Krugman Failure, Not Market Failure

-Thomas E. Woods, Jr.

So the New York Times’ Paul Krugman called the housing bubble, or so he tells us. I could have called the housing bubble, too, if like Krugman I advocated the very policies that led to it. Yesterday, for instance, I predicted that the Pepsi I put in the refrigerator would be cold when I took it out that night. I’m pretty good at this.

These days it’s not particularly controversial to argue that artificially low interest rates, fostered by the Federal Reserve System since 2001, gave rise to the housing bubble and set the economy on an unsustainable path. And guess who was clamoring for those low interest rates around 2001?

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RON PAUL NEWS