Entries in Paul Krugman (3)


Paul Krugman Scolds Jon Stewart for Platinum Coin Coverage

Goh Seng Chong/Bloomberg(NEW YORK) -- In a “This Week” web exclusive, New York Times columnist and Nobel Prize-winning economist Paul Krugman sounded off on Comedy Central host Jon Stewart’s dismissive take on minting a platinum trillion dollar coin as a debt ceiling quick fix.

“It is a funny thing. But you want to be funny from a point of view of understanding what the issues are. There’s a reason we’ve gotten to this place,” Krugman said of Stewart’s “Daily Show” coverage of the platinum coin issue, which Krugman criticized as “intellectual laziness” in a recent blog post. “Obviously neither he nor his staff did even five minutes of looking at the financial blogs. Lots of people think it’s a bad idea. Lots of people think it’s a good idea. But it’s not just, ‘Oh, those idiots.’

“Part of the point about Stewart…is that he’s funny, but that the show is actually better informed than most of our public discussion. The idea is that the show is like an especially good episode of the roundtable on ‘This Week’, but in the form of jokes. But when he just turns it into dumb, “I don’t know nothing, but those people look dumb to me,” he’s ruining his brand.”

Krugman, who appeared on the “This Week” roundtable Sunday, discussed Stewart’s platinum coin coverage while answering viewer questions from Facebook for an “All Politics is Social” web segment.

Copyright 2013 ABC News Radio


George Will: ‘Quite Literally, The Opposition to Gay Marriage Is Dying’

ABC News(NEW YORK) -- While Supreme Court watchers ponder how justices will come down in the debate over gay marriage, ABC’s George Will said Sunday on ABC News “This Week” it’s clear where public opinion is headed.

“There is something like an emerging consensus,” Will said, noting voters in three states recently endorsed same-sex marriage initiatives. “Quite literally, the opposition to gay marriage is dying.  It’s old people.”

Democratic strategist James Carville agreed the 2012 election marked a “profound” shift on the controversial issue.

“Look in Salt Lake City, the 12 Apostles.  The Mormon Church after the election says, well, ‘Maybe we’re going to change our position on homosexuality is a choice. You’re not born that way,’” he said. “I mean, the effects of an election reverberate all the way through society.”

On the table is a case challenging Proposition 8, the hot-button 2008 California ballot measure restricting marriage to opposite-sex couples. The Court will also hear a challenge to a provision of the federal Defense of Marriage Act (DOMA), which defines marriage as between a man and a woman.

New York Times columnist and Nobel Prize-winning economist Paul Krugman said the Court’s decision to take on gay marriage could have a major impact on upcoming elections.

“It’s actually a positive [for Democrats],” Krugman said. “This is a significant bloc of voters that will make a decision based on which party they see as being favorable to equal rights.”

But Republican strategist Mary Matalin said there are other issues at play.

“There are important constitutional, biological, theological, ontological questions relative to homosexual marriage, but people who live in the real world say the greatest threat to civil order is heterosexuals who don’t get married and are making babies,” Matalin said.

“That’s an epidemic in crisis proportions. That is irrefutably more problematic for our culture than homosexuals getting married,” she added.

Currently, gay marriage is legal in just nine states and in the District of Columbia — but polls suggest support is growing. A recent ABC News-Washington Post poll found 51 percent of Americans support gay marriage, while a recent Pew poll shows national support at 48 percent — up from 35 percent in 2001.

“To me, the consensus has already emerged on this issue,” said ABC News’ Matthew Dowd. “It’s just a question of … is the Supreme Court going to catch up and follow that wind of the pack, or get ahead of it or put a block in the path of it?”

Watch George Will’s comments here:

Copyright 2012 ABC News Radio


Paul Krugman: Ben Bernanke Has Been ‘Assimilated by the Borg’

ABC News (NEW YORK) -- In what is just the latest in the war of the words between the nation’s top liberal economist and the nation’s top central banker, Nobel Prize-winning economist Paul Krugman took Federal Reserve Chairman Ben Bernanke to task on “This Week” today, saying the head of the Fed has been “assimilated by the borg” and should be doing more to address the high unemployment in the country.

“I think what’s happened to Bernanke, as they say, he’s been assimilated by the Borg, he’s become — he’s become more concerned, probably unconsciously, with defending the Fed’s institutional safety, because it’s the apostle of price stability, than with doing whatever he can to get this economy moving. Which if he’d listened to Professor Bernanke, himself ten years ago, he would know that he was supposed to be doing more,” said Krugman, a columnist for The New York Times. “We’ve defined recklessness the wrong way.  We think that anything that rocks the boat and is not certain in its outcome would be reckless. But actually allowing unemployment to stay near 9 percent, allowing the number of long-term unemployed to be 4 million, which it hasn’t been since the 1930s, which is destroying skills, destroying the attachment of workers to the workforce.”

The spat between the two economists erupted earlier this week when The New York Times Magazine published an article online by Krugman titled “Earth to Ben Bernanke.” In it, Krugman essentially argues that there is a disparity between the type of action during a financial crisis that Ben Bernanke advocated for before he became head of the Federal Reserve and the action Bernanke has actually taken during his tenure as chairman. Given this, Krugman assigns some blame to Bernanke for the ongoing suffering of many Americans.

“While the Fed went to great lengths to rescue the financial system, it has done far less to rescue workers. The U.S. economy remains deeply depressed, with long-term unemployment in particular still disastrously high, a point Bernanke himself has recently emphasized. Yet the Fed isn’t taking strong action to rectify the situation,” wrote Krugman. “The Bernanke Conundrum — the divergence between what Professor Bernanke advocated and what Chairman Bernanke has actually done — can be reconciled in a few possible ways. Maybe Professor Bernanke was wrong, and there’s nothing more a policy maker in this situation can do. Maybe politics are the impediment, and Chairman Bernanke has been forced to hide his inner professor. Or maybe the onetime academic has been assimilated by the Fed Borg and turned into a conventional central banker. Whichever account you prefer, however, the fact is that the Fed isn’t doing the job many economists expected it to do, and a result is mass suffering for American workers,” he wrote.

Bernanke was asked about Krugman’s article – albeit not directly – by reporter Binyamin Appelbaum. In his response, Bernanke argued that his own actions as head of the Federal Reserve have been consistent and that those who argue otherwise are “absolutely incorrect.”

“There’s this view circulating that the views I expressed about 15 years ago on the Bank of Japan are somehow inconsistent with our current policies. That is absolutely incorrect. My views and our policies today are completely consistent with the views that I held at that time,” said Bernanke.

Krugman responded in a blog, writing “I see it, in effect he (Bernanke) declared that he has been assimilated by the Fed Borg” and called Bernanke’s response “disappointing.”

Copyright 2012 ABC News Radio

ABC News Radio