The Opinions Paul Krugman: After 25 Years, My Parting Words to Readers
Dec 17, 2024
Paul Krugman, a renowned columnist known for his evidence-based contrarian views, reflects on his 25 years at the New York Times. He humorously discusses holiday stress and contrasts early optimism with later geopolitical challenges. Krugman dives into the erosion of trust in U.S. leadership following 9/11 and critiques the impacts of austerity, rejecting the 'confidence fairy' myth while lauding policies like Obamacare. His insights highlight the importance of transparency and critical thinking in politics.
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Unexpected Commentary on Iraq War
- Paul Krugman felt compelled to write about the Iraq War, even though it wasn't his area of expertise.
- He noticed a pattern of dishonesty in the case for war, similar to what he'd observed in economic debates.
Foreseeing the Housing Bubble
- The US housing market experienced a boom in the early 2000s, driven by relaxed lending standards (subprime).
- Krugman correctly predicted the housing bubble but underestimated the banking system's vulnerability.
2008 Financial Crisis and Public Resentment
- The 2008 financial crisis necessitated bank bailouts, but the way it was handled led to public resentment.
- People felt betrayed, deepening the distrust in both political and business leaders.