann clearly favors the left. but id say o'reilly is worse. see the 'debate' tim russert oreilly and krugman. oreilly is a loudmouth at best and a liar at worst.

[soundmoneyfan]

If you think that more govt/SEC bureaucrats will prevent the Barney Madoffs of the world, you are mistaken. I dont see how you think the govt can do ANYTHING rt. The government cannot solve the problems of the world such as greed. Please look at this video to see my full point on the moral hazard created by the government and its bureaucrats.

watch?v=ZDJ_NLPLSyc

[SweatLaserXP]

As usual, Krugman hits the nail on the head.

[soundmoneyfan]

I want to hear a sound Keynesian argument about how the government can properly allocate capital that would best serve the market whenever the market has the final say on which investments are sound. he supported the idea of a bailout, bankruptcy is healthy for the market, it purges the economy of bad companies and bad management. Yes it would have hurt if AIG went bankrupt, but the people it would hurt the most are the bankers. But they have power so they get a bailout.

[jeffmagic32]

Krugman is a clueless Keynesian. He is so desperate justify massive government control over the economy and our lives that he ignores both data and history.

[awmartin1970]

We've seen what happens when there is NO control over the economy. The past 8 years is testament enough of what happens without regulations and oversight. By the way, have you won the Noble Peace Prize for Economics? No? Do you know who did? You're right - Krugman. Clueless is not a word that should be used for any person who has earned a Noble Peace Prize in Economics.

[LAsoulmagic]

The reason the economy is such bad shape now is because the Federal Reserve kept the economy afloat for years, under both Clinton and Bush, by keeping interest rates artificially low. So, instead of a regular downturn back in the 90s, we have a big downturn now.

[soundmoneyfan]

How can you say there was NO control over the economy when the Federal Reserve CONTROLS our interest rates which is the leading determing factor that people use to make investment choices? I'm guessing you know very little about economics.

[awmartin1970]

Interest rates aren't the leading fact in whether people invest or not. Are you kidding me? Are you trying to sound smart to try to put me down or are you trying to divert attention away from the fact that the Republicans pushed for deregulation since Reagan and Bush put us in a war that was unnecessary which created the perfect storm for a recession. By the way, the Republican administration keeping interests rates very low shows no attempts to control the market. It was a free-for-all.

[soundmoneyfan]

Whoa whoa, I agree 100% that the military industrial complex is a huge problem with the American economy, I blame the federal govt for our deficits and the Federal Reserve for our poor monetary policy, I don't care if they have a D or an R next to their name. I am always against war. I think the repubs in the last 8 years have completely jacked up our system. But you should know that the prez and the congress have NO control over interest rates! That is the Fed.

[awmartin1970]

The President and Congress do not have control over the interest rate, I agree. But the President does have control over his administration and his economic philosophy is ultimately what was reflected in the regulations and oversight of the market. Interest rates had peripheral affect on the buyer, but only cause those selling were completely dishonest about affordability. The so-called war on terror diverted attention away from proper regulation of the markets - 2 sides of the same coin.

[soundmoneyfan]

I agree with you 100%, the repubs didn't just sell us up the river by the spending they did, including the the spending on needless wars, but we were also sold up the river by the Fed and their easy money policies. You can point at one side tho, Obama's budget has a 9% increase in the War budget and the Fed keeps printing money! I agree that banks, Wall Street, and home owners were drunk on easy credit, but I'm trying to remind people to ask, who gave them the alcohol? It was the Fed!

[soundmoneyfan]

You can point at one side tho = you CAN'T point at one side, sorry type-o

[awmartin1970]

I disagree with you about pointing to one side. The difference between Obama's and Bush's budgets is Bush never included the cost of the wars as part of the official budget. Obama HAS included the cost of the wars. There wasn't a 9% increase in the war budget. It's just that the cost of the war was no longer left out of the official budget. If you mean free markets without regs and oversight, we'll only be digging a deeper hole for ourselves. Power without responsibility destroys.

[soundmoneyfan]

If you really think that about the budget, I'm trying to talk down to you, but you are wrong, the amount that will be spent on Iraq and Afgan is going up by 9%. I get this from the CBO. You say, "Power without responsibility destroys" I agree, so either cut back on the power of the federal government (so businesses can't use govt to their benefit, like bailouts) and regulate less, or please support regulating the most powerful entity in our Country, the Federal Reserve! Support HR 1207!

[awmartin1970]

I disagree about Iraq and Afghanistan. Power without responsibility destroys was aimed at Wall Street. There has to be a balance and Wall Street is NOT balanced. If there were balance, we would not be in this recession. There is one country that escaped recession and it was due to the level of regulations imposed. Many leaders of other countries thought this country was crazy. But now CANADA stands as the only country without recession DUE to proper levels of regulations and oversight.

[soundmoneyfan]

Asia is not in a recession, have you looked at the new global outlooks from Goldman Sacs?

[soundmoneyfan]

"I disagree about Iraq and Afghanistan." I want to know were you get your numbers. I got mine from the president's budget and the CBO......

[soundmoneyfan]

Below noted is a better video....

watch?v=Xir5j8SjVlI&feature=re­lated

[soundmoneyfan]

If you think that more auditors are the answer, I would only agree with you if you agree that the Fed needs to be regulated as well. You can't just point to the greedy banks when the Fed supplied the credit they used to leverage the US Economy! And if you think Washington has the answer, I refer you to my question, how can the government properly allocate capital that would best serve the market whenever the market has the final say on which investments are sound? We need free markets, no Fed!

[hoodoo961]

The problem is that the private allocators of capital are bankrupt, having made assinine investments in stupid housing funds and junk paper assets. They are literally in shambles, they self destructed and government is all thats really left.

[soundmoneyfan]

The private capital is still there the question is who should allocate it through lending. The well run banks in the country could assume the good assets from the bankruptcy procedures and would gain the market share. This has worked from the begining of time! Banruptcy and liquidation would give somebody a profitable reason to go thru te balance sheets and figure out which loans are still getting paid on. Govts are not looking to make a profit. They are always a expensive way to get this done.

[soundmoneyfan]

Regardless if the Federal Reserve holds interest rates too low or too high, they always get it wrong! The federal govt has NO tools to set interest rates in this country other than asking the Federal Reserve to do so.

You said, "Interest rates aren't the leading fact in whether people invest or not. Are you kidding me?".......are you trying to say that interest rates had no affect on the housing bubble we watch blow?

[soundmoneyfan]

if the interest rate were set in the market by the savings rate (you know, the more we save, the more banks have to lend, supply and demand) we would have never had a Fed Funds rate of .25% with a negative savings rate, you get a bubble like we had. Investments are made that have interest payments, since there is no savings not everyone can pay it back! It can't go on forever!

[soundmoneyfan]

Don't think that b/c we have new letters next to the name (a D instead of an R) of our leaders that the lightbulb of basic economics has gone off in DC! They are doing the samething that Bush did, borrow, spend, and try to pump up consumption, this is them trying to hold their power like Bush did, but we are going to jack it up even worse by staying on the same road that Bush was on. Wake up!

[mattwion]

Krugman is the mind in Economics today. I wish he had more influence on the Obama Administration.

Jindal, on the other hand, is a farce. He's a shallow parody of Ronald Reagan and Milton Friedman.

I hope the GOP gets some more thoughtful and promising minds.

[xhagast]

A parody of Reagan and Friedman?!? A parody of an eight year old was more like it! An eight year old pretending to talk politics!! It was pitiful. And how come everybody who supports the GOP sounds like a complete idiot or a delusional madman? Well, they have to be to do it...In any case, I see everybody else and they look good and sound credible. Krugman was full of doubts but supportive. He was pragmatic, sensible and understanding. The GOP could use his like in their leadership.

[davidallenroth]

thank god america has a voice. keep up the good work keith o!!!!!!

[charleshoskinson]

As soon as the republicans make a speech, he have olbermann attempting to bring it down. How is this media when it's nothing but a republican bashfest for an entire hour.

[ahantu]

Jindal propose no funding for the National geographical Society to monitor volcano. I said, ok... BUT if the volcano erupts and darken the skies for months.... Jindal better sure as hell do some "Indian Dance" (like those Indian who dances in Bollywood movies, think of the movie called "Guru" for an example) to clear the skies or ELSE, all the solar panels ain't going to work for s**t ! Hence higher electricity bill.

Swami Jindal instead of Gov. Jindal. :D

[jokertim777]

I just can't get over how creepy Krugman's blank psychotic stare is! I shudder to imagine what he does when he's not pretending to know something about economics.

"Put the lotion in the basket or it gets the hose again."

[jasperjava]

Come back and talk to us after you've won a Nobel Prize, moron.

[jokertim777]

Please stop, you're hurting my feelings with your powerful name calling.

When guys like Krugman (who admits he was shocked to get his award) and Gore are awarded Nobel Prizes, they've lost any meaning they once had. They'll be in the bottom of cereal boxes next year.

Krugman also admits he never saw our current economic situation coming (some genius). The fact that you think he's the guy to listen to for how to solve this mess says more about you than I ever could.

Besides, he's creepy.

[rebeccapea]

He did write a book called, "The Return of Depression Economics" back in 1999. He's actually a really smart guy and he has a really great sense of humor. Like everyone, he's not always right, but his opinions are definitely worth listening to. If you're interested in learning more about Paul and his work, I'd reccomend reading some of his books. They're pretty easy to read, are humorous and entertaining and make a pretty dry subject (economics) seem more interesting.

[jokertim777]

Thanks for the offer, that's kind of you.

I'm actually fairly well versed in economics already and am even familiar with some of Krugman's writing. I wouldn't be criticizing him if I wasn't familiar with his work (although I know that usually doesn't stop a lot of people).

I just never realized his demeanor was so similar to the BTK Killer until he started doing interviews on the evening news. What can I say, some people just give you the hebe jebees?

[rebeccapea]

Yeah, my guess is that being an economist these days is less than a party.

[kevin120857]

Bobby Jingoism's real first name is Payusch. Guess he thought "Bobby" goes over better - even though Obama insisted on Barack over "Barry." Republicans keep trying to make intelligent ideas seem stupid, like Mag-lev transit. Hi-tech bullet trains, have a much lighter "carbon footprint," that commercial aircraft flying between LA and Vegas. That's why Europe uses trains and we're behind the world in this department. Maybe, hopefully, not for long.

[JiveDadson]

I haven't heard the Jindal response, and I don't know anything about him. But I do know that Krugman is a Keynesian nincompoop.

[grogger31]

I guarantee he wouldn't be bitchin' if it was $140 million for monitoring levees.

[skelotan]

Yeah, he would. He's already made it clear he'll sell out his constituency for his political aspirations.

[waltermh111]

why? hes a republican, as far as hes concerned if the citizens dont want to build up the levies with their own private money they should drown.

Ignoring the fact that what business or any amount of willing people have that much money to spend on a non profit project like that.

Sure, new orleans was a port town for much of the US, an important trade and cultural town, but to him, all gov is bad and people who are born screwed should stay screwed unless your the lucky one that got through.

[shaktimandan]

Jindal was so bad it was awesome.

Palin/Jindal 2012

[111harley111]

Worst mass transit system of the developed world. USA.

Capitalism if the car makers hire better lobbyist, good train systems don't come to market.

[uyd]

BOBBY what is so bad about high speed rail?

[Frackin64]

I agree--I'd love to see high speed rail all over the West. I'd take the train to Vegas, San Francisco, Sand Diego, Seattle--wherever.

[swaggajee]

Was Jindal trying to capitalize on the Slumdog Millionaire hype?

[Ender1zero1]

Daily Kos has a pretty detailed piece on the boat story and after reading it I doubt that Jindal's version of the Boat story is true and since he already told 1 big lie in this speech .....what's 1 more?

dailykos(dot)com(slash)story(s­lash)2009(slash)2(slash)24(sla­sh)23132(slash)9395/253/701495

[Ender1zero1]

Daily Kos has a pretty detailed piece on the boat story and after reading it I doubt that Jindal's version of the Boat story is true and since he already told 1 big lie in this speech .....what's 1 more?

dailykos(dot)com/story(slash)2­009(slash)2(slash)24(slash)231­32(slash)9395/253/701495

replace(dot) with . and (slash) with /

[andid]

Republicans need to stop talking about science, because they reveal their ignorance with every talking point. I remember hearing Palin complain about fruit fly research...fruit flies, the cornerstone of genetic research. Genetic research = cures. So. Annoying.

[PoliticalSkeptic]

Let me point out. People actually have to build this high speed rail system which would take a long time. That means employed people building this system.

[Turambar88]

Employ a lot of people building it, running it, efficient transportation between one of the country's largest cities and one of the largest tourism/spending cities for generations into the future...

[integral]

A good point, and obvious to people who actually think about the situation.

And I'm still trying to get over my disbelief that there are people out there who don't bother thinking about things, and simply buy Jindal's and the RNC's line.

[Strutinan]

Here's a good idea about where they come from ;)

watch?v=_Paq_fIxPCM

[skelotan]

Reducing dependence on foreign oil, reducing emissions...yeah, I can see why the wingnuts have trouble with the concept.