|
bbe7396
|
These are tough times for state governments. Huge deficits loom almost everywhere, from California to New York, from New Jersey to Texas.
|
|
politics
2011
balanced-budget
budgets
deficit-spending
economy-of-california
economy-of-new-jersey
economy-of-new-york
economy-of-texas
economy-of-the-united-states
financial-crisis-of-2007-2011
governor-of-texas
rick-perry
state-governments-of-the-us
texas-elections-2010
united-states-elections-2010
california
taxes
united-states
economics
texas
new-jersey
new-york
|
Paul Krugman |
|
9715737
|
It was only with the crisis that debt soared. Yet many Europeans in key positions - especially politicians and officials in Germany, but also the leadership of the European Central Bank and opinion leaders throughout the world of finance and banking - are deeply committed to the Big Delusion, and no amount of contrary evidence will shake them. As a result, the problem of dealing with the crisis is often couched in moral terms: nations are i..
|
|
|
Paul Krugman |
|
be67396
|
There's another element in the euro crisis, another weakness of a shared currency, that took many people, myself included, by surprise. It turns out that countries that lack their own currency are highly vulnerable to self-fulfilling panic, in which the efforts of investors to avoid losses from default end up triggering the very default they fear.
|
|
|
Paul Krugman |
|
e3c70c1
|
One is reminded of the old joke about the centipede who was asked how he managed to coordinate his 100 legs : He started thinking about it and could never walk properly again.
|
|
|
Paul Krugman |
|
6e97409
|
As long as there are no routes back to full employment except that of somehow restoring business confidence, he pointed out, business lobbies in effect have veto power over government actions: propose doing anything they dislike, such as raising taxes or enhancing workers' bargaining power, and they can issue dire warnings that this will reduce confidence and plunge the nation into depression. But let monetary and fiscal policy be deployed ..
|
|
|
Paul Krugman |
|
142ee76
|
In the scientific world, the syndrome known as 'great man's disease' happens when a famous researcher in one field develops strong opinions about another field that he or she does not understand, such as a chemist who decides that he is an expert in medicine or a physicist who decides that he is an expert in cognitive science. They have trouble accepting that they must go back to school before they can make pronouncements in a new field.
|
|
|
Paul Krugman |
|
3e3dacd
|
These senior claims were supposed to be very low-risk; after all, how likely was it that a large number of people would default on their mortgages at the same time? The answer, of course, is that it was quite likely in an environment where homes were worth 30, 40, 50 percent less than the borrowers originally paid for them. So a lot of supposedly safe assets, assets that had been rated AAA by Standard & Poor's or Moody's, ended up becoming ..
|
|
|
Paul Krugman |
|
af496ee
|
In 1953 Time magazine, declaring that "the real news of the nation's political future and its economic direction lies in people who seldom see a reporter," sent one of its contributing editors, Alvin Josephy, on a national tour. His mission was to get a sense of America. The portrait he painted bore little resemblance to the America of 1929. Where the America of the twenties had been a land of extremes, of vast wealth for a few but hard tim..
|
|
|
Paul Krugman |
|
8719995
|
I joked back in the summer of 2011 that what we really need right now is a fake threat of alien invasion that leads to massive spending on anti-alien defense
|
|
|
Paul Krugman |
|
17be6e0
|
Businesspeople are not used to thinking about closed systems;economists are.
|
|
|
Paul Krugman |
|
c860c7e
|
The next time you hear businesspeople propounding their views about the economy, ask yourself. Have they taken the time to study this subject? Have they read what the experts write?If not, never mind how successful they have been in business. Ignore them, because they probably have no idea what they are talking about.
|
|
|
Paul Krugman |
|
aa3c219
|
politics determine who has the power, not who has the truth.
|
|
|
Paul Krugman |
|
6577388
|
If the question is when markets will recover, a first-pass answer is never.
|
|
|
Paul Krugman |
|
8b90a02
|
With great wealth comes great pettiness.
|
|
|
Paul Krugman |
|
2129c7d
|
Republicans Add Insult to Illness
|
|
|
Paul Krugman |