Saturday, November 5, 2016

Krugman, pick a story, then ignore the data

Krugman says: Presumably there’s some implicit argument in the background about why a sharp rise in the relative price of oil is more damaging than leaving labor and capital underemployed.

Kanosians are stuck on this story that the housing bubble blew up oil prices and caused the crash.

The spike in oil prices represents a change in terms of trade.  Our oil deficit, about 6% of the economy, tripled in a month, that is faster than a oil tanker can be loaded and sent over here.  We had an oil shortage, plain and simpler, it is in he graph right above me.  There are no Kanosian ricks that will hide this graph from yhe public.

So we have these 'professors', liker DeLong and Krugmanm whose career depends on making this graph disappear.  Too late.   You lied about Obamacare, you knew you were lying but you all stated that lying is OK for Kanosians  because lying is part of the idiotic expectations theory..


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