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Thread: Krugman Wishes He Were Wrong Amid EU Austerity Backlash

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    Re: Krugman Wishes He Were Wrong Amid EU Austerity Backlash

    Quote Originally Posted by iliveonramen View Post
    Of course you do...but paying the piper doesn't need to be a drastic process in the middle of decreased global demand for goods.
    It will be, by necessity. We tend to ignore realities until we have to pay dearly for them.
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    Re: Krugman Wishes He Were Wrong Amid EU Austerity Backlash

    Quote Originally Posted by Gimmesometruth View Post
    Who is "our", what is the "folly"?
    Who, is western democratic nations. Folly is social welfare.

    Quote Originally Posted by Gimmesometruth View Post
    If "our" is the US, you fail to see that all of the EU, Australia and even China had seen a run-up in real estate prices, it was truly a world wide bubble.

    If by "folly" you mean the world wide bubble, then what is the solution, a more restrictive set of lending requirements, ala Canada?
    Our problem is much deeper than a real estate bubble, by far.
    "God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
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    Re: Krugman Wishes He Were Wrong Amid EU Austerity Backlash

    Folly is thinking that ignoring the poor, the sick and the various actions taken by society as a whole to better all of our lives is the cause of the present economic crisis.
    “And I have no doubt that every new example will succeed, as every past one has done, in shewing that religion & Govt will both exist in greater purity, the less they are mixed together.”
    ~ James Madison, letter to Edward Livingston, July 10, 1822

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    Re: Krugman Wishes He Were Wrong Amid EU Austerity Backlash

    Quote Originally Posted by Blue_State View Post
    I get where it comes from, but I was under the impression that these sources are drying up. Or is that not correct?
    Demand for US bonds is still up, the yields are lower (a good thing) on EU vote news. The yields are at 1.83%, still below the rate of inflation, meaning no service costs.
    Quote Originally Posted by trouble13 View Post
    If you wanna know why Trumpsters are ignoring you its for the same reason you ignored the KKKs complaints about Obama.
    Quote Originally Posted by Moderate Right View Post
    When it comes down to it, all facts are cherry picked.
    Quote Originally Posted by Bodhisattva View Post
    He didn't say it didn't make sense. He said it is complete nonsense.

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    Re: Krugman Wishes He Were Wrong Amid EU Austerity Backlash

    Quote Originally Posted by donsutherland1 View Post
    Several quick points:

    1. This outcome reaffirms mainstream economic principles: In the short-run, increased government spending is stimulative; in the short-run cuts in government spending place a drag on the economy.

    2. In the long-term, all nations, including the U.S., have a threshold of debt intolerance.

    3. Addressing debt-related challenges is optimally carried out in a gradual fiscal consolidation program and ideally undertaken when the economy is growing. The U.S. is in this position. Germany is in this position. Germany is undertaking fiscal consolidation, though an aggressive one. The U.S. is not undertaking meaningful fiscal consolidation.

    4. Waiting until a debt crisis is imminent or underway requires far more painful austerity. Then, a reasonable timeframe for a transition is no longer available. Austerity is far more drastic than the gradual fiscal consolidation program and the luxury of waiting until the economy is growing to launch such a program does not exist. Greece fell into this situation.

    5. In democratic countries, austerity can prove unsustainable if it doesn't quickly achieve desired outcomes. Over time, the public can use the ballot box to choose governments that abandon the path of austerity. Today's elections in Greece increase prospects that a new less austerity-friendly Greek government could gain power. France will also likely see a new government that favors greater fiscal accommodation than the current one headed by President Sarkozy.
    This post sounds rather neutral, is that your goal?
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    Re: Krugman Wishes He Were Wrong Amid EU Austerity Backlash

    Quote Originally Posted by RabidAlpaca View Post
    It's definitely bankrupting everybody, which is why everyone's affected in the recession. When they run out of legitimate funds they step in and just print more money to pay for it, which is TOTALLY an awesome idea.
    How was WWII paid for? What was the GDP to national debt ratio at the end of the war?
    “And I have no doubt that every new example will succeed, as every past one has done, in shewing that religion & Govt will both exist in greater purity, the less they are mixed together.”
    ~ James Madison, letter to Edward Livingston, July 10, 1822

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    Re: Krugman Wishes He Were Wrong Amid EU Austerity Backlash

    Quote Originally Posted by Gimmesometruth View Post
    Who is "our", what is the "folly"?

    If "our" is the US, you fail to see that all of the EU, Australia and even China had seen a run-up in real estate prices, it was truly a world wide bubble.

    If by "folly" you mean the world wide bubble, then what is the solution, a more restrictive set of lending requirements, ala Canada?
    The housing crisis was simply the match that lit the powder keg that is the recession that we are in today.

    The housing crisis was caused by two major things.
    -1. The federal reserve kept interest rates too low for too long, giving a massive amount of practically free credit to the major banks.
    -2. The banks created credit default swaps for the subprime mortgages and other sectors of their risk. They considered this the holy grail of banking, they could make as many loans as they want to whoever would take the money, then they could package the risk on those subprime loans into a bundle, and sell the bundle to other banks around the world.

    You're absolutely right about it being a world wide bubble, everyone and their moms were trading credit default swaps, and very few people knew what they actually were.

    Along came one day when a large number of the subprime lendees declared bankruptcy, sending shockwaves through the banking system. This first bank to go was Bear Sterns, which got a bailout and was sold to JP Morgan, the second was Lehman Bros, who didn't get a bailout, and bit the dust. One after another, the banks begin to collapse when their artificially created bubble popped, and we, the tax payers were left without a chair when the music stopped.

    So in short, it was the Fed's AND the bank's fault, and it wasn't an isolated american incident. It was international, like you suggested, we all bear the blame.
    Last edited by RabidAlpaca; 05-07-12 at 01:03 PM.
    Quote Originally Posted by LowDown View Post
    I've got to say that it is shadenfreudalicious to see the rich and famous fucquewads on the coast suffering from the fires.

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    Re: Krugman Wishes He Were Wrong Amid EU Austerity Backlash

    Quote Originally Posted by lizzie View Post
    Who, is western democratic nations. Folly is social welfare.



    Our problem is much deeper than a real estate bubble, by far.
    Oh....the libertarian speaks......yawn.

    Good to see you are REALLY contributing to the conversation, offering real solutions and not just some utopian/"end is nigh" babble.
    Quote Originally Posted by trouble13 View Post
    If you wanna know why Trumpsters are ignoring you its for the same reason you ignored the KKKs complaints about Obama.
    Quote Originally Posted by Moderate Right View Post
    When it comes down to it, all facts are cherry picked.
    Quote Originally Posted by Bodhisattva View Post
    He didn't say it didn't make sense. He said it is complete nonsense.

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    Re: Krugman Wishes He Were Wrong Amid EU Austerity Backlash

    Quote Originally Posted by Somerville View Post
    Folly is thinking that ignoring the poor, the sick and the various actions taken by society as a whole to better all of our lives is the cause of the present economic crisis.
    Assuming you have been seeing the rioting in Europe as a result of the austerity measures, I'm figuring you know where the cuts are being made. If those cuts into social welfare spending were not absolutely necessary, I highly doubt we would be seeing them.
    Folly is believing that humans can live and exist outside the laws of nature. As hard as they may be to accept, they work.
    "God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
    -C G Jung

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    Re: Krugman Wishes He Were Wrong Amid EU Austerity Backlash

    Quote Originally Posted by Gimmesometruth View Post
    Oh....the libertarian speaks......yawn.

    Good to see you are REALLY contributing to the conversation, offering real solutions and not just some utopian/"end is nigh" babble.
    I guess it's good that I REALLY don't put much stock in your personal opinion.
    "God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
    -C G Jung

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