Krugman: We've All Been Madoffed

By Kevin Spak, Newser Staff

Posted Feb 16, 2009 8:38 AM CST

(Newser) – Bernie Madoff’s investors thought they were getting richer every quarter. Then, one day, they discovered their wealth “was a figment of someone else’s imagination,” writes Paul Krugman in the New York Times. And sadly, that’s a pretty good metaphor for... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

4 comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

Miami Face-Eater Identified

'Serpent Pastor' Dies of Snake Bite

New York Times (Source Grid »)

Lenin's seer saw this coming
New York Times

Obama: Republicans 'still fighting FDR'
Chicago Tribune

The stimulus' goal: Long-term growth
Boston Globe

debt • Paul Krugman • savings • market bubble • economy • Great Depression • Bernard Madoff

More Newser Stories

Let's Face It: It's a Depression

Savage cuts when governments should be spending will prove the fatal blow

(NEWSER) - Paul Krugman uses the D word today, arguing that we're now in the early stages of a third depression. It may turn out to be more like the Long Depression of the 19th century than the dreaded Great Depression, but that's not going to offer much succor to the legions of unemployed who are likely to stay that way for years to come. And it's a failure of policy, he adds, with world leaders scrambling to assert "fiscal responsibility" when they should be boosting spending to promoting recovery. More»

Finally, Sun Through the Economic Clouds

Thanks to improving housing market, private debt: Paul Krugman

(NEWSER) - The economy has had its share of false starts over the past few years, but this time things could really be improving, opines Paul Krugman. "There’s evidence that the two great problems at the root of our slump—the housing bust and excessive private debt—are finally easing," he notes in the New York Times . House prices have returned to where they were in 2003, in the middle of the bubble. And right now, the country is looking "seriously underprovided" on the housing front. More»

As Bad as the Depression? If Only

At least new industries arose in the 1930s: Leonhardt

(NEWSER) - There's never a Great Depression around when you need one, apparently. Despite its misery, "the United States economy was quietly making enormous strides during the 1930s," argues David Leonhardt in the New York Times . Americans were getting a better education—high school, back then—while industrious entrepreneurs were inventing television, mass marketing refrigerators, and improving railroads. "It would clearly be nice if we could take some comfort from this bit of history," writes Leonhardt. "If anything, though, the lesson of the 1930s may be the opposite one." More»

Actually, We Need More Medicare

Lieberman's plan to raise eligibility to 67 would mean huge costs

(NEWSER) - Joe Lieberman’s proposal to raise Medicare eligibility to age 67 is proof that we’ve really “gone off the rails,” writes Paul Krugman in the New York Times . Really, we should be doing the opposite: extending Medicare, because it “actually saves money—a lot of money—compared with relying on private insurance companies.” Sure, Medicare spending per beneficiary, adjusted for inflation, has shot up more than 400% since 1969—but private health insurance premiums, also adjusted for inflation, have soared 700% in the same span. More»

US Keeps Repeating Same Mistake on Economy

Paul Krugman: We have to worry about jobs, not the deficit

(NEWSER) - The US made a terrible mistake last year by not spending enough money on the economic recovery, and it's on track to repeat the error on a larger scale this year, writes Paul Krugman in the New York Times . Deficit hawks were allowed to overrule those concerned about job creation, and the results can be seen in today's sputtering recovery and lousy unemployment numbers . Now is not the time to be obsessed with "fiscal austerity," he warns. It's the same mistake policy-makers made in 1937 that prolonged the Great Depression. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Krugman: We've All Been Madoffed

debt • Paul Krugman • savings • market bubble • economy • Great Depression • Bernard Madoff

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Let's Face It: It's a Depression

Savage cuts when governments should be spending will prove the fatal blow

Finally, Sun Through the Economic Clouds

Thanks to improving housing market, private debt: Paul Krugman

As Bad as the Depression? If Only

At least new industries arose in the 1930s: Leonhardt

Actually, We Need More Medicare

Lieberman's plan to raise eligibility to 67 would mean huge costs

US Keeps Repeating Same Mistake on Economy

Paul Krugman: We have to worry about jobs, not the deficit

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?