During his interview with ABC's This Week on Sunday, Vice President Joe Biden made what will be a much-discussed admission in the week ahead. The Obama administration, he said, had "misread" the extent of the economic catastrophe it inherited. "The truth is, we and everyone else misread the economy," declared Biden. "The figures we worked off of in January were the consensus figures and most of the blue chip indexes out there." "We misread how bad the economy was, but we are now only about 120 days into the recovery package," the vice president said later in the interview. "The truth of the matter was, no one anticipated, no one expected that that recovery package would in fact be in a position at this point of having to distribute the bulk of money."
During his interview with ABC's This Week on Sunday, Vice President Joe Biden made what will be a much-discussed admission in the week ahead. The Obama administration, he said, had "misread" the extent of the economic catastrophe it inherited.
"The truth is, we and everyone else misread the economy," declared Biden. "The figures we worked off of in January were the consensus figures and most of the blue chip indexes out there."
"We misread how bad the economy was, but we are now only about 120 days into the recovery package," the vice president said later in the interview. "The truth of the matter was, no one anticipated, no one expected that that recovery package would in fact be in a position at this point of having to distribute the bulk of money."
bold mine
Memeo to Washington; loads of people anticipated, you just didn't want to listen to anybody who said things you preferred not to hear. You know that and we know you know that. So enough with the bs already. People antipated but you didn't do your job. keep to the Fen Causeway
Now, Krugman, Stiglitz, De-Long, Shiller, Kuttner, Roubini, Baker, and even Wolf are the big kids of the "blog". They are the people who are considered "to know" .. all of them against the rational market Chicago-school bs,all of them warning against a huge shadow banking system, all of them supporting massive income redistribution and government intervention...
They are the serious guys... and by serious I do nto mean that the wing-nuts of the Post and edittorial page of WSJ take them seriously.. I mean that the people with money , with real money on the line look at them when they want to know if their asses will be saved. They are lsitened to when you want to know what to do to save the rich asses from a great depression.
A pleasure I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude
Only, like, Krugman in his NYT op-eds?
Who are they trying to fool? A man of words and not of deeds is like a garden full of weeds; a man of deeds and not of words is like a garden full of turds — Anonymous
Paul Krugman Blog: What didn't the vice president know? (5 July 2009)
And when did he not know it? Seriously, the economy isn't doing all that much worse than a number of people warned was probable. And the whole political economy thing was, sadly, predictable
Seriously, the economy isn't doing all that much worse than a number of people warned was probable. And the whole political economy thing was, sadly, predictable
Your problem, professor Krugman, is that you're not "serious" enough. And neither are Jamie Galbraith, Dean Baker, Brad de Long, Nassim Taleb, Nouriel Roubini, Joseph Stiglitz... I mean, why does anyone need to listen to you unserious people when they can just listen to Goldman Sachs and its alumni? When Biden says "we and everyone else misread the economy" he means "we and everyone else that matters". When he says "[t]he truth of the matter was, no one anticipated, no one expected", he means "no one that matters". Get used to it - you may be the latest Bank of Sweden prize winner, a professor at Princeton and a columnist in the NYT, but you are "noone that matters".
I mean, why does anyone need to listen to you unserious people when they can just listen to Goldman Sachs and its alumni?
When Biden says "we and everyone else misread the economy" he means "we and everyone else that matters". When he says "[t]he truth of the matter was, no one anticipated, no one expected", he means "no one that matters".
Get used to it - you may be the latest Bank of Sweden prize winner, a professor at Princeton and a columnist in the NYT, but you are "noone that matters".
