Monday, May 23, 2005

Krugman's Depression - You Heard It Here

This is what I wrote in this space early last Friday morning:

"In all economic situations, Krugman always looks for, predicts, and earnestly hopes for a depression caused by Republicans who are too foolish to just raise income taxes, sales taxes, payroll taxes, corporate taxes and use any tool to grab any assets in the hands of any entity not in poverty."

This is Krugman today:

America Wants Security - New York Times: "Here's my thought: maybe 2004 was 1928. During the 1920's, the national government followed doctrinaire conservative policies, but reformist policies that presaged the New Deal were already bubbling up in the states, especially in New York.
In 1928 Al Smith, the governor of New York, was defeated in an ugly presidential campaign in which Protestant preachers warned their flocks that a vote for the Catholic Smith was a vote for the devil. But four years later F.D.R. took office, and the New Deal began.
Of course, the coming of the New Deal was hastened by a severe national depression. Strange to say, we may be working on that, too. "

{See my post 05/20/05 7:47am: "Yuan Revaluation: Krugman Says Economists Are Confused, Proves With His Confusion".}

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