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Fatal Distraction

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Fatal Distraction

Post by Guest on Fri Sep 02, 2011 1:46 pm

The awful thing is that those of us who warned about all this — based not on some unorthodox doctrine, but on basic textbook macroeconomics — weren’t so much argued down as just ignored. Somehow, those with actual power were convinced that fiscal austerity wasn’t just an option but the only option, and that anyone arguing with that — even people like me and Joe Stiglitz, who had a few easy-to-understand credentials — were just not part of the serious discussion.

I haven’t fully organized my thoughts on exactly why this happened. But whatever the reasons, we are now reaping the consequences of a disastrous distraction of policy makers, who have been fighting phantoms while the real problems festered.
http://krugman.blogs.nytimes.com/2011/09/02/fatal-distraction/?smid=tw-NytimesKrugman&seid=auto

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Re: Fatal Distraction

Post by Guest on Fri Sep 02, 2011 1:47 pm

Thanks for posting this. I follow him when I can get his articles and postings. I think he has been dead on and he is ignored as too liberal.

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