MUDGE’s Musings
Paul Krugman of the NYTimes is an economics professor who has a clear grasp of the big picture. Guess that would be macroeconomics, wouldn’t it?
And he has a way with words.
For yr (justifiably) humble svt, as a child of children of the Depression, its lessons were removed by time, heavily insulated by the cornucopia of plenty that followed the cleansing and rebirth that was World War II for the U.S.
Only those who were very young during the Thirties, certainly not policy makers, are around now, so it’s good that Prof. Krugman is here to teach us some important lessons.
Partying Like It’s 1929
By PAUL KRUGMAN | Published: March 21, 2008
If Ben Bernanke manages to save the financial system from collapse, he will — rightly — be praised for his heroic efforts.
But what we should be asking is: How did we get here?
[Please click the link below for the complete article — but then please come on back!]
Partying Like It’s 1929 – New York Times
Lately it seems that we all seem to looking over our shoulders.
We hear about some famous banking names taking hallucinogenic quarterly losses, bailed out by cash infusions from “sovereign wealth funds” (Saudi princes) and one get sold to another at pennies on the dollar.
We read the reports: oil at $109 (and gas at the pump certain to hit $4/gallon before long), the Euro at $1.59, gold over $1,000.
We watch the “For Sale” signs on our neighbors’ homes get old, and hear about declining values for housing and growing numbers of foreclosures nationwide, trends that threaten every middle class household’s economic stability.
We read about the Federal Reserve, whose last two (exalted) leaders let us get into this mess (if not caused it outright), and whose current one is an academic still getting his feet wet in the real world.
This is not a drill, Ben.
Buckle up, faithful reader, we may be in for a very bumpy ride.
It’s it for now. Thanks,
–MUDGE
| Share this post : |  del.icio.us it! |
 digg it! |
 reddit! |
 technorati! |
 yahoo! |
Left-handed Complement 
A very timely post mudge. It looks like we are on the verge of a major economic collapse that could out do even the great depression! Sorry I’ve been away for so long, but I’m back now…
The scientifically impossible I do right away
The spiritually miraculous takes a bit longer
ClapSo
Glad to have you back, ClapSo. Thanks.
[…] recession in America, and perhaps the world. What’s going to happen to your job this […]
[…] he so frequently cuts through the obfuscation and clarifies economic realities. (See this post, and this one, for […]
[…] mm328: Today’s economics lesson: Depression 101 […]
[…] mm328: Today’s economics lesson: Depression 101 […]
Greetings from Carolina! I’m bored to tears at work so I decided to check out your blog on my iphone during lunch break. I love the info you provide here and can’t wait to take a look when I get home. I’m surprised at how fast your blog loaded on my mobile .. I’m not even using WIFI, just 3G .. Anyways, wonderful site!