Share markets around the world are either gyrating, seemingly out of control, or in simple free-fall. Meanwhile, governments around the globe are bailing out this or that bank or finance company. It's all rather depressing - and hard to get a handle on where it is all headed. Down and into the red are two words which come to mind.
Paul Krugman, recent Nobel Prize winner and op-ed columnist in the NY Times, weighs in in "Let's Get Fiscal":
"The Dow is surging! No, it’s plunging! No, it’s surging! No, it’s ...
Nevermind. While the manic-depressive stock market is dominating the headlines, the more important story is the grim news coming in about the real economy. It’s now clear that rescuing the banks is just the beginning: the nonfinancial economy is also in desperate need of help.
And to provide that help, we’re going to have to put some prejudices aside. It’s politically fashionable to rant against government spending and demand fiscal responsibility. But right now, increased government spending is just what the doctor ordered, and concerns about the budget deficit should be put on hold.
Before I get there, let’s talk about the economic situation."
Read on, here.
Paul Krugman, recent Nobel Prize winner and op-ed columnist in the NY Times, weighs in in "Let's Get Fiscal":
"The Dow is surging! No, it’s plunging! No, it’s surging! No, it’s ...
Nevermind. While the manic-depressive stock market is dominating the headlines, the more important story is the grim news coming in about the real economy. It’s now clear that rescuing the banks is just the beginning: the nonfinancial economy is also in desperate need of help.
And to provide that help, we’re going to have to put some prejudices aside. It’s politically fashionable to rant against government spending and demand fiscal responsibility. But right now, increased government spending is just what the doctor ordered, and concerns about the budget deficit should be put on hold.
Before I get there, let’s talk about the economic situation."
Read on, here.
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