The Return of Depression Economics

[chippprrr]

how can you say so much, & not say anything.

I think this guy just likes to hear himself speak.

The biggest reason for the financial meltdown was because of a lack of entrepreneuers & too many corporate employees who were laid of & lost there homes. Including the controversial issue dealing with the Federal Res.

[justnotcricket]

I hope he's stopped doing the Bernanke 'joke' by now.

[cay311]

Invest in porn!

[sripathyakasrip]

@cay311 Porn stars are some of the most depressed people in the world! Only neglected girls & boys enter the porn industry! Porn stars always take drugs before they do a scene because they're so broken & ashamed of what they're doing deep in their souls. By watching porn, you are contributing to the destruction of already totured souls. Just watch Shelly Lubben's talks on You Tube. It might be a very good investment of your time!

[tomabc2003]

Wow Paul Krugman talk is exact to U.S government policy. The big bailout, mass spending, and zero interest. Blame the Chinese for their success in economic policy. At what point will it affects world faith in the U.S dollars. Maybe Paul Krugman shall go shopping more. Sometime good economic is good common sense.

[baigandine]

Real income was declining. Of course home prices would be soaring...Duh!..

[mongoose704]

@baigandine

But until 2007 you had that appraiser who said you have X dollars of "wealth" in "home equity."

And all that wealth just vanished when the bubble burst. It really is sad.

[rumco]

Krugman says: "Guarantee but regulate". That says it all. He nor FED or any other agency can regulate and they can only guarantee with other people's money. And no, no one is too big to fail.

[mongoose704]

We should no longer trust these politicians like Krugman (and he is no better than one) that was for EVERY SINGLE ASPECT THAT CAUSED THE CRASH and then blamed it on a nonexistent free market.

Throw out the men who were wrong. Krugman, like every other mainstream economist says we can borrow our way out of a crisis caused by too much borrowing. wait until this bubble (that Kurgman supported creating to cover the housing crisis) collapses. It is a dollar and government bubble.

[brt929]

Where are you teaching Economics?

[mongoose704]

Krugman was all for creating the housing bubble along with the default swaps, derivatives and exotic loans. Then he criticized it when AUSTRIANS correctly predicted the collapse of Bear Stearns and the housing market When he was in the running for a cabinet position Krugman was all for the government responses of bailouts, stimulus, vast expansion of monetary and fiscal policy and the creation of another bubble. he criticized Austrians.

Now he is condemning spending against.

[mongoose704]

He is condemning these record low interest rates, record high debt and deficits and saying we must cut immediately. Exactly what Austrians have been saying.

Krugman is a flavor of the month economist who takes credit for others work. He predicted nothing and has been for every move that caused the crisis only to turn against it when politcally expedient. He just wants his prizes and medals. Nobel? Yeah they gave Obama the peace prize so it has no credibility.

[brt929]

Great logic, Moron.

[brt929]

Did you even bother viewing this video- or do you have no comprehension skills at all?

He just said that he and a few other Economists were very worried about what was going on. However, he was didn't see how damaging this bubble would be because of deregulation.

Anyone stupid enough to believe that Austrians are right about anything- has not taken an economics class.

The Austrians have been sounding the same bull pucky for 20+ years- even a stopped clock is right twice a day.

[mongoose704]

Yeah I'll take the slobbering drivel protruding from your filthy sewer over Nobel Laureates.

[mongoose704]

Deregulation? What numbers do you have that support this myth that we have deregulated the economy? Each year we add over 10,000 federal regulations to the books.

Fact: Last decade was the largest expansion of federal regulations in our nations history.

And what about government regulation of interest rates? Government intervention requiring Fannie Mae and Freddie Mac to make high risk loans to dubious clients? Derivatives and credit swaps were merely the method to the madness.

[mongoose704]

And Krugman was all for it. He was all for the incredible expansion of the money supply and credit that made it all POSSIBLE.

Krugman was all FOR the alleged loosening of derivative regulations so that our nationalized mortgage industry could fufill the mandates of Democrats that everyone should have a house.

The free market is not responsible because the financials behond the housing market are all government controlled.

[arthurwmacalpine]

@mongoose704 right on brother, but Liberals will never get that. When it started Liberals called it "fairness" and "progressive" and by the time it all went bust it became "predatory lending" on the part of Wall Street Bankers. This all started with Carter and liberal policies like the Community Investment Act. And Krugman has lost all credibility he once had as an economist. He's just a political hack! I dare some Liberal to challenge me on that, because they'll lose.

[mongoose704]

@arthurwmacalpine

Wow! Tell us how you really feel sometime, lol.

That says it all brother!

[hoodoo961]

I challenge all Austrians who are going to spew invective to actually read the Return of Depression Economics before flipping out and repeating other people's comments. Its not a very long book, and very accessible. Try reading, you may like what you find.

[mongoose704]

@hoodoo961 I have read it and he flat out plagiarizes Austrians.

[hoodoo961]

@mongoose704 How so? I think you are wrong.

[mongoose704]

@hoodoo961 All of his predictions were being made by Austrians ten years prior. Krugman makes predictions along the trend. When everyone else starts predicting something, he jumps on the bandwagon and then takes credit for it. Almost ten years ago Austrians were predicting the collapse of Bear Stearns, why they would collapse, and the housing and financials collapse.

[mongoose704]

Hell you can find a video of some years ago showing Ron Paul predicting the collapse.

[hoodoo961]

@mongoose704 Funny, because Krugmans' book is a re-tuned version of one he wrote more than ten years ago. I am still not sure what your so called "point" is, I guess if someone predicts something someone else thought as well, they are plagiarizing? Lots of people, including Krugman and other Keynesians, also predicted the housing crisis. If some Austrians did as well, good for them, but your ire is unjustified.

[mongoose704]

@hoodoo961 Yes his call for a return to depression economics was taken from his previous works but his predictions were not.

[hoodoo961]

@mongoose704 Um, have you actually read the book? It is mostly an explanation of what happened in 2008, which macro and historical context. I think you are referring to the columns, and then again, I still see no problem. So he, along with others, could see that there was a housing bubble. What is your problem with that?

[WeiGuoZ]

I too, like most real Americans, hate [Incumbent head of the central bank] for [Global economic crisis]. I also accuse [Nobel prize winning economist who spotted the crisis from miles away] of Fasci-Socialism for giving a reasoned presentation on the issue.

[Truthpolice9698]

This guy is a fascist clown. Yea Paul that Ben over at the Fed is doing the Keynesian thing. How is that working out? Woodrow Wilson was a fascist like yourself.

Yea got to get the rich guys the money first before the crash. The nest asset bubble is the dollar you fool.

[rumco]

After listening to half of his speech, I think he got most of it wrong. Not a surprise for a Keynesian.

[brt929]

As opposed to the Austrian school, which is not even considered a true science, so it isn't even taught in schools?

[rumco]

True science? Says who? Keynesians? We are paying for it that it's not taught at school.

How do you debunk Austrians except saying "they're morons" ?

[mongoose704]

Exactly. The true sciences are Chemistry, Physics and Biology. Economics is a behavioral science which, by definition, is a pseudoscience. It does not adhere to true scientific methodology much like psychology (one of the original behavioral sciences) does not.

Keynes and Hayek, both Nobel Prize Winners and considered the leading spokespeople for Keynesian and Austrian theory, both recognized that human behavior could not be predicted with math and models.

[brt929]

@rumco Stop knee-jerking, and think. The reason it isn't considered a science is because they reject statistics and other statistical methods or scientific experiment.

Instead, they embrace something called "Praxeology." In other words, they might as well conduct a séance to obtain their conclusions.

[rumco]

@brt929 Right, so you claim that you can describe or predict human behaviour exactly by statistical evidence or experiment? In the context of the entire economy? Or that Krugman can? :)

"Austrians" understand what you don't. That you cannot plan or describe a society with your statist(ical) methods. Period.

[brt929]

@rumco I'm not an Economist- so don't fight with me. Isn't this battle better fought by those that know what they are talking about? (Which excludes that idiot Mongoose)

From what I have read, Keynesian Economists also dispute Austrian theories as well. Then there is the fact it isn't widely accepted in the world and not a contributor to Economic theory.

You dispute Krugman? Fine, do it with facts and evidence instead of a personal attack .

[rumco]

@brt929 I am not an economist either. However, it is essential for everyone to understand basic principles of economics, because as Mises put it:

"Economics must not be relegated to classrooms and statistical offices and must not be left to esoteric circles. It is the philosophy of human life and action and concerns everybody and everything. It is the path of civilization and of man's human existence."

[rumco]

@brt929 And if you wish to think about economics in empirical, statistical and scientific way, look who says what: ?v=MnekzRuu8wo

[mongoose704]

@rumco brt929 is a stercoraceous troll with internet multipersonality disorder. He has about 40 other logins and likes to stalk those he disagrees with. I think we should ignore him. Austrian ideology opposes government intervention into the economy because it recognizes economics isn't a science that can make consistently accurate prediction or explain the statistical relationships it finds. Thus to make policy on economic theory is like flippng a coin.

[mongoose704]

@mongoose704 But brt929, like most internet educated pseudo-intellectuals, likes to use the word science to intimidate others. He claims econ (especially Keynesianism) is science even though it is highly subjective and full of oughts and shoulds. That way he can say that any dispute with Keynesianism is denying law and science and thus make you look stupid to the masses.

Economics isnt science at all. Not even close.

[roman333universal]

@mongoose704 U dont seem to get it. Eco is a form of behavioural science which can outlay the way human reacts based on evidence and perception that we call facts or reality. But Eco tend to favour evidence as first while u can also hypothyse based on that. Now science in a way, is also a proven reaction by humans which is more stiff as based on only evidence but where as Eco got more flexibility. Got THAT.

[mongoose704]

@roman333universal behavioral science is "science" in name only.

You do not get it. It isn't recognized by any accredited academic institution on the planet as a true science.

Learn, grasshopper.

[roman333universal]

@mongoose704 ya ya i know u gonna say that cause u got one of the mindsets of those Reps. who like to yell based on big numbers everytime everywhere. Cheers to ur KIND

[mongoose704]

@roman333universal Ooooooookay!

Even though you've made your beef with me about as clear as mud, cheers to you.

[cay311]

@mongoose704

yes master!

[baigandine]

@mongoose704 Seems to me it is likely something in between "pure science" and "just flipping a coin." Both conclusions are unjustified.

[mongoose704]

@brt929 So it is still science even if they, in your words, "reject statistics and other statistical methods or scientific experiment."

I think it is clear who is pumping gas out of their asshole because nothing of intelligence or substance comes out of your mouth.

[brt929]

@mongoose704 Last reply to an idiot without comprehension skills. The Austrian School rejects statistics and scientific experiment.- not the neoclassic or Keynesian Economist.

Mongoose, I have a graduate degree (not in Economics), so I am fairly comfortable in my belief that I am better educated than you.

[mongoose704]

@brt929 Everyone else here can say with utmost confidence that you are far less intelligent than I am. Of course that is based upon facts. Your own words have communicated a clear lack of understanding of the scientific method. Please, oh high and mighty Mr Smarty Pants, explain how something can reject scientific methodology and still be scientific?

Your elevated sense of intellectual prowess is based upon the mere fact that you disagree with me, the apex of stupidity and bigotry.

[mongoose704]

@mongoose704 Oh I have a graduates degree at an accredited university.

You? You don't even know what the scientific method is and claim economics is a pure science.

[mongoose704]

@brt929 Once again you reduce everyhing to the absurd, boy. Just because Austrian theory has little faith in the ability of mathematical models to predict human behavior doesn't mean that they reject statistics and numbers although in brt929LAND, it does. I can explain logical fallacies if you wish, son. Don't be afraid to ask for help. Nobody will think less of you because of it. Nobody will pick on you, I promise.

[mongoose704]

Economics period isn't a true science you numbskull. What would you know about what is taught in school when you can barely even spell it?

[brt929]

@mongoose704 Really? I'm pretty sure that would be news to people like Bernake and Friedman.

The one thing I am very sure about, is that you haven't the slightest idea what you are talking about- and should not be taken seriously.

[PERINSON]

He is wrong about the "Its a Wonderful Life" scene, in the movie it happens before the war.

[ScottieMac1985]

Yes, overseachininadoll, disappeared... People who believed their houses were worth $750,000 suddenly found that they couldn't sell them for anything over $500,000. That's $250,000 disappearing. It's not $250,000 that literally disappears, it's the beleif that one's assets are worth x amount declines sharply. Get it?

[mongoose704]

@ScottieMac1985

One thing is Americans were constantly being told since I can remember that they have a lot of wealth in the form of equity on their home...

but once that phony wealth was exposed and the market crashed, we realized that all we really had was debt and some appraiser telling us our house is worth X dollars.

[seaplaneguy1]

This guy is clueless...ah, yes, Wilson school...that explains it...socialists never get it.

[overseachininadoll]

Deflation.

Deflation of what? Housing? Housing has been way overpriced even now in some locations. The one thing is in deflation is wages.

[overseachininadoll]

No inflation? My monthly expenses telling a different story: 1) Tuition goes up yearly. 2) D.W.P bills up yearly. 3) Property tax up yearly. 4) Phone Bills yearly (various taxes.) 5) Healthcare & insurance! 6) Food prices up 7) Gasoline up though not as the highest last year yet. 8) Things you must have all jacking in price or reduce in portion if price not up yet.

[overseachininadoll]

What do you mean trillions disappeared? Disappeared to where? Into the thin air? And that's why the Bernanke can print and then print more from the thin air?

I believe the money disappeared disappeared inside so people's pocket. It's the biggest wealth money transfer and steal in history. In fact, lot of people had gotten rich over this mother of all bubble. Still more people are continually getting even richer post destruction and post bailout. Like the Goldman Sachs and the bankers.

[jesuschrustpizza]

Woodrow Wilson of the Federal Reserve Act?

[thomuk2006]

Krugman should be the president of the United States!