Godzilla vs. Mothra? No, it's Krugman vs. Summers debating the proposition, “North America faces...


Godzilla vs. Mothra? No, it's Krugman vs. Summers debating the proposition, “North America faces a Japan-style era of slow growth and high unemployment.” Krugman argued for it, Summers against it. Krugman won over a majority of the audience, but in a battle of Keynes vs. Keynes-lite, was there really much of a distinction?
Comments (16)
  • Native Texan
    , contributor
    Comments (276) | Send Message
     
    Like watching Dumb & Dumber.
    15 Nov 2011, 05:44 PM Reply Like
  • Financial Insights
    , contributor
    Comments (928) | Send Message
     
    Haha I clicked on the post to say something similar, but not as complete. Summers is dumber in my opinion.
    15 Nov 2011, 05:50 PM Reply Like
  • Caladesi Kid
    , contributor
    Comments (186) | Send Message
     
    Yes it does seem so. Why should anyone care about the opinions of these frequently discredited economists?
    15 Nov 2011, 05:49 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
     
    Dr Evil and Mini-Me had a debate?

     

    How enlightening.
    15 Nov 2011, 05:50 PM Reply Like
  • DinNYC
    , contributor
    Comments (75) | Send Message
     
    This reminds me of the foxnews broadcasts liberals always decry: the conservative vs the slightly-less-conserva... seems they dont mind it when its the lefty and the slightly-less-lefty. How was this even a debate? Its like watching communism debate socialism. Both should be tossed into an incinerator.
    15 Nov 2011, 05:52 PM Reply Like
  • wyostocks
    , contributor
    Comments (9113) | Send Message
     
    Can't add to anything to those above so I just clicked on "like".
    15 Nov 2011, 06:01 PM Reply Like
  • bob adamson
    , contributor
    Comments (4560) | Send Message
     
    I do enjoy (it's a guilty pleasure to which I admit) the Pavlovian effect that any reference to Krugman has on many SA readers. I only hope they feel better folling their shared and concise expressions of revulsion.

     

    On the other hand
    (a) There is sound psychological findings that on making such denunciations most people simply feel worse.
    (b) People might well feel better and make a better contribution it they actually tried to refute in substance those ideas with which they disagree.
    15 Nov 2011, 06:10 PM Reply Like
  • lowemoran
    , contributor
    Comments (130) | Send Message
     
    Bob adamson...BIG YAWN...
    15 Nov 2011, 06:32 PM Reply Like
  • bob adamson
    , contributor
    Comments (4560) | Send Message
     
    Native Texan and Iowemoran -

     

    It gives me no small pleasure to know that I've in some small way helped you both to relax after what may well have been an otherwise long hard day.
    15 Nov 2011, 08:04 PM Reply Like
  • wyostocks
    , contributor
    Comments (9113) | Send Message
     
    bob
    It is simply not worth the repeated efforts to refute what Krugman writes week after week. The liberal dogma that spews over and over is old trite by now.
    However to make the day of the SA editors it is simply easier to say F**K it in nicer words.
    15 Nov 2011, 08:12 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
     
    Wyostocks is correct - its gotten so bad that its tough to get riled up anymore.
    15 Nov 2011, 09:47 PM Reply Like
  • neutrinoman
    , contributor
    Comments (700) | Send Message
     
    Krugman is right about the basic truth: we're already in an era of slow growth and high unemployment. But it's not in "north America," just in the U.S., and therein lies a clue. (Exercise for the reader -- take a look at the last generation's fiscal and monetary policies in Canada and Mexico -- compare and contrast with U.S.).

     

    Otherwise, this is Dumb and Dumber. Krugman silently changes his position frequently, picking up ideas from smarter and better-informed economists, and presenting them as his own. He has quietly dropped the idea of "cyclical demand management" and now admits our problems are structural, without telling you, even though it's a view he once dismissed with contempt. (See his attitude toward Reinhardt and Rogoff, for example, two economists much more knowledgeable and on the ball than he is.) Krugman breathlessly discovers that, say, the euro-zone will probably break up and many of its governments are / will be insolvent. This is a view that has a long pedigree from many observers, mostly on the free-market right, who've saying this and related things for many years. Krugman's just discovered it, though.

     

    Krugman is a phony cult guru with a large following of gullible readers who know little about economics, but like his politics. The poster child for the failure of the Krugman-Bernanke "deflation-panic / QE-forever" school is Japan. Japan's state is supposed to justify more such policies. In fact, it's precisely these policies which have put Japan where it is today, nearly bankrupt. Japan's real problems have barely and only belatedly been touched (zombie banks that can't lend; endless attempts to deny the losses from the 80s -- as we just saw with Olympus; bottomless waste of Japan's savings in useless "stimulus"; interest rates that punish savers and discourage lending further; the failure to find a viable replacement for Japan's old export-led model; etc.). The Krugman-Bernanke approach has been an epic and expensive distraction from Japan's real problems, just as "stimulus" policies have been here.

     

    Summers is more of a disappointment. He's a smart guy and was good president at Harvard. But he's too wrapped up in his party's politics and policies of cheap money and unending debt to say the truth. Same goes for Christina Romer, another smart cookie whose political affiliation prevented her, while in office, from saying the truth (that "stimulus" doesn't work -- that her's academic research!).

     

    There's economics and then there's "correct" politics -- Summers and Romer know the difference; Krugman doesn't.
    15 Nov 2011, 06:30 PM Reply Like
  • Native Texan
    , contributor
    Comments (276) | Send Message
     
    Applause! Never Wrong Neutrinoman +1; Befuddled Bob Adamson -1
    15 Nov 2011, 06:37 PM Reply Like
  • bob adamson
    , contributor
    Comments (4560) | Send Message
     
    N T -

     

    It was more fun in the past when they had the 'thumbs down' button for comments, wasn't it?
    15 Nov 2011, 08:15 PM Reply Like
  • tomnow3
    , contributor
    Comments (241) | Send Message
     
    Since you claim all these economists are idiots I would be curious to know who you would agree with. Rick Perry perhaps? I'm sure you can name 3, or maybe just 2?
    15 Nov 2011, 11:28 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    "Keynes vs. Keynes-lite,"

     

    Just spit both Bud & Bud light, all over my keyboard, from laughing so hard.
    15 Nov 2011, 08:42 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs