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Krugman says world avoided second Great Depression

Discussion in 'Political Discussion' started by reflexblue, Aug 10, 2009.

  1. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    Wow that was close, i hope hes right. Now what was that about cutting taxes for corporations being the way out?

    Krugman says world avoided second Great Depression - Yahoo! News

    Aggressive stimulus spending by governments helped the world avoid a second Great Depression but full economic recovery will take two years or more, Nobel Prize-winning economist Paul Krugman said Monday.

    Krugman said the worst of the global crisis was over with economic and exports growth showing signs of stabilization. Still, recovery was likely to be "disappointing" as government spending wasn't sustainable in the long-run and unemployment rate still lagging behind, he told a two-day world capital markets conference here.
     
    Last edited: Aug 10, 2009
  2. ljuneau

    ljuneau Rotational Player and Threatening Starter's Job

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    Krugman is the last economist I would rely on for advice regarding the economy. I'm surprised he hasn't been made a czar yet.
     
  3. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    IJ i'm trying to stop saying evil, rotten, insulting things about people, (including you). SO if your going to post a reply back it up with something more than " i wouldn't rely on a Noble winng economist's opinion" ....After all he didn't agree with O man's plan in the first place.
     
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  4. ljuneau

    ljuneau Rotational Player and Threatening Starter's Job

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    Al Gore also won the Nobel peace price.

    The Nobel prize has become a caricature of itself. It's now used as a political statement rather than an indication of achievement.
     
  5. apple strudel

    apple strudel Banned

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    Great, so we can dismiss Milton Friedman just as easily. Whew.
     
  6. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    Maybe Gore deserved to get a Noble prize. Obviously just because hes a dem means it cuts no ice with you. Wht if "W' won won for his work with in Africa, you know the aids epidemic, would the Noble prize still be a fraud?

    Anyways if you read anything else than theo-con blogs you might have seen this.

    U.S. recession seen ending in Q3 - Yahoo! News

    ASHINGTON (Reuters) – The worst U.S. recession since the Great Depression will probably end in the third quarter, but there is uncertainty over the speed and duration of the economic recovery, according to the most recent survey of private economists.

    The Blue Chip Economic Indicators survey of private economists released on Monday showed about 90 percent of the respondents believed the economic downturn would be declared to have ended this quarter.....
     
    Last edited: Aug 10, 2009
  7. JackBauer

    JackBauer Pro Bowl Player

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    Any particular reason? Or is this just a lame ad hominem to avoid, you know, addressing any of his points?
     
  8. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    In my opinion, no economist should receive a Nobel prize because so much of economics is just theory and conjecture...they are wrong...A LOT!

    Having said that, here's some more food for thought. "If" we are in fact heading toward recovery due to gov't spending, is that a "good thing"? It is if all economic factors that were out of equilibrium have been re-set. But if we prevented those things that caused the recession from finding equilibrium, then we're F'd.

    For a recession to be successful (yes, I said successful because recessions are a good thing), it must be allowed to run it's course. Home values must find their natural bottom, all credit markets need to be flushed out and policy that contributed to it's cause must be eliminated.

    Remember, we avoided a major recession in 2001/2002, but look what happened 5 years later. A healthy economy MUST be built upon a solid foundation.

    We can't have banks giving mortgages to unqualified recipients AND our gov't can't dream up "Everyone should own a home" crap because it's not reality.
     
    Last edited: Aug 10, 2009
  9. ljuneau

    ljuneau Rotational Player and Threatening Starter's Job

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    Personally, I like the views of Peter Schiff. In early 2008 many people thought he was a quack because of his dire view of the US economy. Now we can look back and see that he was dead on.

    His current outlook is the following:

    RB, you prefer Krugman, I prefer Schiff. I guess a year from now, we'll know who was more economically wise.
     
    Last edited: Aug 10, 2009
  10. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    Actually i don't necessarily prefer Krugman. I was admittedly torn between those who wanted to start from scratch, (let the Co.'s go banckrupt) and those calling for government intervention as was the case in the 1930's. Both sides had convincing arguments. But i didn't buy the idea of giving tax breaks as a way of stimulating the economy. Almost 70% of the economy is consumer drivine, and if consumers don't have diposible income how are they going to purchase goods in the first place? You can give all the coporate tax breaks you want, but if no one can afford to buy their products what good is it.
     
    Last edited: Aug 10, 2009
  11. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Krugman is advocating a 2nd stimulus package. THis seems carzy and IMHO will not work. In saying MORE spending is needed, he is saying that the recession won't end as a result of the actions taken by the administration thusfar.

    This is beofe you factor in the cost of the government takeover of health care. Where does the money come from for ANOTHER stimulus pkg?
     
  12. Patriot_in_NY

    Patriot_in_NY Veteran Starter w/Big Long Term Deal

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    Problem is; no one heard him whisper "for a little while anyways" under his breath............ :rolleyes:


    Seriously, if you throw a trillion dollars at something, it's bound to help in the short run. If I rack up 20k in credit card dept. and some dope comes along and pays it off, without addressing the fact that got me there in the first place. You haven't solved anything.
     
    Last edited: Aug 10, 2009

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