from cpwill
His opinion seemed to matter a great deal to the Nobel Committee who awarded him the Prize for Economics. That carries a bit of weight.
What, a nobel prize? Considering some of the other recepients include Yasser Arafat and Al Gore, I'm not impressed. Krugman is a Keynesian idiot. Nevermind his politics, he is just plain a poor economist. He thinks if you borrow enough and give it to the government to spend on revolving door jobs and pork projects you can spend your way out of a recession. He is technically correct, but it is unstustainable and false. It's like borrowing a million dollars so that you can say you're a millionaire. It certainly doesn't provide for a growing economy.
haymarket:
Argument from Authority
Appeal to authority is a fallacy of defective induction, where it is argued that a statement is correct because the statement is made by a person or source that is commonly regarded as authoritative.
here you fail because Krugman isn't even authoritative; his academic work isn't even in this branch of economics (as i recall it's in trade); it's his punditry that specializes in the non-falsifiable argument that the answer is always more government spending.
Krugman is a Keynesian idiot.
When Obama received the Nobel Peace Prize for inarguably doing nothing to warrant the award, the Nobel committee lost most/any credibility they may have still had.
My statement is in no way a slam on Obama. It is pointedly at the cartoon politics of what the Nobel prizes have become....
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from friday
That statement from you tells me all I need to know about your opinion.
Thank you for that detailed explanation Friday. What I meant by my comment was this: almost every single time i see somebody blast an economist with the damning label of KEYNEYSIAN - it almost always is a libertarian who fashions themselves as a follower of Austrian economics.
When Obama received the Nobel Peace Prize for inarguably doing nothing to warrant the award, the Nobel committee lost most/any credibility they may have still had.
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This was not the first bankruptcy for GM; nor was this the first successful auto company bailout...I think its excellent actually. And look.... I had MAJOR doubts..... infact I was PISSED Obama tossed them a rope. Now..... I'm still a bit ticked BUT VERY thankful it worked. I cant BELIEVE it freakin' WORKED!
Some people opposed helping the auto companies because of right wing ideology. Now we have discovered that the aid to the companies was a positive move and helped prevent the collapse of those companies and perhaps and outright depression. This commercial is a reminder of that. And some people do not like to be reminded of their own errors in judgment.
I think people need to open their eyes. GM got tax payer money that tax payers strongly protested. For them to say thank you is like a rapist thanking the raped for a fun night. It is sick and disgusting. And they didn't even repay us. That was the biggest lie of all. They got the bail out and then later got a tax break that was greater than the bail out so they could "repay" the bail out and save Obama's reputation. They aren't out of the woods yet.
i once was eating in a hotel restaurant where the Boston Celtics were staying on a road trip. In the booth right in back of me were a group of sports writers and broadcasters drinking away the afternoon before the game. They got to talking about what i guessed was a long running discussion about who was the best that had every played. Among the group was Johnny Most - the radio broadcaster for the Celts and Bob Ryan the Boston Globe writer who covered the team for three decades. Both of those men had seen thousands of pro games and had been students of the game for longer than I had been alive.
I shut my mouth and opened my ears. I did not slink over and ask to join in. These men were authorities on the subject which they were holding forth upon. These men were experts on the topic. These men had forgotten more about the game than most other people would ever learn.
I respect that.
People are not equal. Opinions are not equal. Peoples opinions are not equal. I accept that and I accept that there are experts in fields that know a great deal more than i do.
Paul Krugman is one of them.
What is "sick and disgusting" is both your characterization of this without any support for your position and your comparing this to a terrible criminal act.
So is this a perversion of capitalism or merely an aspect of it? First a corporation receives aid from government, and thusly the people, then places an ad to thank the people in order to boost sales to take more of their money.
What is "sick and disgusting" is both your characterization of this without any support for your position and your comparing this to a terrible criminal act.
I think its excellent actually. And look.... I had MAJOR doubts..... infact I was PISSED Obama tossed them a rope. Now..... Im still a bit ticked BUT VERY thankful it worked. I cant BELIEVE it freakin' WORKED!
I think its excellent actually. And look.... I had MAJOR doubts..... infact I was PISSED Obama tossed them a rope. Now..... Im still a bit ticked BUT VERY thankful it worked. I cant BELIEVE it freakin' WORKED!
Uhm.. of course the GM bailout "worked", they were basically given an infinite line of credit courtesy of the taxpayers... of the money they did recieve, they have yet to pay most of it back, and even after the IPO, taxpayers are far from breaking even on bailing out GM..
All of that of course ignores the point that GM should never have been bailed out to begin with..when companies cannot compete, they fail... that is how a free market is supposed to work.
Perhaps the opinion of the Nobel Prize winner in the field of economics means something to show you the possible Depression we faced as Obama entered office.
http://www.nytimes.com/2009/01/05/opinion/05krugman.html
The steps we took with the auto companies saved millions of jobs that could have well pushed us into the abyss.
In most cases free-market ideology works fine. When you have a collapse of the epic proportions that we faced, they are impractical. While they're a good philosophy, they are not absolute. Absolutes never work.
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