Not much of a surprise coming from the Nobel organization. You may recall they also awarded Nobels to Yassar Arafat and Jimmy Carter, the real worst President in modern times. You name a current problem the US has and 9 times our of 10 you can trace the roots to the peanut farmers time in the White House. In 1999 Krugman was part of an Enron Corporation board that Krugman himself in a 2001 column described as "an advisory panel that had no function that I was aware of." Why? Because, it became public knowledge, Enron paid Krugman $50,000 for this. Who pays someone $50,000 a year for "no function that I was aware of"?
Paul Krugman has also stated: "What you need to know here is that the right -- the WSJ editorial page, Heritage, etc. -- hates, hates, hates Fannie and Freddie. Why? Because they don't want quasi-public entities competing with Angelo Mozilo." [Angleo Mozilo, of Countrywide Mortgage infamy.]
What the Journal's Paul Gigot wrote in response was this:
"That's a howler even by Mr. Krugman's standards. Fannie Mae and Mr. Mozilo weren't competitors; they were partners. Fannie helped to make Countrywide as profitable as it once was by buying its mortgages in bulk. Mr. Raines -- following predecessor Jim Johnson -- and Mr. Mozilo made each other rich. Which explains why Mr. Johnson could feel so comfortable asking Sen. Kent Conrad (D., N.D.) to discuss a sweetheart mortgage with Mr. Mozilo, and also explains the Mozilo-Raines tag team in 2003. http://online.wsj.com/public/article/SB121677050160675397.html
Asking Paul Krugman about the current financial crisis is like asking an Enron advisor about the Enron collapse. Wait -- Paul Krugman WAS an Enron advisor.
For years, the Wall Street Journal Editorial page had warned about Fannie Mae and Freddie Mac. And through most of that time, people like Barney Frank, and Paul Krugman, defended the GSE's.
Your ferocious partisanship does not serve you well. There are many very solid players on both sides of the political divide. I love reading the likes of Buchanan, Will and Brooks. Krug is my favorite columnist (along with Tom "Give War a Chance" Friedman). He infuriates the right because he has clearly articulated the folly of their ways and has been most prescient of late.
To disqualify anyone because of a board they sat on 9 years ago is a joke. Phil Gramm and his wife would be similarly dismissed as would most of your kindred souls in New York and DC.
Again you fail to grasp the entire post. He was also a big defender of Fannie Mae which it is becoming very clear now is part of the spark that has caused the entire financial fire that the world is now dealing with. That is beside the point that the Nobel Prize people are also very partisan toward left wingers.
4 comments:
THAT explains the market today...
Not much of a surprise coming from the Nobel organization. You may recall they also awarded Nobels to Yassar Arafat and Jimmy Carter, the real worst President in modern times. You name a current problem the US has and 9 times our of 10 you can trace the roots to the peanut farmers time in the White House.
In 1999 Krugman was part of an Enron Corporation board that Krugman himself in a 2001 column described as "an advisory panel that had no function that I was aware of." Why? Because, it became public knowledge, Enron paid Krugman $50,000 for this. Who pays someone $50,000 a year for "no function that I was aware of"?
Paul Krugman has also stated:
"What you need to know here is that the right -- the WSJ editorial page, Heritage, etc. -- hates, hates, hates Fannie and Freddie. Why? Because they don't want quasi-public entities competing with Angelo Mozilo."
[Angleo Mozilo, of Countrywide Mortgage infamy.]
What the Journal's Paul Gigot wrote in response was this:
"That's a howler even by Mr. Krugman's standards. Fannie Mae and Mr. Mozilo weren't competitors; they were partners. Fannie helped to make Countrywide as profitable as it once was by buying its mortgages in bulk. Mr. Raines -- following predecessor Jim Johnson -- and Mr. Mozilo made each other rich. Which explains why Mr. Johnson could feel so comfortable asking Sen. Kent Conrad (D., N.D.) to discuss a sweetheart mortgage with Mr. Mozilo, and also explains the Mozilo-Raines tag team in 2003.
http://online.wsj.com/public/article/SB121677050160675397.html
Asking Paul Krugman about the current financial crisis is like asking an Enron advisor about the Enron collapse. Wait -- Paul Krugman WAS an Enron advisor.
For years, the Wall Street Journal Editorial page had warned about Fannie Mae and Freddie Mac. And through most of that time, people like Barney Frank, and Paul Krugman, defended the GSE's.
Mark:
Your ferocious partisanship does not serve you well. There are many very solid players on both sides of the political divide. I love reading the likes of Buchanan, Will and Brooks. Krug is my favorite columnist (along with Tom "Give War a Chance" Friedman). He infuriates the right because he has clearly articulated the folly of their ways and has been most prescient of late.
To disqualify anyone because of a board they sat on 9 years ago is a joke. Phil Gramm and his wife would be similarly dismissed as would most of your kindred souls in New York and DC.
Again you fail to grasp the entire post. He was also a big defender of Fannie Mae which it is becoming very clear now is part of the spark that has caused the entire financial fire that the world is now dealing with.
That is beside the point that the Nobel Prize people are also very partisan toward left wingers.
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