So, I’ve recently started following Nobel Laureate Paul Krugman’s blog. Naturally, he’s normally wrong – in particular about declaring that government should spend a lot of our money. So, I was shocked this morning. He had an entry condemning bailing out the banks.
He called writing down troubled assets “recognizing reality”.
He even condemned “socialized losses, privatized profits”.
If only he didn’t follow this entry with one about the dangers of deflation…