Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

“Democracy and socialism have nothing in common but one word, equality. But notice the difference: while democracy seeks equality in liberty, socialism seeks equality in restraint and servitude.”     Alexis de Tocqueville

June 17, 2009

Quote Of The Day

by Brad Warbiany

Krugman, in 2002:

To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble.

Krugman said then that we needed to reinflate the bubble to save ourselves. We did, and we didn’t.

Now he says it’s time for Keynesian stimulus far bigger than what we’ve already done. He’s just as wrong as he was then.

Hat Tip: TJIC

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1 Comment

  1. But Mr. Krugman is very popular in Stockholm, and in Washington (where he reminds everyone there how essential they are). That means he cannot be wrong.

    Stop trying to confuse us with your “facts”, “logic” and “history”, Mr. Warbiany. We’re on to you.

    Comment by Akston — June 17, 2009 @ 11:03 am

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