Krugman getting absolutely eviscerated by Niall Ferguson

[AntiChrist]

Damn.

R.I.P. Krugman

Krugtron the Invincible, Part 2
http://www.huffingtonpost.com/niall-ferguson/paul-krugman-housing-crisis_b_4067580.html



Here was Part 1
http://www.huffingtonpost.com/niall-ferguson/paul-krugman-euro_b_4060733.html


And there's a Part 3 comging.

:violin :hang

[mouse]

thanks.

[Nbadan]

Let us leave -- for the moment -- the question of the future size of the federal debt, which I have dealt with elsewhere and shall return to in a subsequent article. My purpose here is simply to challenge Krugman's right to behave in this way. Even if he were nearly always right, there would be no justification for his lack of civility. But he is not nearly always right. There is therefore no justification for his unshakeable certainty either.

:cry

No economists is always right...this dude is gonna get wiped by Krugman

[Nbadan]

The author then segues to his discussion of capitalism by discussing: "What is the right balance to be struck between economic freedom and government regulation"? Here his discussion focuses on whether "excessive regulation has become the disease rather than the cure" for the financial crisis that began in 2007.

Niall Ferguson's The Great Degeneration: How Institutions Decay and Economies Di

:lol

[MannyIsGod]

Excessive regulation is the problem? :lmao !!!

[AntiChrist]

You guys should stop apologizing for Krugman. I used to criticise Nate Silver, but now I'm a huge fan.

[ChumpDumper]

Good god krugman is in this guy's head.

What has this guy ever said about anything else?

[AntiChrist]

Final nail

http://www.huffingtonpost.com/niall-ferguson/krugtron-the-invincible-p_b_4073956.html


Brutal

[boutons_deux]

To be frank, I probably would not have bothered to write all this if I myself had not been one of the targets of Krugman's crude invective. The "Always-Wrong Club" is just the latest of many ad hominem attacks he has made on me since 2009. On one occasion (http://krugman.blogs.nytimes.com/2009/08/12/are-there-no-editors/) he implied that I was a racist and then called me a "whiner" when I objected. On another he referred to me as a "poseur", adding for good measure that I had "choked on [my] own snark" (http://krugman.blogs.nytimes.com/2009/08/17/black-cats/). Last year he wildly accused of making "multiple errors and misrepresentations" (http://krugman.blogs.nytimes.com/2012/08/19/unethical-commentary-newsweek-edition/) in article forNewsweek, only one of which he ever specified. More recently I was accused of "trying to flush [my] own past statements down the memory hole (http://krugman.blogs.nytimes.com/2013/02/19/a-qualified-apology-to-niall-ferguson/)" - a characteristically crude turn of phrase - and of being "inane" (http://krugman.blogs.nytimes.com/2013/05/08/theres-something-about-maynard/). Re-reading these, I can only marvel at the man's hypocrisy, for Krugman often sanctimoniously denies that he "does ad hominem" (http://krugman.blogs.nytimes.com/2012/02/10/two-minutes-hate/) - and once had the gall to accuse Joe Scarborough (http://www.theblaze.com/stories/2013/03/05/krugman-accuses-scarborough-of-character-assassination-forquoting-him/) of making such an attack on him when Scarborough merely quoted Krugman's own words back at him. For the record here is his own definition (http://krugman.blogs.nytimes.com/2010/08/10/ad-what/): "ad hominem attacks involve attacking the person in general rather than what the person has to say on a specific issue".

[AntiChrist]

To be frank, I probably would not have bothered to write all this if I myself had not been one of the targets of Krugman's crude invective. The "Always-Wrong Club" is just the latest of many ad hominem attacks he has made on me since 2009. On one occasion (http://krugman.blogs.nytimes.com/2009/08/12/are-there-no-editors/) he implied that I was a racist and then called me a "whiner" when I objected. On another he referred to me as a "poseur", adding for good measure that I had "choked on [my] own snark" (http://krugman.blogs.nytimes.com/2009/08/17/black-cats/). Last year he wildly accused of making "multiple errors and misrepresentations" (http://krugman.blogs.nytimes.com/2012/08/19/unethical-commentary-newsweek-edition/) in article forNewsweek, only one of which he ever specified. More recently I was accused of "trying to flush [my] own past statements down the memory hole (http://krugman.blogs.nytimes.com/2013/02/19/a-qualified-apology-to-niall-ferguson/)" - a characteristically crude turn of phrase - and of being "inane" (http://krugman.blogs.nytimes.com/2013/05/08/theres-something-about-maynard/). Re-reading these, I can only marvel at the man's hypocrisy, for Krugman often sanctimoniously denies that he "does ad hominem" (http://krugman.blogs.nytimes.com/2012/02/10/two-minutes-hate/) - and once had the gall to accuse Joe Scarborough (http://www.theblaze.com/stories/2013/03/05/krugman-accuses-scarborough-of-character-assassination-forquoting-him/) of making such an attack on him when Scarborough merely quoted Krugman's own words back at him. For the record here is his own definition (http://krugman.blogs.nytimes.com/2010/08/10/ad-what/): "ad hominem attacks involve attacking the person in general rather than what the person has to say on a specific issue".


Payback is a bitch

[boutons_deux]

Payback is a bitch

"Niall Ferguson (http://www.huffingtonpost.com/niall-ferguson)

Laurence A. Tisch Professor of History at Harvard University; Senior Fellow of the Hoover Institution, Stanford University"

NF isn't even an economist, and he's fucking Hoover Inst. pimp shilling for the 1%, for austerity, against the 47%, for tax cuts for the 1%, etc, etc.

[AntiChrist]

"Niall Ferguson (http://www.huffingtonpost.com/niall-ferguson)

Laurence A. Tisch Professor of History at Harvard University; Senior Fellow of the Hoover Institution, Stanford University"

NF isn't even an economist, and he's fucking Hoover Inst. pimp shilling for the 1%, for austerity, against the 47%, for tax cuts for the 1%, etc, etc.


He readily admits he's not an economist. He's an economic historian.

[101A]

I could care less who wrote this piece (the three, that is). It doesn't really matter. It is laid out logically, sourced (with Krugman's own words no less) - makes it's case, and it stands on its own merit. It makes no predictions to be debated. It simply states history, shows Krugman's to be lacking - demonstrates Krugman to be a hypocrite, bully and quite possibly an under-informed poseur - basically defending the author's honor. Krugman started this (again referenced in the piece). Ferguson ended it. No doubt Krugman will respond. If the history defined in the these pieces repeats itself, that response will be full of insults, and little substance.

Should be interesting.

[Nbadan]

I could care less who wrote this piece (the three, that is). It doesn't really matter. It is laid out logically, sourced (with Krugman's own words no less) - makes it's case, and it stands on its own merit.

:rolleyes

I love me some cherry pickens

[boutons_deux]

one of Ferguson's "like-minded bloggers" fires back

The Ravings of Niall Ferguson, the Real World, and the Needless Suffering of Tens of Millions

But it is hardly worth wasting time and killing electrons in a tit for tat with Ferguson. What matters is the underlying issues of economic policy. These affect the lives of billions of people. The absurdities pushed by Ferguson and like-minded people in positions of power, in direct defiance of massive evidence to the contrary, have ruined millions of lives and cost the world more than $10 trillion in lost output (http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CCwQFjAA&url=http%3A%2F%2Fwww.lostoutputclock.com%2F&ei=S1dXUr_OI8nc4AOJ7YCIBg&usg=AFQjCNFqCoQTsIrUFlb5Xtbin8JW6tfLXQ&sig2=PfUNwaRLyWRGqq62vRBnQA&bvm=bv.53899372,d.dmg) since the crisis began.

First, contrary to what Ferguson claims, the downturn is not primarily a “financial crisis.” The story of the downturn is a simple story of a collapsed housing bubble. The $8 trillion housing bubble was driving demand in the U.S. economy in the last decade until it collapsed in 2007. When the bubble burst we lost more than 4 percentage points of GDP worth of demand due to a plunge in residential construction. We lost roughly the same amount of demand due to a falloff in consumption associated with the disappearance of $8 trillion in housing wealth. (FWIW, none of this was a surprise to folks who follow the economy with their eyes open. I warned (http://www.cepr.net/index.php/reports/the-run-up-in-home-prices-is-it-real-or-is-it-another-bubble/) of this disaster beginning in 2002, see also here (http://www.cepr.net/index.php/publications/reports/will-a-bursting-bubble-trouble-bernanke-the-evidence-for-a-housing-bubble) and here (http://www.cepr.net/index.php/publications/reports/recession-looms-for-the-us-economy-in-2007).)

In the years since the original stimulus the Ferguson types have repeatedly raised absurd fears about the U.S. and other countries hitting debt limits (http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDEQFjAA&url=http%3A%2F%2Fwww.nber.org%2Fpapers%2Fw15639&ei=yllXUpyBFdS24APi8YCYDg&usg=AFQjCNHOcOF0hKZf08fMW4LBHfM6E4lWQw&sig2=V7X9fZ1g0tGQDcLWxmjGQw&bvm=bv.53899372,d.dmg) and risking soaring interest rates and hyper-inflation. The result of people pushing this line is that efforts to boost the economy have been stunted. This is why the United States remains close to 9 million jobs (http://www.epi.org/blog/true-unemployment-rate-bls-releases-month/) below its trend path. Peripheral countries in the euro zone, such as Spain and Greece, have been even harder hit with unemployment rates hovering near 25 percent.

Krugman and my fellow like-minded bloggers can speak for themselves, but I am not going apologize if I am occasionally rude to an ill-informed overpaid Harvard professor making absurd pronouncements on economics that have the effect of obstructing policy aimed at ending unnecessary suffering.

http://www.commondreams.org/view/2013/10/11-0

[Th'Pusher]

Don’t Feed the Trolls
Some readers have been asking when I’m going to reply to certain rants aimed my way. The answer is, never.


But if you really really need a fix, here are a couple of members of my sinister claque: Noah Smith and Josh Barro.

http://krugman.blogs.nytimes.com/2013/10/11/dont-feed-the-trolls/?_r=0

[Venti Quattro]

:lmao :lmao Ferguson

[angrydude]

lol krugman. lol people defending him.......poorly

[ChumpDumper]

Wait, Fergs said that we had double digit inflation two years ago?

lol