User 305589

Essay on Macroeconomics: Where Krugman Fails

it is quite stunning how most commentators have already arrived at judgements and conclusions to be drawn from this crisis and the Fed's and the govt's responses to it. Never mind that we are nowhere near to an end, that deleveraging has only started and that the effects of a deflating bubble always and everywhere have taken years to feed through an economy and the capital markets. I could understand these posts if we were living in 2019 looking back at a decade of strong and sustained economic growth (or the opposite, for the naysayers). But we are still in the midst of the ecomic, fiscal and financial woes and yet, people claim that policy X has worked, Y has failed, Z wasn't even needed and so on.
The scary thing is, I start noticing this trend among economists , too, recently.
But then again, why should those people who didn't see the debacle coming in the first place (though they are paid exactly to anticipate this stuff) now succeed in anticipating it's end? And yes, that includes Krugman, who is just another example in a long list of economists getting a Nobel price for essentially, crap.