One of the most astounding political pundits out there is Paul Krugman. He’s like Jimmy Carter. Never has a man been so wrong about so many things and yet held in such high esteem. His columns are like 10% analysis and 90% wish fulfillment. Stephen Spruiell at NRO’s Corner rips Krugman to shreds and digs up this ultimate pearl of wisdom from Krugs back in that foul year of our Lord, 2002: (Hat tip: Samizdata)
To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.
Yeah, that’ll work!