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There's one thing that the Fed has been really good at cracking down on, and that's inflation.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
Blogger
Columnist
Economist
Essayist
Journalist
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University Teacher
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Albany
New York
Paul Robin Krugman
Paul R Krugman
Thing
Really
Good
Cracking
Inflation
Feds

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Tax cuts were not going to be effective at creating jobs, and the job creation record is lousy.
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Something terrible has happened to the soul of the Republican Party. We've gone from bad economic doctrine. We've even gone beyond selfishness and special interests. At this point we're talking about a state of mind that takes positive glee in inflicting further suffering upon the already miserable.
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Politics determines who has the power, not who has the truth.
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The federal government is basically an insurance company with an army.
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This is a serious analysis of a ridiculous subject, which is of course the opposite of what is usual in economics.
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However, the fact that an economist offers a theoretical analysis does not and should not automatically command respect. What is needed is some assurance that the analysis is actually relevant.
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The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
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These days, however, the main problem comes from the right - from conservatives who, unlike most economists, really do think that the free market is always right - to such an extent that they refuse to believe even the most overwhelming scientific evidence if it seems to suggest a justification for government action.
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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?
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If you are a good economist, a virtuous economist, you are reborn as a physicist. But if you are an evil, wicked economist, you are reborn as a sociologist.
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There's nothing magic about spending on tanks and bombs rather than roads and bridges.
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I have friends, political scientists, sociologists, who all share an interest at least in certain kinds of science fiction.
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Bad ideas flourish because they are in the interest of powerful groups.
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But where will the Fed find another bubble?
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Coming up with a good idea, with an insight into the way the world works that is really new and that you really believe in, is a deeply satisfying experience.
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The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.
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By rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely.
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The party of ideas has become the party of Beavis and Butthead.
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