Big rescue moneyVia Yves Smith, an important article in FT Alphaville about the inadequacy of the bailout so far: despite the big-sounding numbers, financial institutions are losing capital faster than governments are putting it in.I’d add a couple more data points: Japan’s bank bailout in 1998 was more than $500 billion, in an economy whose dollar GDP was only about 1/4 that of the United Sta
위대한 경제학자는 선견지명도 있는 모양입니다.
2005년에는 부동산 '버블'이 미국의 경상적자를 메워주던 외국자금 상당부분을 흡수, 세계경제의 불균형을 심화시켜
2006~2010년 사이에 위기가 닥칠 수 있다고 예견, 지금 세계경제를 뒤흔들고 있는 금융위기를 내다봤다는 평가를 받고 있다고 합니다.
While a long long time ago Paul Krugman did some solid and innovative work in economics, that is not the reason he was awarded the Nobel prize this year. Krugman was selected for the same reason that Barack Obama will be elected president—he is the Anti-Bush.Just as in 1976 the fallacies and limitations of the New Deal, Great Society and the Keynesian economic theory were becoming apparent, Mil
Paul Krugman, whose relentless criticism of the Bush administration includes opposition to the $700 billion financial bailout, won the Nobel prize in economics Monday for his work on international trade patterns.The Princeton University professor and New York Times columnist is the best-known American economist to win the prize in decades.The Nobel committee commended Krugman's work on global trad
Num ano de crise financeira mundial, o Prêmio Nobel de Economia foi ganho por Paul Krugman, crítico do presidente George W. Bush e de sua política, que classifica como "neoliberal". Paul Krugman, 55, é um especialista em intercâmbios comerciais e comentarista do jornal norte-americano "The New York Times" (NYT). Krugman foi premiado por seus trabalhos sobre comércio internacional que o levar
I was worried that the Nobel Committe were going to give this year's nobel prize for Economics to an economist who did work on the benefits of free, deregulated financial markets.Thankfully, they choose not to embarass economists. Instead they gave the prize to Paul Krugman.With his column at the New York Times and several books, he has done a lot to demystify economics and point out the failings
An interesting article at the New York Times by Paul Krugman - Moment of Truth. It explains the need for a coordinated response to an international crisis. It also suggests that the British response of providing capital to banks directly will better help restore the battered money markets. It appears the US Treasury is slowly coming around to the idea that there initial plan to buy toxic mortgage
Algunos escépticos llaman al plan de rescate de 480.000 millones de euros propuesto por Henry Paulson "dinero a cambio de basura". Otros han bautizado la legislación propuesta Autorización para el Uso de la Fuerza Financiera, en referencia a la Autorización para el Uso de la Fuerza Militar, la infame ley que dio al Gobierno de Bush luz verde para invadir Irak.Hay algo de razón en estas pullas
Paul Krugman doesn't like the bailout. Neither do I. Can't we make those rich bastards that screwed everything up pay?No dealI hate to say this, but looking at the plan as leaked, I have to say no deal. Not unless Treasury explains, very clearly, why this is supposed to work, other than through having taxpayers pay premium prices for lousy assets.As I posted earlier today, it seems all too likel
If you do not understand why the Democratic Party has been a minority party in recent years, or if you want to see the path which risks returning them to the minority, read today’s column by Paul Krugman. In many ways it presents the exact opposite view of the Democratic Party [...]
Paul Krugman in his recent New York Times editorial titled: “Clinging to Stereotypes” (April 18, 2008), attempted to dissect Barack Obama’s now famous “bitter” quote. Making arguments that only a conservative pundit could, Krugman went line by line utilizing the most intellectually honest arguments. Not only were his opinions factually accurate, Paul Krugman transcended his own liberal elitism in...
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The still-increasing price of food throughout the world is continuing to cause massive problems, with tragic consequences. Food riots are spreading in much of the Third World, and mass starvation looms on the near horizon. This is a tragedy of potentially unspeakable proportions.In response to the latest news, there is a tendency on the Left to blame free market economics for the crisis. This is a terrible mistake that is not only unproductive but will also only make the problems worse if it is followed by anti-market policy action. The laws of supply and demand are not optional - you can either accept them and try to learn why demand has outstripped supply so horribly or you can ignore them at your own peril. But blaming supply and demand for the food crisis is like blaming gravity for th
Fortune Magazine interviewed Princeton economist Paul Krugman:
How far do you think home prices will fall?
My preferred metric is the ratio of home prices to rental rates. By that measure, average home prices nationally got way too high. We’ll probably basically retrace all that. So that’s about a 25% decline in overall home prices. Only a [...]
The problem with being an economist, a newspaper columnist, or both, is that you might get a distorted view of the real world from looking at abstract data. Paul Krugman once again demonstrates this in today’s column. He has attacked Obama’s health plan with such regularity that we knew it was time for another [...]
From his own blog:
Wow. I’m spending spring break in an undisclosed location, and spent most of the day getting here. So I didn’t know about the Bear Stearns story until a little while ago.
But when I did learn about it, I also learned that some evil lurks in my heart. I shouldn’t be feeling even a touch of glee over seeing a firm that has been such a major source of really nefarious...
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Princeton economist and New York Times columnist Paul Krugman is interviewed in the current issue of Fortune magazine. He's predicting housing price declines of 25% to 50% not based on the prices and incomes, but prices in relationship to potential rental income (which I also think is a much better barometer than incomes alone). So how bad does he think the mortgage crisis will get?I think home prices will fall enough for us to produce about 20 million people with negative equity. That's almost a quarter of U.S. homes. If home prices are rising, or if there's positive equity, you can refinance or sell. But if you have negative equity, you can end up being foreclosed on, and then some people will just find it to their advantage to walk away...I still think the estimates people are puttin
Krugman gave a good explanation of the theory between Fed interventions like the TAF and its new $100 billion repo facility announced Friday (Krugman deemed the post "very wonkish" but it just has the sort of conceptual charts you see in econ courses, no scary formulas. Curious readers should most assuredly have a look). His bottom line is sobering: The financial crisis seems to have entered its third wave. Panic in August, then partial recovery thanks to lots of money thrown at the system by the Fed. Renewed panic late fall, then partial recovery thanks to even more money thrown in, especially the Temporary Auction Facility. And panic has set in yet again... So the Fed is throwing another wave of money in, via the TAF and also additional loans to banks. All this lending is backed by colla
in his op/ed piece yesterday, krugman had a few comments on the economy. since krugman is an economist, i typically gain quite a bit of insight from his commentaries–check out his blog from time to time if you don’t already!
yesterday’s piece still has me wondering about a few things:
That said, I don’t believe we’re [...]
The mind set behind Paul Krugman’s recent attacks on Barack Obama become clear from reading the excerpt from his book, The Conscience of a Liberal which appears at Slate. Krugman’s objections to Obama are over matters far greater than their disagreement over mandates on health care. The two have a totally different philosophy of government, and unfortunately Krugman wants to continue the philosophy of government best attributed in recent years to George Bush and Karl Rove.
While a majority oppose the Bush administration, different people do so for different reasons. Some of us have opposed Republican rule in recent years because Republicans practiced government from the extremes. Under their philosophy of government, the views of 49% of the country could be ignored if they could have the support of 51%. Paul Krugman and some on the left object not to this government from the extremes but simply object to the fact that it isn’t their extreme views which are dominant. K
In an interview with Asymmetric, New Yok Times columnist Paul Krugman followed up on his column accusing Ronald Reagan and Republicans of harvesting racist votes with its "Southern Strategy" by suggesting that Southern whites be disenfranchised for 12 years to give them time to expunge their racism:
Welcome to Asymmetric. You wrote recently on Reagan and racism. It affected all thinking people. Now, you want to do something about the problem. Care to elaborate?
=> Read more!
No one writes a better column than Paul Krugman. He is one of the few who sees the details, the devil in the details and the consequences of the details.
The first few paragraphs of this column, Hired Gun Fetish, about mercenaries and Blackwater in particular, is exemplary:
Sometimes it seems that the only way to make sense of the Bush administration is to imagine that it’s a vast experiment concocted by mad political scientists who want to see what happens if a nation systematically ignores everything we’ve learned over the past few centuries about how to make a modern government work.
Thus, the administration has abandoned the principle of a professional, nonpolitical civil service, stuffing agencies from FEMA to the Justice Department with unqualified cronies. Tax farming — giving individuals the right to collect taxes, in return for a share of the take — went out with the French Revolution; now the tax farmers are back.
And so are mercenaries, whom Machiavelli describe
Very minuscule, unless you are willing to pay a premium for drivel:"The horrors of Walter Reed Army Medical Center’s outpatient unit are no aberration."Where Krugman goes from here I cannot honestly tell you, but I would be surprised if he thought there was a problem with this country's lackluster treatment of its veterans prior to the Bush administration.DeMediacratic Nation Blogrolls
