Wednesday, February 18, 2009

'Expert' advice

This guy is actually a Harvard economics professor:
If You've Got Money, It's Time to Spend Some
. . . Despite the strength of the economic logic urging spending during a downturn, powerful psychological forces push in the opposite direction. . . .
How should upper income Americans balance the economic imperative to spend with the social benefits of restraint? . . .
Second, consider becoming a more generous gift-giver. . . .
For the rest of us, let’s let envy take a holiday. Encourage your wealthy neighbors to buy new Cadillacs. Each car they buy will mean a little less bailout money that we’ll have to come up with. President Obama is right about the need for more responsibility, but for those of you who have been responsible, this is the time to disregard those puritanical whispers and buy something fun.
If that isn't the most moronic thing ever written by an economist . . . wait a minute, I almost forgot Paul Krugman has been writing for years. OK, then: If that isn't about the 1,114th most moronic thing ever written by an economist . . .


  1. Krugman in 2006: "But instead of offering us blood, toil, tears and sweat, [Bush] told us to go shopping and promised tax cuts."

    Seems that shopping is good now.
    When will he see the light regarding tax cuts?

  2. One thing I heard that did make sense about spending money.

    stock up on food that can be stored for long term. (rice and beans)

    might come in handy when inflation kicks in and 2 bucks for a five pound bag of pinto beans would be a steal.

    Only saying.

  3. We expect a better argument from you, RSM. Just calling something 'stupid' and moving on is the pasttime of liberal blogs. Why do you think this is stupid? Personally I think spending all that money would cause a momentary blip in the economy and then the next day everyone would continue to be unemployed only now with expensive car payments. But what's your take?