Thursday, March 05, 2009

Nobel Laureate gets real

What would we do without our Nobel Laureate, Mr. Paul Krugman?

Who, evidently, had to set Joe Scarborough right. Wow, Scarborough was off-track? Again? Shocking.

Evidently, the other morning Scarborough was ticking off the similarities of the current economic downturn with the one in the early 1980s, and wondering why we don't just do what we did that time? Well, says Krugman, "it's the zero lower bound, stupid." No, seriously, that's exactly what he said. Check it out on his blog.

He also said, a bit more clearly, "Right now, the interest rate is zero. The [Federal Reserve] can't rescue us this time, and that's why we can't do the things we did in the '80s."

I just love it when the people who really do know call out the people who really don't. Score one for the brainiacs. So what if we can't get a date?

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