Pulling Back The Curtain On Paul Krugman
"To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble."
I think of Paul Krugman as the great Naked Emperor of the economics profession, and when I listen to the good professor as I did today to his Robbins Lectures, I can't avoid picturing the man naked and alone stammer out the words I'm hearing in his nervous "crazy man" voice. Count yourself lucky if you don't also have this reaction.