Krugman gets last laugh on Power Line

Categories: Economy

There's nothing better than looking back in time and saying, "told you so". That's exactly what the New York Times' columnist Paul Krugman did recently on his blog, pointing a nice snarky middle finger in the direction of the Powerline blog. And now he has a Nobel Prize to wave alongside it.

In his Aug. 2005 article, Krugman says the housing bubble was growing and would eventually pop. We'd have to agree with him.

But Power Line found this the prime opportunity to rip his op-ed to pieces with their always classy attacks.

In his op-ed, Krugman writes:

Meanwhile, the U.S. economy has become deeply dependent on the housing bubble. The economic recovery since 2001 has been disappointing in many ways, but it wouldn't have happened at all without soaring spending on residential construction, plus a surge in consumer spending largely based on mortgage refinancing. Did I mention that the personal savings rate has fallen to zero?

Now we're starting to hear a hissing sound, as the air begins to leak out of the bubble. And everyone - not just those who own Zoned Zone real estate - should be worried.

Power Line argued back:

It must be depressing to be Paul Krugman. No matter how well the economy performs, Krugman's bitter vendetta against the Bush administration requires him to hunt for the black lining in a sky full of silvery clouds. With the economy now booming, what can Krugman possibly have to complain about?

Well, if we believed anything Krugman writes, we'd be worried all the time. Or at least until we have a Democratic administration, when everything will be rosy again. Krugman's description of the housing bubble is amusing for what it reveals about how Krugman views the country.

Being called out for falsley ripping apart of NY Times columnist must feel pretty good, doesn't it John "Assrocket" Hinderaker?



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