A Blank Spot on the Map

Wednesday, October 14, 2009

Wrong Side of History

You wanna talk history? Lets talk history.

Here's Krugman August 8, 2005


"So the news that the U.S. housing bubble is over won't come in the form of plunging prices; it will come in the form of falling sales and rising inventory, as sellers try to get prices that buyers are no longer willing to pay. And the process may already have started.

Of course, some people still deny that there's a housing bubble. Let me explain how we know that they're wrong."

Here's Russ; MAY 17, 2007


"So yes, indebtedness is up in America. Most of that debt is housing. So people have more debt but they also have more assets—median net worth over that time period has gone up for every group except the second lowest quintile. So people are borrowing more but their assets are generally worth more.

But check out the last column. Except for the highest decile, the ratio of debt payments to income is between 18.1% and 20.6%. The poor don’t stand out. They’re like everyone else. They have access to credit. Why is this a bad thing?"

Here's Don; NOVEMBER 28, 2006


"That is, even
disregarding all the improvements that houses today have over houses in 1981, the reduction in mortgage interest rates combines with the substantial increase in the size of the typical home to permit Americans today to pay just barely more than half of what they were paying a mere quarter-century ago for their household living space."

At what point do you guys show some remorse? Some humility? Oh of course University Professors are in no way responsible for anything much less this economic catastrophe. But legions of like minded Chicago style Friedmanites push their philosophy and yours in the universities, in the "think tanks", in the media and through as public policy. You push for tax cuts, deregulation, a hold on unions, a hold on minimum wage, cuts to the safety nets... you push for policies that create monopolies, favor multinational corporations over small business, you push for free trade, you ignore wage stagnation and income hoarding. You get all these things and the economy tanks. Millions of people are suffering, you seem not to care. It's apparently all their own fault. But you're still looking for some one else to blame. It must be Acorn, or minority leader Barney Frank, or Fannie or Freddie (not even government organizations) or the CRA. Anything to cover your tracks and to change the subject. You deny scientific consensus, disregard externalities and you re-write history and look for different data or different ways to interpret the data that will give you cover and prop your house of cards a little longer.

History??? It's all over the blog and your past writings clearly show you on the wrong side of it. Your present writings show nothing more then how hard it is for men to accept when they may have been wrong and to grave degrees.

Some of us when we make mistakes in our work see the horrible results in a dead child lying there before us. My colleges are stressed to the limits trying to take care of ill patients.... trying to do more with less ultimately because of a failed political and economic philosophy who's results have come home to roost. Others have actions that are sufficiently removed from the end results of their work such that they can mostly sleep good at night.


Post a Comment

Links to this post:

Create a Link

<< Home