Look: I am eager to learn stuff I don't know--which requires actively courting and posting smart disagreement.

But as you will understand, I don't like to post things that mischaracterize and are aimed to mislead.

-- Brad Delong

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Thursday, January 14, 2010

Deep Stupid #14.1

This is bubblicious!

Recall this quote by former presidential candidate and permanent ass-hat Ron Paul, from the document I ridiculed in D.S. #14.

After all, Krugman is still scratching his head as to why “no” economists saw the housing bust coming. How in the world did they miss it?  Actually many economists saw it coming a mile away, understood it perfectly, and explained it many times. Policy makers would have been wise to heed the warnings of the Austrian economists, and must start listening to their teachings if they want solid progress in the future. If not, the necessary correction is going to take a very long time.

Here is a partial, indeed - cherry-picked, list of Republicans, supply-side pundits, and blowhards who missed it, with some brilliant introductory text (emphasis added.) 

The housing bubble has precipitated a severe, and possibly catastprophic, economic crisis, so I thought it would be useful to put together a list of pundits and experts who were dead-wrong on the housing bubble. They were the enablers, and deserve to be held accountable.... Many of the names on the list won't shock anyone, I'm sure. And FWIW, a few of the pundits seemed to deny the existence of the housing bubble simply because Paul Krugman argued that there was a housing bubble, and they absolutely hate Krugman. Unfortunately (for our economy), Krugman was right—again. The list is a work in progress (though I've been reasonably thorough in my research), so feel free to suggest other people who should go on the list. So without further ado, here's the list:

1. Alan Reynolds, Cato Institute
2. Kevin Hassett, American Enterprise Institute
3. James K. Glassman, American Enterprise Institute
4. Jude Wanniski, journalist/supply-sider
5. Jerry Bowyer, author of The Bush Boom
7. Jim Cramer, host of CNBC's "Mad Money"

13. Steve Forbes, CEO, Forbes, Inc.

22. Kathryn Jean Lopez, editor, National Review Online

I can't say for sure that Sarah Palin appologist Reynolds is an Austrian.  But I have to suspect someone at Cato at least has lunch with them once in a while.  Wanniski  isn't just your garden variety supply-sider.  He invented the term "Supply Side Economics," was Reagan's adviser on first term tax cuts, and previously developed the Republican Party's "Two Santa Claus" strategy.  It only took a couple of minutes skimming his There Is No Housing Bubble post to discover what a delusional Krugman-hating crank he was.  He died a couple of weeks after it hit the intertubes.

Delong presents the whole list.  Original list and text are from Economics of Contempt which has links to the actual writing of these purveyors of Krugman denialism.   Hat tip to both.

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