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Sunday, November 22, 2020

Holy Shit... That's The Shortest Recession I've Never Lived Through... plus archival fun

 

 Looks like the Babylon Bee bought out the NYT.

image via<


How can someone write that shit with a straight face? 

Here at the bunker, it's early, the coffee is hot, let's see how many other times the esteemed Nobel Prize winner was, shall we say, mistaken.



 

 Here's a couple of his op-eds from 2016:

 

11-7-16 How to Rig an Election

It’s almost over. Will we heave a sigh of relief, or shriek in horror? Nobody knows for sure, although early indications clearly lean Clinton. Whatever happens, however, let’s be clear: this was, in fact, a rigged election.

The election was rigged by state governments that did all they could to prevent nonwhite Americans from voting: The spirit of Jim Crow is very much alive — or maybe translate that to Diego Cuervo, now that Latinos have joined African-Americans as targets. Voter ID laws, rationalized by demonstrably fake concerns about election fraud, were used to disenfranchise thousands; others were discouraged by a systematic effort to make voting hard, by closing polling places in areas with large minority populations.

The election was rigged by Russian intelligence, which was almost surely behind the hacking of Democratic emails, which WikiLeaks then released with great fanfare. Nothing truly scandalous emerged, but the Russians judged, correctly, that the news media would hype the revelation that major party figures are human beings, and that politicians engage in politics, as somehow damning.

The election was rigged by James Comey, the director of the F.B.I. His job is to police crime — but instead he used his position to spread innuendo and influence the election. Was he deliberately putting a thumb on the electoral scales, or was he simply bullied by Republican operatives? It doesn’t matter: He abused his office, shamefully.

The election was also rigged by people within the F.B.I. — people who clearly felt that under Mr. Comey they had a free hand to indulge their political preferences. In the final days of the campaign, pro-Trump agents have clearly been talking nonstop to Republicans like Rudy Giuliani and right-wing media, putting claims and allegations that may or may not have anything to do with reality into the air. The agency clearly needs a major housecleaning: Having an important part of our national security apparatus trying to subvert an election is deeply scary. Unfortunately, Mr. Comey is just the man not to do it.

The election was rigged by partisan media, especially Fox News, which trumpeted falsehoods, then retracted them, if at all, so quietly that almost nobody heard. For days Fox blared the supposed news that the F.B.I. was preparing an indictment of the Clinton Foundation. When it finally admitted that the story was false, Donald Trump’s campaign manager smugly remarked, “The damage is done to Hillary Clinton.”

The election was rigged by mainstream news organizations, many of which simply refused to report on policy issues, a refusal that clearly favored the candidate who lies about these issues all the time, and has no coherent proposals to offer. Take the nightly network news broadcasts: In 2016 all three combined devoted a total of 32 minutes to coverage of issues — all issues. Climate change, the most important issue we face, received no coverage at all.

The election was rigged by the media obsession with Hillary Clinton’s emails. She shouldn’t have used her own server, but there is no evidence at all that she did anything unethical, let alone illegal. The whole thing is orders of magnitude less important than multiple scandals involving her opponent — remember, Donald Trump never released his tax returns. Yet those networks that found only 32 minutes for all policy issues combined found 100 minutes to talk about Clinton emails.

 

  11-9-16 The Economic Fallout

It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?

Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.

Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.

Under any circumstances, putting an irresponsible, ignorant man who takes his advice from all the wrong people in charge of the nation with the world’s most important economy would be very bad news. What makes it especially bad right now, however, is the fundamentally fragile state much of the world is still in, eight years after the great financial crisis.

It’s true that we’ve been adding jobs at a pretty good pace and are quite close to full employment. But we’ve been doing O.K. only thanks to extremely low interest rates. There’s nothing wrong with that per se. But what if something bad happens and the economy needs a boost? The Fed and its counterparts abroad basically have very little room for further rate cuts, and therefore very little ability to respond to adverse events.

Now comes the mother of all adverse effects — and what it brings with it is a regime that will be ignorant of economic policy and hostile to any effort to make it work. Effective fiscal support for the Fed? Not a chance. In fact, you can bet that the Fed will lose its independence, and be bullied by cranks.

So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.

 

 

 

 

 

9 comments:

  1. Just remember a broken clock is correct twice a day.
    Krugman is what I read once and IYI - Intellectual Yet Idiot.

    https://en.wikipedia.org/wiki/Skin_in_the_Game_(book)

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  2. Krugman is an almost perfect opposite indicator. Whatever he says to do, do the opposite.

    He gets the occasional thing right, the things you'd have to deaf and blind to not see, like raising minimum wage hurts the people making minimum wage, or that rent controls make rental properties harder to find. Pretty much anything else he'll be wrong about.

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  3. Of course, if he's as accurate about the boom after Biden's "election" as he was about the recession after Trump's election we're going to be giving the Weimar Republic a run for its money.

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  4. Krugman is the modern day equivalent of Göebbels. He'd fit in nicely in 1939's German government.

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  5. It's far better for people to think you're an idiot than to open your mouth - or write a column - and prove their point!
    This IYI is a perfect case-in-point example!!

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  6. (((Krugman))) enough said . . .

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  7. Krugman hasn't really been right for decades. Used to be a web site called "Poor and Stupid" which documented ALL his failed predictions. Written by another person in the financial industry. Used to read it over 12 or so years ago until the web site disappeared for some unknown reason. Guy won an economics Nobel I think and has been coasting on those laurels ever since.

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  8. Libs as well as a lot of dems are just plain evil.

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  9. That piece of shit has never been right about anything in his life. Take the other side and you'll be right.

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