milkgodnl (December 31, 1969 at 4:59 pm)

newfoundart: Okay .. and that's *my* point as well, they are two different people, and for the life of me, I do not know why the same video covered these two people and topics .. I was trying to find some old footage of Dr. **Milton**Freidman** so that I could see Paul Krugman's counterpoint. I was dissappointed.

newfoundart (December 31, 1969 at 4:59 pm)

milktoast - who's talking about Krugman? Krugman and Friedman are very different people. Plenty of studied people like Krugman were warning about the deregulation, the over-leveraging, and the resultant crash. Friedman is not one of those people.

pmentslenchanted (December 31, 1969 at 4:59 pm)

Keynesian Economics does work, imo the Great Depression. FDR spent his way back to economic recovery and then squandered the recovery by trying to balance the budget and raising taxes. He wasn't able to raise us out of the depression again until WW2. If FDR has shown us anything, it is that grand public works projects do assist in economic recovery as long as they don't encroach too much on incentives.

mose3 (December 31, 1969 at 4:59 pm)

Yes!

mose3 (December 31, 1969 at 4:59 pm)

Paul Krugman Wins 2008 Nobel Prize for Economics !!!

wreddon (December 31, 1969 at 4:59 pm)

You cna't have "fairness" in the economy. The economy cannot be centrally planned, it is like gravity, it works on underlying principles and any attempt to manipulate them for social engineering will always have a detrimental effect. Obviously you and every other Keynesian want to live in denial that things will never be resolutely equal because wage earners and services have varying disparities in utility and demand. You can't deficit spend your way out of hyperinflation with limited growth.

wildebeestodd (December 31, 1969 at 4:59 pm)

what's your point?....so they predicted it in '81...so what? the part you don't like is that economists like him actually want to see fairness in the world economy? you've a problem with the new deal? programs stemming from the new deal today support million of poor americans. is that troubling to you?

wreddon (December 31, 1969 at 4:59 pm)

People who have entirely the opposite economic philosophy as he does were predicting America was doomed as far back as 1981 if the monetary system wasn't changed. Guess what, they were dead on, some as far back as 2005 predicting that it would be fall of 2008 when it came crashing down. Krugman looks for loopholes for why the New Deal wasn't the Depression creator that it was and never takes into account Bretton-Woods and the budgetary and trade deficits changed the whole economic formula.

wildebeestodd (December 31, 1969 at 4:59 pm)

hey wreddon...were you listening?? this was recorded in 2003 he was saying the damn economy was headed off a cliff....and guess what.....he was right. he compared our economy to argentina's....guess what he was right....

wildebeestodd (December 31, 1969 at 4:59 pm)

Now Krugman....considering this program was rercorded in sept. 2003...well....he was right. about a lot of things. the looming economic depression...the bush administration, the iraq war.....