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Surely I'm not the only person to ask the obvious question: How different, really, is Mr. Madoff's tale from the story of the investment industry as a whole?

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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When stock prices are rising, it's called ''momentum investing'' when they are falling, it's called ''panic.''
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Where's that toxic rhetoric coming from? Let's not make a false pretense of balance: it's coming, overwhelmingly, from the right. It's hard to imagine a Democratic member of Congress urging constituents to be armed and dangerous without being ostracized but Representative Michele Bachmann, who did just that, is a rising star in the G.O.P.
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Republican candidates had to appeal to their base, which is by and large elderly white people arguing with empty chairs.
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If you want to understand opposition to climate action, follow the money.
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In short, it's a great economy if you're a high-level corporate executive or someone who owns a lot of stock. For most other Americans, economic growth is a spectator sport.
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The habit of disguising ideology as expertise has created a deficit of legitimacy.
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I'm especially baffled by the idea of taking insurance against a U.S. default. If America defaults, we're talking about a chaotic world - Mad Max, more or less - in which case, who imagines that insurance claims will be honored?
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When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly.
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