Originally posted by Palynka Interesting article:
http://nymag.com/print/?/news/politics/paul-krugman-2011-5/
On a side note, I may not have given Krugman enough credit. I have always found his blog opinions suffered from a tendency for hyperbole and exaggeration that I didn't care much for. Seems they could be deliberate and part of a strategy.
I see you couldn't get any one to read something that was more than 1 paragraph either.
Originally posted by normbenign You apparently live overseas. I lived here during both the Carter and Reagan administrations. Toward the end of Carter's we had a "misery index", and had what economists had thought impossible, double digit unemployment, interest rates, and inflation.
We also had a low point in foreign respect with a tin horn religious dictator kidnapping our entire ...[text shortened]... not something that could have happened without the turnaround from the Carter hopelessness.
Impressive, you lived there. You didn't keep track of the statistics very well though.
Originally posted by Palynka Interesting article:
http://nymag.com/print/?/news/politics/paul-krugman-2011-5/
On a side note, I may not have given Krugman enough credit. I have always found his blog opinions suffered from a tendency for hyperbole and exaggeration that I didn't care much for. Seems they could be deliberate and part of a strategy.
The comment section has become a repository for a certain form of liberal anguish, and a community unto itself: “His campaign promised a better, more equitable America. Those who believed him feel betrayed,” wrote one commenter in regard to a recent column titled “The President Is Missing.”And another: “Come on, Professor Krugman, will you lead the people out?”
During the Presidential campaign of 1976, Democratic candidate Jimmy Carter made frequent references to the Misery Index, which by the summer of 1976 was at 13.57%. Carter stated that no man responsible for giving a country a misery index that high had a right to even ask to be President. Carter won the 1976 election. However, by 1980, when President Carter was running for re-election against Ronald Reagan, the Misery Index had reached an all-time high of 21.98%. Carter lost the election to Reagan.
Led by Volcker, the Federal Reserve raised the discount rate from 10% when Volcker assumed the chairmanship in August 1979 to 12% within two months.[25] The prime rate hit 21.5% in December 1980, the highest rate in U.S. history under any President.[26] Carter sought to justify these rates and the resulting unemployment growth in February 1980, by observing that inflation had reached a "crisis stage."[22] Investments in fixed income (both bonds held by Wall Street and pensions paid to retired people) were becoming less valuable. The high interest rates would lead to a sharp recession in the early 1980s, which coincided with Carter's re-election campaign.[27]
The early 1980s recession was a severe recession in the United States which began in July 1981 and ended in November 1982.[2][3] The primary cause of the recession was a contractionary monetary policy established by the Federal Reserve System to control high inflation.[4]
During the Presidential campaign of 1976, Democratic candidate Jimmy Carter made frequent references to the Misery Index, which by the summer of 1976 was at 13.57%. Carter stated that no man responsible for giving a country a misery index that ...[text shortened]... an, the Misery Index had reached an all-time high of 21.98%. Carter lost the election to Reagan.
During the Presidential campaign of 1976, Democratic candidate Jimmy Carter made frequent references to the Misery Index, which by the summer of 1976 was at 13.57%. Carter stated that no man responsible for giving a country a misery index that ...[text shortened]... an, the Misery Index had reached an all-time high of 21.98%. Carter lost the election to Reagan.
02 May '11 20:43
Krugman and America's Left
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