Krugman: GOP Only Opposes Fed Easing Because Bad Economy Hurts Obama
New York Times columnist Paul Krugman on Friday said the reason so many Republicans are opposed to the Federal Reserve's new monetary stimulus scheme of quantitative easing is because they really want the economy to stay weak in order to harm President Obama.
Readers are advised to strap themselves in tightly in preparation for the paranoid lunacy on display:
What do the government of China, the government of Germany and the Republican Party have in common? They’re all trying to bully the Federal Reserve into calling off its efforts to create jobs. And the motives of all three are highly suspect.
After somewhat explaining the plan and why he thinks it's necessary, Krugman made with the conspiracy theories:
So what’s really motivating the G.O.P. attack on the Fed? Mr. Bernanke and his colleagues were clearly caught by surprise, but the budget expert Stan Collender predicted it all. Back in August, he warned Mr. Bernanke that “with Republican policy makers seeing economic hardship as the path to election glory,” they would be “opposed to any actions taken by the Federal Reserve that would make the economy better.” In short, their real fear is not that Fed actions will be harmful, it is that they might succeed. [...]
No doubt some of Mr. Bernanke’s critics are motivated by sincere intellectual conviction, but the core reason for the attack on the Fed is self-interest, pure and simple. China and Germany want America to stay uncompetitive; Republicans want the economy to stay weak as long as there’s a Democrat in the White House.
Let's think about this for a moment.
If Krugman were correct, and the goal of the GOP was to sabotage the recovery to harm Obama, then wouldn't Republicans be pushing for allowing the Bush tax cuts to expire on December 31?
Certainly, the best way to tank this fragile economy would be to usher in the largest tax hike in history on New Year's Day.
As it's Republicans that want all the tax cuts to be made permanent in order to give businesses and consumers the dollars they need to make purchases and investments, it is specious to say the GOP are trying to undermine the recovery.
Sadly, this is just an extension of the media's ad nauseam claim that if you oppose Obama's policies it's because you're racist.
All this Nobel laureate has done is give that silly postulate a financial flare.
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Comments
Junk Science
Submitted by PrimalElements on Fri, 11/19/2010 - 6:55pm.
This guy got his Econ Degree on Ebay!
I thought it came out of a box of Cracker Jacks...
Submitted by Dave. on Fri, 11/19/2010 - 7:01pm.
...er, maybe that was what his Nobel Prize came out of.
-Dave
Vote for the American in November
GMTA, Dave. A box of Cracker
Submitted by MikeB on Sat, 11/20/2010 - 1:18pm.
GMTA, Dave. A box of Cracker Jacks, indeed. Because he certainly does not know anything about macroeconomics, including the economic history of Germany after WWI or Argentina in the '70s.
By all means, Krugman, let's turn on the printing presses and make our currency worth even less than it is now. It'll most certainly help this economy to usher in hyperinflation. Yeah, boy, Obama will be really popular if minimum wage goes up to $100/hr. Unfortunately, it won't do his popularity any good at all when a loaf of bread goes up to $200, now will it? If you think that estimate is outrageously high, just remember, after WWI, it took a BILLION (with a "B") Deutsch Marks to buy a loaf of bread, whereas before the war, a loaf of bread only cost 1 dMark.
The guy who invented the
Submitted by Cowboy on Sat, 11/20/2010 - 6:12pm.
The guy who invented the lobotomy won a Nobel prize for it. Even the former Soviet Union outlawed it as inhumane.Any economist worth the title
Submitted by TheHistorian on Fri, 11/19/2010 - 7:05pm.
would understand that there is about $5T of cash on the sidelines. The Fed does this "quantitative easing" thereby putting more cash in the stream. When the other $5T comes back, that means there will be about $1.5 chasing each $ of goods. THAT is called inflation.
Doesn't Krugman know anything about economics? Did he get his Nobel in a Cracker-Jack box? Or did he get it for the same reason Obama got his, because he is "going" to do so many things?
Dennis Prager
Krugman: "Send them to the Ministry of Truth"
Submitted by JakeMo on Fri, 11/19/2010 - 7:16pm.
Krugman: "No doubt some of Mr. Bernanke’s critics are motivated by sincere intellectual conviction, but the core reason for the attack on the Fed is self-interest, pure and simple."
or to put it in more Orwellian terms:
"You may sincerely believe 2+2=4. But at its core, the only reason you don't accept that 2+2=5 is because you don't love Big Brother."
I want to smash Krugman's
Submitted by pwoz on Fri, 11/19/2010 - 7:24pm.
I want to smash Krugman's face with a hammer. This sniveling limp-wristed piece of excrement is the epitome of liberal elitism. He absolutely refuses to accept when he's wrong and still praises the failed Keynesian experiment and the criminal Federal Reserve.
Punk
Submitted by PrimalElements on Fri, 11/19/2010 - 8:29pm.
Look at him..............I'm sure he got his a$$ kicked quite a few times in the school yard.
Obama doesn't need help
Submitted by rbosque on Fri, 11/19/2010 - 7:43pm.
Obama doesn't need help screwing himself over, he does a good job all by himself. The QE2 will increase the amount of M1 in circulation and will cause inflation. Krugman's a bone head.wow
Submitted by amyshulk on Fri, 11/19/2010 - 7:49pm.
As cynical as I am, I still can't believe this of the R's. The real question for me? Is the rest of the left going to take this theory and attempt to make it stick?
I hope they do - the left will just prove to the "independents" who the REAL conspiracy theorists are!!!
I have my own idea on what is going on - someone in the administration read The Secret and convinced the left that if they can just get enough people believing the stimulus/bail-outs really worked, why then, they REALLY will, lol!!!
Ronald Reagan
I just heard it again today or last night how
Submitted by dirtydan64 on Sat, 11/20/2010 - 1:50am.
A $Dollar$ magically turns itself into $1.57 gotta love that Hocis Pocis Magic the Demcorat's like to us, Don't forget those 3 lettered words JOBS that will really get this Econmey rolling again, Hahahahahaha !!!!
YEP
Submitted by amyshulk on Sun, 11/21/2010 - 8:00pm.
They really are - idiots
http://hotair.com/archives/2010/11/21/steve-benen-finds-the-shooter-on-t...
Ronald Reagan
Say this was going to help
Submitted by Radical1979 on Fri, 11/19/2010 - 7:50pm.
Say this was going to help the economy (which I don't believe). Why are they buying from Goldman Sachs and paying them hefty commisions? Where is the transparancy?
I am hoping the R's take the
Submitted by jkwtrading on Fri, 11/19/2010 - 8:20pm.
I am hoping the R's take the viewpoint, now is the time to gut the Fed.
discuss policy..no, it's time to gut and dismember.
Only the ignorant would buy
Submitted by Edhenry on Fri, 11/19/2010 - 8:25pm.
Only the ignorant would buy his argument. (that would include all lefties)
Besides the Bush tax cuts, what about all the other job destroying policies that the Rs oppose
1. Feckless fiscal spending, which scares businness away from hiring
2. Opposing Obama-care which is a job destroyer
3. Opposing job destroying cap & tax
4. Opposing unemployment extension, another job disincentive
5. Opposing stimulus I & killing S-II
6. Voting for Rs that are pro-business
and if we really wanted to kill jobs and destroy O, we would have voted d 2 weeks ago.
Government "education" has produced a large number of economic..
Submitted by Dave. on Fri, 11/19/2010 - 8:50pm.
...illiterates in this country, and Paul Krugman is their poster boy.
-Dave
Vote for the American in November
I am begiining to wonder if
Submitted by d1carter on Fri, 11/19/2010 - 8:40pm.
I am begiining to wonder if Krugman doesn't fall into that percentage of Americans who have mental problems...?
Liberals economic policy is
Submitted by gus on Fri, 11/19/2010 - 11:08pm.
Liberals economic policy is ALWAYS a disaster. But we are supposed to believe Krugman because he won a ECON PRIZE from other LIBTARDS.
So I guess that makes Krugman,the Smartest Libtard in Econ. Congrats Mr Krugman, now get on the short bus.
Just don't call him "crude"
Submitted by Cactus Kurt on Sat, 11/20/2010 - 12:37am.
Because big, bad Paul Krugman is "gonna haul out the next guy who calls me 'crude' and punch him in the kisser." What an ignoramus.
Ahhh. Brazil and South Africa hate President Obama too.
Submitted by The Vet on Sat, 11/20/2010 - 1:36am.
US Faces International Criticism Over QE2 Leading Up To The G20 Conference.
Why is it always about the hate people? Can't anyone just come out and say, you know, this is a bad idea, here's why...
Wait a sec... I coulda swore they did. I just must be reading all the wrong stuff.
Vet, the only reason why
Submitted by MikeB on Sat, 11/20/2010 - 1:26pm.
Vet, the only reason why anyone would oppose Ear Leader is because he (Jugears) is black. He doesn't have any bad ideas, Vet, he can't have bad ideas. He is Teh Won, the Lightworker, the Messiah, the clean, articulate blackman who does not have a Negro accent. He is Barry the first, the great god of the liberal universe, who will lower the sea levels and heal the earth and cause unicorns to fart rainbows.
Ex-expert
Submitted by Jerry Mack on Sat, 11/20/2010 - 2:31pm.
It seems to be fashionable to discribe Nobel Prize winners as experts. So when any so called expert is proven wrong should they be referred to as an ex-expert? Or to be kind should we say: Former expert?
I myself prefer to refer to
Submitted by Barack_must_go..... on Sat, 11/20/2010 - 5:35pm.
I myself prefer to refer to them the same way I've always done, as left wing bomb throwing douchebags.
Barack_Must_Go.....
People already aren't
Submitted by Cowboy on Sat, 11/20/2010 - 6:07pm.
People already aren't borrowing. What are you going to do? Try rates less than zero? Pay people to take money?
What a goof, for a supposedly educated person...
By the way... The guy who invented the lobotomy won a Nobel prize for it.
krugman and his evil twin Frank Rich are truly psychotic..
Submitted by Paarl on Sat, 11/20/2010 - 7:21pm.
with those two the issue is more medical than political.....but I do admire the NY Times for giving the 'handicapped' a way of making a living !!!!
Paarl
That is exactly right Krug! Right
Submitted by holeinthehull on Sat, 11/20/2010 - 7:43pm.
Krugman thinks that we want to see the economy do poorly just to cause harm to the President.
I believe the president is doing a good enough job mutilating the economy, himself and his 1 term.
Look at this way Krug. Conservatives are not insane enough to cut off our nose to spite our face like bleeding heart- limp wristed wet noodle spines embeciles called liberals would do in a heartbeat.
Your ideas are old and stale and proven worthless on the world stage of economic successes.
Get lost old man in your liquor and nightmares and leave the rest of us alone
Oh yea, if Obama wasn't
Submitted by GregE on Sat, 11/20/2010 - 10:38pm.
Oh yea, if Obama wasn't president, I would love me some hyperinflation!!!
Or, if only Obama was white,
Submitted by MikeB on Sun, 11/21/2010 - 2:37pm.
Or, if only Obama was white, hyperinflation would be okay. Yeah, we only oppose Obama because he's black and we're racists. Uh huh. It's amazing how the lib mind (doesn't) work.
GOP opposition to QEII is against their political interest
Submitted by Student1776 on Sat, 11/20/2010 - 10:43pm.
QE II will product massive inflation like that of Jimmy Carter. 30 or 40% inflation will be the final nail in the political coffin of Democrats for a generation as it was with Carter. Politically it is in the interest of the Republicans to allow Obama to create this disaster. BUT the Republicans are Patriots, unlike Obama they care about American success rather than caring about promoting socialism in America. Consequently they correctly fight QE II.