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Thursday, May 13, 2010

Paul Says "No"

Krugman has an interesting piece on Greece. Long story short, he thinks the parallels are over blown.

It looks like the health bubble has a few years left.


Thai said...

For comments

Dr John said...

I have little faith in projections of anything when it comes to our Govt and its debts or the costs of its programs. I read the Krugman piece. Scroll down to the comments and read the long retort by Sean which is number 6 as well as the links he adds.

Maybe this approach we are taking can be sustained longer. I hope so because I need to make a bit more money before I move it out and put it in my shoe box. I think Sean nails the real issues here over the long term.

Someone please read that and tell me why he is wrong. I mean there just is no reason to buy into the idea that it is ok to keep spending way more than you have or that this approach to things for the US and its govt. will change until it crashes right?

Maybe we are not Greece now but we seem to be on the road to the general vicinity.

Thai said...

The two comments are ships in the night

Krugman and commenter #6 are on different levels of the fractal as it were.

I agree that projections are flawed AND I'll take Krugman on this particular issue (at least from the aspect of perspective or viewpoint I think the two of us are coming from).

As for crashes, they definitely do happen

PS- if you read it here you need a membership

Dr John said...

Damn you Thai. You always give me links that keep me up at night.

Dr John said...

So I guess in the end, why is not Krugman saying ok we are not Greece right now but we cannot continue to behave in this way? Should that not be the message?

Thai said...


Forgive me as a laugh at myself for a moment for being Krugman's defender.

He and I do not share identical moral values at all. Yet he is a wonderful teacher.

To be fair to Krugman, he does admit just this when he says Debt is a political Issue.

He is no fool, he simply has different moral values.

Thai said...

Krugman's value system tells him that our deficit should be cut by reducing what he feels are frivolous health care spending decisions.

Now can you really disagree with such an opinion?

PS- I've never read his position on malpractice reform so I can't comment on his entire view of things.

... He is no idiot. ;-)

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