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Paul Krugman: The Mistake of 2010

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Paul Krugman: The Mistake of 2010

Post by Guest on Fri Jun 03, 2011 12:36 am

Earlier this week, the Federal Reserve Bank of New York published a blog post about the “mistake of 1937,” the premature fiscal and monetary pullback that aborted an ongoing economic recovery and prolonged the Great Depression. As Gauti Eggertsson, the post’s author (with whom I have done research) points out, economic conditions today — with output growing, some prices rising, but unemployment still very high — bear a strong resemblance to those in 1936-37. So are modern policy makers going to make the same mistake?

So the mistake of 2010 may yet be followed by an even bigger mistake. Even if that doesn’t happen, however, the fact is that the policy response to the crisis was and remains vastly inadequate.

Those who refuse to learn from history are condemned to repeat it; we did, and we are. What we’re experiencing may not be a full replay of the Great Depression, but that’s little consolation for the millions of American families suffering from a slump that just goes on and on.

http://www.nytimes.com/2011/06/03/opinion/03krugman.html?_r=1

Guest
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Re: Paul Krugman: The Mistake of 2010

Post by jmainframe on Fri Jun 03, 2011 4:42 am

In hind sight (hind sight is always 20-20), we now know what the right course of action WOULD HAVE been back then. I'm sure in the 1930's, given the political climate and the prevailing economic theories of that era, the government took, what it thought was the right course of action.

Five or ten years from now, if and when we ever get out of this deprression, we will one, admit that we DID experience a depression and two, know what course of action would have prevented if from happening.

IMHO, I believe this was inevitable. It's the price we paid for the years of relative prosperity we experienced, beginning in the mid 80's and ending sometime after 2005, TRIGGERED BY THE SPIKE IN ENERGY COSTS. I only pray that the valley doesn't last as long as the peak.

jmainframe
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